DUBLIN, March 1, 2023 /PRNewswire/ — The “North American New Car Online Marketplaces 2023: Frost Radar Report” report has been added to ResearchAndMarkets.com’s offering.
The report presents competitive profiles on each of the companies based on their strengths, opportunities, and a small discussion on their positioning.
New and used vehicles can be purchased in a variety of ways in North America, whether through franchised car dealerships, original equipment manufacturer (OEM) agency sales channels, or third-party online marketplaces. The need for an online marketplace came into focus in the early months of the COVID-19 pandemic as many companies selling cars did not offer fully digital services and OEMs had to temporarily close physical dealerships to the public.
Consumers’ demand for more buying choices and intra-brand competition among dealerships drive the growth of online marketplaces, which facilitate the sale of new cars between a variety of brands’ dealers and car buyers. A marketplace partnership can help automakers and dealerships expand their reach to a wider customer base.
The emerging market still has potential for evolution with the development of more value-added, customer-oriented digital services. For example, some marketplaces do not yet allow seller and buyer interaction through a chat interface. Marketplace providers will have to focus on digitalizing their web portals for all aspects of the customer journey, including vehicle tours, configuration, digital signature, and the ability to facilitate transactions digitally.
Millennials and Generation Z made up more than 40% of the North American population in 2021. As they become the largest car-buying group, they will expect a seamless and digital purchase journey. With high-speed 5G internet becoming more common, marketplace providers will be able to offer metaverse experiences that include sophisticated augmented and virtual reality that can superimpose images on a real-world view or simulate a 3D image.
Companies to Action
Auto123
AutoCatch
Autotrader
CarGurus
Carpages
Cars.com
CarSaver
CarsDirect
eBay Motors
TrueCar
For more information about this report visit https://www.researchandmarkets.com/r/1z2riz-american?w=5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
