Used or Formerly Owned Automobiles - US - February 2009
The recession and a drop in consumer demand for automobiles are affecting automakers and dealers of both new and used vehicles. These trends are forcing dealers to take a hard look at their offerings and identify new strategies to survive in this more challenging environment. The findings in this report can also help auto makers refine their pre-owned programs to make them as appealing as possible to consumers considering a particular auto brand. More specifically, this report addresses the following questions:
- What is the size of the used car market, and how is the market likely to grow or contract in the future?
- How do trends in sales of used cars differ from the used truck segment?
- What macro-level economic factors are driving or impeding industry growth?
- What drives consumer demand for used cars and trucks?
- What makes and models of used vehicles are most popular with consumers?
- What factors tend to have the most influence on the probability that a consumer will purchase a vehicle from one dealer over another?
- What can dealers do to ensure they provide a shopping experience that resonates with buyers?
- Which segments of the population over-index on used auto purchase, and how do these segments differ from low demand segments?
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