With the spiral downward trend of the Indian economy, car buyers in India have become extremely price-sensitive. The average car buyer in India now considers buying a used car rather than spending almost double the amount in investing in a brand new vehicle. The Asia Pacific subsidiary of the Marketing Info Services company of America, J D Power conducted a study tracking the trends of Indian automobile buyers. As per Sales Satisfaction Index 2013 (India SSI), a whopping 13% of the buyers of new vehicles in India were mulling over buying a used second-hand vehicle. This is a staggering increase of nearly 10% in the share of the used car buyers market recorded over last three years.
The results of the 2013 India Sales Satisfaction Index (SSI) are based on different responses gathered from about 8.434 brand-new vehicle buyers who had bought their car between the period 2012 September and 2013 April. The study also comprises of the assessment done for around 71 car models that fall in the vast mass market segment. J D Power Asia Pacific fielded the research study from March 2013 till July 2013.
In this study, the researchers have highlighted that potential car buyers who were considering to buy a used car depended on the India to look for relevant used car information like tradable options, car financing and information about used car servicing. On the other hand, shoppers who were considering to purchase a brand new vehicle would use the World Wide Web mainly to study the car specifications and features.
Today, many carmakers are increasingly trading their guns on the swelling user-car market in India, particularly with a company-certified second hand cars which are provided with a warranty by the manufacturer. The Executive director of J D Power Asia Pacific, Mohit Arora added, “Additionally, automakers have ushered in transparency via their websites that provide real-time information on used vehicle inventory and price information. These activities assure customers of a quality product by providing detailed insights about the vehicles, thereby propelling the consideration of a used-vehicle purchase.”
The studies have been conducted by the company from last 14 years. It has analyzed seven critical factors that are playing a major role in new car buyers’ general satisfaction when they buy a car and buying experience based on sales initiation, delivery times, delivery process, sales person, deal and paperwork and dealer facility, not in this order.
The general sales satisfaction under the market segment for the masses is around 841 IP, when examined on a 1000 point scale. There is a jump of 21 points as seen from the study conducted in the year 2012. On an average, most car manufacturers have registered a high increase in almost all these factors, particularly in that of delivery timing, paper work and salesperson.
The reason why there is an increase in overall satisfaction is that there is a better quality of client engagement that happens between the customer and the salesperson representing the carmaker. The majority of the car buyers has stated that the salesperson sent by the carmaker has spent a good amount of time interacting with them and the salesperson was completely focused on them and not any other customer at the same time.