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Microchip Shortage Changes Car Shopping Habits

Autosphere » Dealerships » Microchip Shortage Changes Car Shopping Habits
The microchip shortage continues to impact the automotive sector. Photo Adobe Stock

As the microchip shortage continues to impact the automotive sector, albeit at a lesser degree than a year or even a few months back, AutoTrader.ca asked their readers to share their knowledge and experience with shopping for a vehicle during this time.

Overall, consumers are aware of the issues with microchip production and sourcing, and dealers who know the issues shoppers face can plot their marketing and sales strategy to help them effectively navigate through it.

The study, conducted in May of this year, uncovered that 96% of vehicle intenders are aware of the shortage, up from 88% a year ago. Only 39% of car shoppers have been personally affected by it, and those who haven’t so far are worried about what it will mean to them. You can’t effectively meet their concerns until you determine the specifics surrounding those concerns.

The main impacts of the shortage consumers face in new and used vehicles include higher prices, vehicles on back order and less room to negotiate, resulting in 22% of vehicle buyers surveyed being willing to pay more because of the shortage.

61% of respondents are willing to travel farther to purchase a vehicle and 33% of those willing to travel farther would be willing to travel more than 400 km to get the vehicle they want.

In summation, shoppers want vehicles, but they’re also very aware of the potential difficulties in getting into one right now. Dealers who match their strategies to these issues and help guide buyers to similar vehicles, even if these alternatives don’t necessarily align to the shopper’s preference set or shortlist, will have an edge in this market.

See the full results of the study.

Image Trader / AutoHebdo.net

 

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