![]() Now more than ever, car buyers look to dealers to be trusted advisers to help them navigate the dynamic market,” says Yajnik. “Transparency is fundamental to an enjoyable car buying experience. More than half of car buyers (55%) say they’d be willing to pay a little more for a car if it was from a dealership they trust, while dealers are more likely to think car buyers choose a dealership strictly on getting a good deal (52%).Ĭar buyers who report trusting dealers are four times more likely to say the buying process is transparent compared to those who distrust dealers (35% vs. Over the past two years, car buyers’ perceived transparency has decreased by half (from 40% transparent in March 2021 to 21% transparent in January 2023). More than two-thirds of dealers (68%) believe the process is transparent compared to only 21% of car buyers. At the same time, dealers may underestimate the influential role they play in establishing trust and providing transparency in car buyers’ experiences. However, amid a challenging car market, dealers and car buyers report a significant gap in perceived transparency of the car buying process 1. ![]() "By embracing innovative digital tools, dealers have the ability to help meet and best serve car buyers where they are, close gaps in the process and develop a lasting relationship with their customers.” Car buyer trust in dealers critical to transparency in buying processīased on recent research from the 2023 Capital One Car Buying Outlook, which captures car buyers' and dealers' perceptions of the car buying experience, car buyers indicate trust in dealers is critical and significantly impacts their perception of transparency in the buying process. “The future of car buying requires a simple, seamless integration of digital and physical aspects of the consumer experience, which dealers are uniquely positioned to provide,” says Sanjiv Yajnik, President of Financial Services at Capital One. Navigator Platform enables dealers to provide a more transparent and accurate financing experience to car buyers when and where they shop, whether it is in-person or online. This enables dealers to work more efficiently and accurately by giving them visibility into what their customer can afford based on available inventory. Car buyers can customize details like down payment, trade-in, and term length to calculate a payment that works best for them. These new capabilities help dealers better understand consumers’ buying preferences upfront. ![]() 27, 2023 -– Capital One launched Capital One Navigator Platform, a digital tool that builds on Capital One’s existing products-such as Auto Navigator-with new capabilities that allow dealers to connect with more car buyers, and help them during the vehicle purchase. ![]() New research shows car buyer trust in dealers is vital in driving perception of transparency in the buying experience.ĭALLAS, Texas, Jan. ![]()
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