NEW YORK--(BUSINESS WIRE)--
This holiday season consumers shopping for a new car or truck may be looking online now more than ever. Nearly half of Americans (47 percent) said they would be comfortable completing their purchase online—from research to financing—according to new research from Chase Auto Finance.
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Car Buying: The Last Frontier of Online Shopping (Graphic: Business Wire)
The other half aren’t comfortable because they want to: test drive the vehicle before buying (76 percent) and they don’t believe they can negotiate online (47 percent).
“We know Americans spend significant time researching the make and model of their next vehicle purchase, but not necessarily the financing options,” said Mark O’Donovan, CEO of Chase Auto Finance. “That’s starting to shift, which is why we launched Chase Auto Direct last year.”
Chase Auto Direct—available through chase.com and on any device through the Chase Mobile app—is an online resource for people to research their next car or truck and apply for financing. Consumers can get an interest rate quote and use the payment calculator to research financing options online before heading to the dealership to test drive and finish the deal.
Research from Chase also found that Americans still have a strong emotional connection to their vehicles and driving in general:
- 78% love or like driving
- 67% see their vehicle as an extension of their personal style
- 56% say their vehicle is like a family member
That emotional connection likely explains why car buyers spend more time shopping for a vehicle than:
- planning their last big vacation, 36%
- picking their newest pet, 33% or
- choosing their wedding band/significant other’s ring, 26%.
“With Chase Auto Direct, our goal is to help people save time by completing the financial paperwork online,” added O’Donovan. “Plus, they still have ultimate flexibility at the dealership—to test drive and get the keys or change their mind and walk away because they’re not locked into the loan.”
For more details, visit chase.com/auto.
About the Survey
A national survey commissioned by Chase Auto Finance was conducted among 3,535 Americans between September 14 and 27, 2017. A nationally representative sample of n=1,000 was utilized to understand the trends of Americans (overall) while an oversample of respondents in 10 distinct cities was leveraged to understand the trends in specific regions. The margin of error for this study was 3.1% at a 95% confidence level.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.6 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,200 branches, 16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com.
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