ATLANTA - October was the month of luxury vehicles for shoppers on AutoTrader.com, as data from the recently released New Car Insights Report and in the just-released Used/CPO Car Insights Report shows that consumer interest in luxury vehicles spiked during the month. In the Used/CPO Car Insights Report, the increased interest in luxury vehicles was seen in the list of CPO "Big Movers," at the segment level, and in the list of the top 20 most-viewed vehicles. With a majority of consumers considering both new and used vehicles, it is likely that the increase in interest in both new and certified pre-owned (CPO) luxury vehicles was fueled by these cross shoppers.
"The majority of consumers consider both new and pre-owned choices when they are searching for their next vehicle, so it is no surprise that we saw a spike in activity around luxury cars on the CPO front in the same month that we saw an increase in new luxury car shopper activity," said Rick Wainschel, vice president of automotive insights at AutoTrader.com. "There are strong signs of pent up demand for luxury vehicles among car shoppers, indicating that despite continuing economic headwinds, there are more consumers willing and able to consider higher end choices."
In October, luxury vehicles took 11 of the top 20 spots on the list of CPO "Big Movers," with seven luxury cars and four luxury SUVs. Big movers are vehicles that have gained a significant increase in consumer interest month-over-month. The CPO Land Rover Range Rover Sport made the biggest move month-over-month in October, moving up 237 spots to No. 65. This interest was likely a result of consumers cross shopping the new and CPO Land Rover SUVs, as Land Rover had three big movers on the new-car front, as detailed in the New Car Insights Report. Other CPO luxury SUVs to make big moves in October were the Mercedes-Benz GLK Class (up 20 spots), the Audi Q5 (up 16 spots) and the Infiniti FX Series (up 10 spots).
For CPO luxury cars, it was Jaguar that had the most models to make big moves in October, with the XJ Series moving up 34 spots to No. 174, the XF moving up 30 spots to No. 143 and the XK Series moving up 28 spots to No. 177. Other luxury cars to make big moves in October were the Lincoln MKS (up 15), the Volvo C30 (up 14), Hyundai Genesis (up 12) and the Acura TSX (up 10).
On the segment level, luxury cars came in as the No. 1 CPO segment on AutoTrader.com in October. Out of all the CPO segments in October, luxury cars and SUVs were the only ones to see month-over-month increases in consumer interest. The luxury car segment increased 0.4 share points from September to October, and the luxury SUV segment increased 0.7 share points during the same time.
In looking at the most-viewed CPO vehicles, luxury cars claimed six of the top 20 spots on the list of most-viewed CPO cars in October, more than any other segment represented. The BMW 3 Series, always a favorite among CPO shoppers, took the No. 1 spot again in October, a position it held during the same time last year. Although the Audi A4 dropped one spot in its ranking month-over-month, it moved up four spots year-over-year to No. 7. Other luxury cars included in the top 20 most-viewed list are the BMW 5 Series at No. 12, the Mercedes-Benz E Class at No. 15, the Acura TL at No. 16 and the Mercedes-Benz C Class at No. 20. The BMW 3 Series and 5 Series were also on the top 20 most-viewed lists for used (non-CPO) vehicles in addition to being on the top 20 CPO list.
Additional Insights from the Used/CPO Car Insights Report
In addition to the activity surrounding luxury vehicles on the site, a number of other interesting trends emerged in the Used/CPO Car Insights Report:
- Hyundai showed continued strength on the CPO front, with numerous models making big moves in October.
- Asking prices for CPO Hyundai vehicles showed significant increases year-over-year.
- Trucks dominated the used (non-CPO) list of the most-viewed vehicles in October.
- The used (non-CPO) full-size truck segment gained the biggest share of interest.
For more in-depth data, analysis and graphics, access the complete Used/CPO Car Insights Report here.
Originally posted on Fleet Financials