A new study from Cox Automotive revealed that 2020 was a notable year for New Form Online Retailers.
The Cox Automotive Car Buyer Journey (CBJ): Pandemic Edition, which was recently revealed that there is “a significant rise in the number of shoppers visiting what the team labels 'New Form Online Retailers' (NFORs) -- online used-vehicle outlets such as Carvana, Shift and Vroom," according to CoxAutoInc.com.
The CBJ study showed that “57% of vehicle buyers looked at both new and used vehicles last year, up from 53% in 2019. The growing interest in used vehicles stems in part from tight new-vehicle inventory and the negative economic impact the COVID-19 pandemic has had on many households.”
The COVID-19 pandemic was also a contributing factor to the accelerated shift in the online automotive industry.
The shift also indicated that “more dealers began offering home services such as virtual vehicle walk-arounds, test drives at home and vehicle delivery, which includes the option of completing the final paperwork wherever consumers are located,” reports Cox Automotive.
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