Social Media Redefining the Car-Buying Journey

– Americans turning to Facebook, Instagram, and YouTube to shop for new vehicles –

DENVER, CO (September 5, 2024)— Adtaxi, one of the nation’s fastest-growing digital marketing agencies, today announced the results of its 2024 Automotive Survey. The findings were clear: now more than ever, Americans are turning to social media and online stores to shop for their next vehicle. In the past year, there has been an increase in purchasers willing to buy a car online, from 49% in 2023 to 57% in 2024.

“New vehicle shopping has evolved significantly over the years, especially with the advent of the internet and social media. Traditionally, car buyers relied heavily on dealership visits, word-of-mouth recommendations, and print advertisements. However, the digital age has revolutionized this process,” said Adtaxi Director of Research, Murry Woronoff. “Currently, 44% of Americans believe that social is the most influential media when it comes to new vehicles – and this jumps to 64% for those who actually made a purchase over the past 12 months. We anticipate the influence of social media to increase moving forward.”

Among Adtaxi’s survey findings on automotive purchase trends: 

The New Automotive Marketplace: While traditional dealerships remain the primary source for new vehicle purchases, the landscape is rapidly evolving. A significant 45% of Americans express a willingness to purchase their next vehicle through social media platforms, highlighting a shift towards these channels as critical touchpoints in the automotive buying journey. This trust in social media is even more pronounced among recent buyers, with 67% indicating they would consider making their purchase on such platforms. In addition to social media, recent purchasers show an increasing openness to alternative buying channels: 48% are willing to buy directly from a manufacturer’s site, 35% from car-buying services, and 15% from online marketplaces like CarMax. 

New Purchase Intent: 31% of consumers stated they are planning to purchase an SUV in 2024, followed by 24% wanting a hybrid or electric model, and 19% wishing for a pick-up truck. In last place are vans and minivans, with 5% of the country intending to buy one.

Influential Platforms: The survey found that Facebook is the most influential social media platform when it comes to searching for new or leased vehicles, cited by 38% of total respondents and 53% of recent purchasers. In ranked order, Instagram, YouTube, and TikTok follow.  However, these rankings shift when examining specific demographics. Notably, TikTok’s influence nearly triples among adults aged 18-29, illustrating the platform’s growing impact on younger consumers.

Influential Content: When shopping for a new vehicle, 61% of respondents said that reviews and recommendations on social media are most influential. Following closely behind are advertisements (55%), content from brands or dealerships (45%), and discussions or forums (34%). Only 10% of respondents believe social content would not influence their decision when looking to purchase a car. For recent buyers, the influence of advertisements becomes even more pronounced (67%), ranking ads higher than reviews and recommendations (63%).

Social and the Shopping Process: The survey highlights the significant utility of social media across the vehicle buying journey, from discovery to purchase. Over 70% of recent purchasers found social content most beneficial during the awareness stage, where they explored different brands and models. Beyond awareness, 60% of buyers also valued social media during the consideration phase (as they compared various options), and the decision-making stage (when selecting a specific brand or model).

“The findings of our 2024 Auto Survey are extremely crucial for digital marketers to utilize as they create their marketing and advertising plans for the rest of this year and into 2025,” said Chris Loretto, EVP of Adtaxi. “With social media already having this much of a hold on the automotive industry, utilizing platforms like Facebook and TikTok can help enhance your marketing strategy and reach key audiences.”

To access the full report, click HERE.

Methodology 

This survey was conducted online using Survey Monkey among a national sample of 1,021 adults across U.S. geographic regions, income levels, genders, and ages. The survey was conducted on July 29th, 2024.

About Adtaxi

Founded in 2010 within MediaNews Group, Adtaxi made its mark in programmatic advertising before expanding into search, social, and connected TV. Over time, Adtaxi has refined and perfected its holistic performance-based strategy, which became the foundation of Quantum, originally launched in 2015. Leveraging the power of people plus technology, Adtaxi’s innovative full-funnel methodology leverages a variety of tools and processes throughout the client lifecycle to drive omnichannel optimizations across channels to maximize performance and deliver superior value for advertisers. Adtaxi functions as a true partner with its clients, acting as a single point of contact and support through multi-platform campaign cycles. Find Adtaxi on Twitter, LinkedIn and Facebook.