/PRNewswire/ -- Larger vehicles continued to see increases in views across AutoTrader.com as gas prices fell to around $1.60 nationally. The new Ford F-150 led the way with the most overall views of any new vehicle on AutoTrader.com during the month of December, enjoying an increase of 23.03% from December 2007. The new Dodge Ram also gained in consumer interest, with an increase of views of 43.16% year-over-year. This rise in interest for these two full-size pick-ups came partially at the expense of their chief competitors, the Chevrolet Silverado and GMC Sierra, which were down 12.64% and 2.73% year-over-year, respectively.
Consumers also researched dealership inventories on other large SUVs and minivans such as the Honda Pilot and Honda Odyssey, which saw increases in views of 129.63% and 60.46%, respectively, as well as large family sedans including the Chevrolet Impala and Honda Accord, which were up 32.11% and 27.13%.
Asking prices for most new vehicles on AutoTrader.com generally rose during the month of December, which at first seems counterintuitive considering the sluggish economy and rising manufacturer incentives. However, among consumers who are shopping for a new vehicle, many are opting for less- expensive, less well-optioned cars and trucks, leaving dealerships with better-optioned, more expensive inventory. With most manufacturers now scheduling production stoppages to better match the overall supply of vehicles available with consumer demand, dealers are not as quickly replenishing their inventories of these lower-priced vehicles.
"Consumers have reached new levels of concern about the current state of the economy, a fact reflected in the sales numbers we have seen since October," said AutoTrader.com President and CEO Chip Perry. "At the same time, we are seeing new-car shoppers making every dollar count by spending increased time on-line looking at a larger selection of vehicles to find the right car or truck at the right price."
Used Vehicles Continue Price Drops
Used vehicle prices and research levels showed drops across the board, in line with the current economic mood of the nation. Bright spots included the Chevrolet Tahoe, which saw a fraction of a percentage point increase in views year over year; the Jeep Wrangler, which saw a 6.34% jump compared to December 2007, and the Toyota Tundra, which recorded a 10.42% increase.
"Just as with new cars, used vehicles are also suffering due to consumers' economic fears," said Perry. "However, just as with those new vehicles, great deals are available for the asking for shoppers looking to buy a used vehicle in the New Year."
Perry remains optimistic that automobile sales will begin to revive in 2009. In the short term, Federal bailout money flowing into the financial sector should make credit more available. Tight credit has been a major impediment for those buyers who were in-market for a new or used vehicle, limiting vehicle sales to buyers with the highest credit scores or significant down payments. Aggressive moves in pricing and incentives by manufacturers and dealers looking to move existing inventory off of lots, combined with increased access to financing, should help sales into 2009.
In the longer-term, Federal bailout money will allow the Detroit manufacturers to retool their factories and balance sheets, with an eye towards future development.
"Shoppers considering a vehicle purchase in 2009 need to know that credit is available," said Perry. "And for many people who put off a vehicle purchase because of economic uncertainty or because of tight credit, there is pent up demand. This is illustrated by the fact that our unique visitor traffic was up about 20% in December of this year compared to December of last year. So people are definitely on-line looking at vehicles, considering their options, building their consideration sets and figuring out what they can afford. I do believe with a new year, easier access to financing and this pent up demand, we should start seeing some positive movement in auto sales in 2009."
AutoTrader.com is the ultimate automotive marketplace with over 3.5 million vehicle listings. Using research gathered by studying the shopping habits of over 14 million unique monthly visitors to the site, many of whom are in-market shoppers looking to complete a vehicle purchase within the next 90 days, AutoTrader.com regularly compiles this data to offer insight into current and emerging sales trends in the automobile industry.
-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
Wednesday, January 7, 2009
Consumer Interest in Larger Autos Continues to Rise as Gas Prices Fall
Thursday, September 4, 2008
New Cars Show Signs of Sales Strength in August '08
PRNewswire/ -- The Toyota Camry and Honda Accord saw a rise in views of 34% and 39% respectively in August 2008 compared to August 2007, enough to give them the first and second place slots as the most-viewed new vehicles on AutoTrader.com according to the just released August 2008 AutoTrader.com TrendEngine report.
Views for cars on AutoTrader.com generally increased year-over-year from 2007, and despite dropping gas prices, trucks largely continued the downward trend in views begun earlier this year.
The full-size Ford F-150 pick-up was one of the few trucks to show signs of improvement, with an uptick of 18.45% in views as consumers searched for deals. Ford is currently offering sizable incentives on remaining 2008 F-150 inventory in preparation for the September launch of an all-new 2009 model.
Compact crossovers -- car-based vehicles designed to offer a higher driving position without the drawbacks of truck-based vehicles -- had seen their sales suffering alongside traditional SUVs during this past June and July. August saw the beginning of a rebound for these vehicles, as was evidenced by the 7.12% year-over-year increase in views for the Honda CR-V and the 19.36% year-over-year increase in views for the Toyota RAV4.
"Though much has been made of the rise of small cars, the biggest beneficiaries of rising gas prices have been midsize sedans and compact crossovers, the latter having served to replace the traditional family station wagon and larger SUVs," said AutoTrader.com President and CEO Chip Perry. "As manufacturers reallocate resources away from full-size pick-ups and traditional SUVs, our market demand data suggests they would be wise to pay the most attention to these vehicles which make up the heart of the market."
Among smaller cars, two larger gainers were the Toyota Corolla and Ford Focus, both of which continued to enjoy the success of recent redesigns. The Corolla improved its position on the most-viewed list from 12th in August 2007 to 7th this year, with views up 43%, while the Focus moved from 32nd to 19th, as views increased 63% in August 2008 compared to August 2007.
"Today's compact cars offer significantly more in terms of value, features and, most importantly, space, than what consumers traditionally think of when they consider 'small' cars," said Perry. "The most popular vehicles in this segment, such as the Civic, Corolla and Focus, offer an ideal mix of room and comfort for not only single people, but even small families."
The new Chevy Malibu continues to also generate dramatic interest. In August '08, views of the Malibu were up 279% compared to views in August 07, following on a 293% surge in views of the Malibu in July '08 compared to July '07. This car continues to benefit from strong marketing and consumer interest.
Truck Resale Values Continue to Plummet
The used car market continued to show overall softness, especially in terms of pick-up trucks and SUVs. While the asking prices among cars in the top 20 most-viewed used vehicles were generally flat, or in the case of the small cars such as the Honda Civic and Toyota Corolla, up slightly, truck asking prices recorded double-digit year-over-year declines. The asking price for used Ford F-150s took the largest hit, recording a drop of 17.56%, or $3,479 on average. The once-popular Chevrolet Tahoe was also not immune, with asking prices for used versions of the full-size SUV dropping 17.26%, or $4,104 on average.
"For buyers who need a pick-up or SUV, whether for work or for personal use, this is definitely a great time to buy," added Perry. "Manufacturers are offering strong incentives on new trucks, while records of inventories for used models allow consumers the chance to score a truly great deal."
A "view" on AutoTrader.com is the display of the details page of a specific automobile, which includes information, photographs and contact information for that vehicle, and is thus a stronger indication of consumer interest in that model than searching broadly for information on that make and model.
-----
www.georgiafrontpage.com
Georgia Front Page
www.fayettefrontpage.com
Fayette Front Page
News to Use in Fayette, Coweta, Atlanta and all of Georgia
