The automotive industry market in Puerto Rico has evolved over time. The new tools that are emerging everyday makes it easier for us to find that car we want to buy. But, where do people look to buy a used car?
Our agency conducted a study on the behavior of consumers in the automotive industry last December of 2018. We interviewed 100 people, Puerto Rican men and women, between the ages of 18 to 60 years. Our marketing study resulted in multiple consumer trends. One of the findings that our marketing team found is the tendency of where do consumers prefer to buy a used car.
The study yields the following results:
- Of the consumers who decided to buy a used car in the last 12 months, 3% used the online portal “Clasificados Online”;
- 2% acquired their vehicle through social networks such as Facebook and Instagram.
- 4% say they bought their car through a friend and 5% of the buyers said they bought their car on the street.
- In the case of used car purchases at a used car dealership it resulted at a 23% and 5% at new car dealership.
This means that, although the online market has increased 1.66 billion purchases worldwide since 2017, when buying a used car, people prefer to go to a used car dealership. The age at which these people made the decision to purchase their used car should also be taken into account. For example, the 5% who acquired their car through online platforms fluctuate between the ages of 22 to 50, with the majority being men. On the other hand, the people who bought their car in a dealership are between the ages of 22 to 50.
Companies must understand the behavior of their customers to maximize their budgets and strategies. For our advertising agency, it is very important to know which is the target audience of each client. This helps us to segment advertising within the automotive industry and also to provide a better advertising strategy maximizing your budget. We will be sharing with you in the following blogs more about our study.