CAR BUYERS REVEAL THE BRANDS THEY TRUST THE MOST IN THE INAGURUAL CARGURUS CAR BUYER TRUST INDEX
- Mercedes-Benz tops list of UK’s most trusted car brands
- Tesla secured 12th spot out of the 21 car makers, as electric cars gain support from consumers
- Car Buyer Trust Index report studies car buyers’ trust in UK’s major car brands
- Men and women don’t see eye-to-eye when it comes to trusting car brands
- To view the full CarGurus Car Buyer Trust Index visit here
Mercedes-Benz is the UK’s most trusted car brand, according to the 2020 CarGurus Car Buyer Trust Index report, a first-of-its-kind study commissioned by online automotive marketplace, CarGurus.
The German car maker topped a list of 21 manufacturers that have been ranked as part of the inaugural CarGurus Car Buyer Trust Index*, a new independent report that provides unprecedented insight into how perceived trust impacts decision-making among different genders and age groups.
Audi, Ford, Toyota and Volvo completed the top five with Fiat recording the lowest overall brand ranking.
Researchers at GlobalWebIndex asked 2,183 car-buyers to rank car makers on five key factors that build trust: integrity, transparency, genuineness, social conscience and reliability. This formulated the overall performance for each brand.
Twenty-one car makers were included in the Index, with 20 based on sales data from The Society of Motor Manufacturers and Traders Ltd (SMMT) with Tesla added as a brand of topical interest. Tesla finished mid-table when it came to consumer trust, slotting into 12th place in the report.
In addition, the report also showed how men and women differ when it comes to trusting automotive brands.
Mercedes-Benz was most trusted overall by male car buyers whereas Audi and Ford shared the top spot as the brands in which women put the most faith.
There were greater differences of opinion among some of the other brands, though. Kia, rated as second overall for men, was a lowly 15th for women. MINI, on the other hand, was ranked fifth overall by women and 15th by men.
“For consumers, having trust in a purchase – and who they are buying it from – is fundamental to the buying journey. Therefore, we created the CarGurus Car Buyer Trust Index to help gain a deeper understanding of how trust is built, and the extent to which it informs car-buying decisions,” said Chris Knapman, CarGurus UK editor.
“The Car Buyer Trust Index provides unprecedented insight into the role that trust plays in the car buying process, while at the same time showing our commitment to becoming the world’s most trusted and transparent car-buying platform.”
Founded by TripAdvisor co-founder Langley Steinert, CarGurus combines dealer reviews with comprehensive car valuation analytics to bring trust and transparency to the automotive marketplace, allowing buyers to quickly and easily find great deals from the best dealers.
To view the full CarGurus Car Buyer Trust Index visit here
For further information, please contact:
James Drake at CarGurus – UKPR@CarGurus.com / 0208 541 3434 / +44 07809 657178
*About the CarGurus Car Buyer Trust Index:
To create the Car Buyer Trust Index, CarGurus partnered with GlobalWebIndex – a leading market research company with a data set that represents more than 2 billion consumers worldwide. GlobalWebIndex contacted previous survey respondents based on past car purchases and expressed intent to buy, and then presented them with a bespoke survey about trust in the car buying process.
In the survey, respondents were asked a range of questions about their perceptions of – and trust in – 21 car brands, with 20 based on SMMT sales data and Tesla added as a brand of topical interest. They were also asked questions about their purchasing journey and their trust in the automotive industry at large.
The total sample size was 2,183 internet users in the UK, with all respondents aged 18-64. In order to have a representative cross-section of car buyers the study surveyed the following groups:
1) Those that have purchased a car in the past six months and intend to do so again in the next six months (190); 2) Those that have purchased a car in the past six months and do not intend to do so in the next six months (419); 3) Those who have not purchased a car in the past six months but intend to do so in the next six months (501); 4) All other car owners (1073)
Informed by the industry expertise of CarGurus, the data-driven insight of GlobalWebIndex and academic studies of trust by research professor Brené Brown, the CarGurus Car Buyer Trust Index focuses on five key factors that build trust for car buyers:
1) Integrity – delivering on promises
2) Transparency – being transparent about problems and taking responsibility
3) Genuineness – genuinely concerned about consumer needs and acting in their best interest
4) Social conscience – showing commitment to social causes and the environment
5) Reliability – providing a problem-free ownership experience
Each respondent was asked how important each of the five factors is to them when deciding to purchase a car. They were then asked to evaluate four brands on those factors, with brands selected at random from a pool of those that respondents either own or said that they were aware of. Based on how important a respondent rated each factor, a weight was assigned to them and the Trust Index calculated the score as a weighted measure.
How CarGurus Works:
CarGurus helps car shoppers search local car listings and quickly find great deals from top-rated dealers. Every day, the company analyses millions of data points on hundreds of thousands of UK car listings to calculate each car’s Instant Market Value (IMV) or fair retail price. This data is used in combination with dealership ratings from other shoppers to rank and rate available cars results based on the quality of the deal: Great, Good, Fair, High or Overpriced. The site also provides transparency on how long the car has been on the forecourt and if it’s had a price drop. Consumers can contact dealers directly.
Founded in 2006 by Langley Steinert (also a co-founder of TripAdvisor), CarGurus (Nasdaq: CARG) is a global, online automotive marketplace connecting buyers and sellers of cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q3 2019, U.S. (Competitive set: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). CarGurus launched in the UK in 2015 and is the fastest growing auto shopping site in the UK among its nearest competitors based on the percent change in average unique monthly visitors from Q3 2018 to Q3 2019 (source: Comscore MMX Multi-Platform®, Custom-defined list includes Cargurus.CO.UK, Motors.CO.UK, AutorTrader.CO.UK, Pistonheads.com, and Gumtree.com). In 2019, CarGurus acquired UK-based PistonHeads.com, which it operates as an independent brand. In addition to the United Kingdom and the United States, CarGurus operates online marketplaces in Canada, Germany, Italy and Spain.
CarGurus® is a registered trademark of CarGurus, Inc. All product names, trademarks and registered trademarks are property of their respective owners.
To learn more about CarGurus visit www.cargurus.co.uk.
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