Analysis shows several bright spots for popular vehicle segment, but affordability concerns remain amid pandemic
CAMBRIDGE, Mass., Oct. 29, 2020 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today released its CarGurus 2020 Pickup Truck Sentiment Study that examines how COVID-19 has impacted sentiment pertaining to the pickup truck segment. The research delves into topics such as which car shopper segments have purchased a pickup truck during the pandemic and uncovers insights related to pickup truck owners’ thoughts on electric pickup trucks and affordability within the vehicle category.
The study’s major findings include that the COVID-19 pandemic may have helped spur pickup truck sales over the course of 2020, and that younger car shoppers are a main reason for this trend:
Despite the optimism stemming from pandemic truck purchasers, the “CarGurus 2020 Truck Sentiment Study” also uncovered potential headwinds in the category:
The study also discovered that the future for the segment appears to be bright with current truck owners expressing excitement around electric pickups. The also data showed that younger truck owners are showing signs of preference towards the newer electric truck brands:
“Our study shows a tale of two different pickup truck trends. While there is certainly excitement for these vehicles among consumers, that is offset by those that have affordability concerns,” said Madison Gross, Director of Customer Insights at CarGurus. “The data shows that younger truck buyers are coming into the market, but the question remains how long they will stay both with their brand and with the category for the long term.”
The full results of the CarGurus 2020 Pickup Truck Sentiment Study can be found here, and any questions about the data can be sent to pr@cargurus.com. Methodology:In September 2020, CarGurus surveyed 1,081 pickup truck owners on their sentiments towards truck brands, prices, electric trucks, and the impact of the COVID-19 pandemic. Among total respondents, 248 had purchased during the pandemic (from mid-April through mid-September). In early February 2020CarGurus surveyed 858 pickup truck owners as an earlier iteration of this study, and benchmarked it with the one issued in September. This study has also been run in February 2019 and January 2018.
About CarGurusFounded in 2006, CarGurus (Nasdaq: CARG) is a global, online automotive marketplace connecting buyers and sellers of new and used 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, Q2 2020, U.S. (Competitive set includes: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). In addition to the United States, CarGurus operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands. To learn more about CarGurus, visit www.cargurus.com.
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Contact:Brian Kramerpr@cargurus.com
Source: CarGurus, Inc.