It's the best time of the year to buy a new vehicle according to CarPro Show host Jerry Reynolds. If you're planning to heed his advice and buy by the end of the year, brand reputation is likely to factor in to your decision. So which brand's currently enjoy the best reputations amongst consumers? Cars.com is sharing its findings via its Experience Report which is based on 13 million consumer reviews submitted on its website. The report lists overall brand winners in the luxury and mass market segments, along with brand winners in six categories.
Cars.com says its report emphasizes the importance of car reviews to dealers in an era where online reviews play a big role in consumer decisions on what and where to buy. Researchers say the report gives insights into both strong and underperforming areas that impact a dealerships reputation and that it also emphasizes crucial role of dealership engagement in building auto brand reputation.
“More than 75% of shoppers on Cars.com are undecided on make and model — a standout customer experience and stellar reputation are often the influential tipping point,” said Jamie Oldershaw, vice president of reputation, Cars Commerce. “Based on the 13 million consumer-submitted reviews on Cars.com, we’re able to provide data-driven insights — across brands, dealership groups and down to the individual dealer level — about strengths and gaps in the retail experience. The auto brands that rose to the top of our list have local retailers across the country that are meeting the rapidly evolving needs of today’s consumers and delivering exceptional car-buying experiences.”
Cars.com says review-driven reputation insights can create significant competitive advantages for dealers. At a time where brand loyalty is at an eight-year low, and the automotive market is changing rapidly, Cars.com says dealerships turn to consumer reviews to sharpen their competitive edge.
That brings us to the brands with the best reputations, according to Cars.com's comprehensive analysis of more than 13 million consumer reviews. Mazda and Subaru — and Acura, Lexus and Volvo among luxury brands — emerged with the highest overall review ratings from consumers over a 24-month period.review.
Cars.com also names the highest rated brands in six categories that impact a brand’s overall rating, including pricing transparency, trade-in experience, transaction speed, financing experience, and business responsiveness to reviews and vehicle inquiries.
Pricing Transparency: Cars.com says affordability and price are a primary concern, influencing 53% of car shoppers. The brands that consumers found to be the best when it comes to price transparency were MINI and Mitsubishi in the mass-market category, with Porsche holding the top spot in the luxury segment.
Trade-in Experience: Currently, 50% of car shoppers plan to trade in a vehicle before their next purchase according to Cars.com data. Brands that stand out for delivering a positive trade-in experience include Fiat in the mass market, and Alfa Romeo, Porsche and Volvo in the luxury category. The Cars Commerce trade and appraisal technology from Accu-Trade helps retailers who need a more efficient and profitable way to source and trade vehicles with ease.
Transaction Speed: Cars.com says the process of a quick and seamless transaction is crucial for ensuring a quality customer experience. This is particularly evident in the automotive industry, where some brands have distinguished themselves in providing such experiences. Cars.com says that notably, Chevrolet, GMC, Mini and Subaru are recognized for their efficiency in the mass-market segment. In the luxury segment, Acura, BMW, Porsche and Volvo stand out for their exceptional customer service during transactions.
Financing Experience: With 44% of car shoppers planning to get financing in person at the dealer according to Cars.com, a positive experience is crucial. When it comes to financing, many brands stood out: Buick, Chevrolet, Ford, GMC, Honda, Jeep, Kia, Mazda, Mitsubishi, Subaru and Volkswagen led the mass market, while Acura, Alfa Romeo, Audi, BMW, Cadillac, Genesis, Lexus, Mercedes-Benz, Porsche and Volvo excel in the luxury category.
Review Responsiveness: According to Cars.com, only 40% of dealers respond to all reviews, yet 88% of consumers are inclined to use a business that actively engages with reviewers. While none of the brands achieved an experience rating over 50%, the top brands are Honda and Toyota for mass-market brands and Lexus leading among luxury brands. Researchers say equally important to consumers is responding to consumer online inquiries about vehicles.
Vehicle Inquiry Responsiveness: How fast dealers respond to customer inquiries can significantly impact sales. Cars.com says this is particularly true when shoppers email a dealership to ask about a specific vehicle. Responding swiftly to these requests is a critical factor in securing a sale according to researchers. In the mass-market segment, MINI stands out in the lead response category. Alfa Romeo has similarly distinguished itself among luxury brands.
Cars.com says the power of reputation in automotive retail emphasizes that reviews serve as a vital feedback mechanism, reflecting not just consumer sentiment but also guiding improvements in customer service.