Hundreds of thousands of customers deemed their used car buying experience as world-class, according to the latest survey results from MotoNovo Finance.
In response to a questionnaire posed to consumers by MotoNovo between April 2020 and March 2021, 143,485 customer responses generated an average Net Promoter Score of 84.27.
Go deeper with GlobalData
The NPS rating, put together by Bain & Co for use across multiple industries, suggests that any score over 80 represents world-class status.
Mark Standish, MotoNovo chief executive, believes that the NPS rating by such a large audience of customers is “testimony to the quality of the car and financing buying journey they experienced first-hand with their dealers.”
While new car registrations fell by 29.4% in 2020, used car sales only reduced by 14.9%, attributed to increased financial uncertainty amongst consumers.
Catering to the continuation of car purchases, motor dealers introduced numerous online tools and capabilities to their offline showroom services.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataStandish praised dealers for their “speed, agility and success” in ensuring the provision of online and offline used car sales access over the last year.
According to the report Realising the Digital Promise by consultancy firm Deloitte, Covid-19 has driven four fundamental shifts within the financial services industry: the adoption of online and mobile channels; a tipping point for digital payments; overnight virtualisation of the workforce and ways of working; and evolution of the underlying market structure.
Speculating that these behavioural shifts were permanent, Standish previously argued that the transition towards mixed working styles poses significant opportunity for the used car segment.
He added: “We can see from the increasing traffic on our used car marketplace findandfundmycar.com that more people are looking to used cars and we see much of this being driven by the need for affordable alternative to public transport.”
Standish continued: “A huge number of people will continue to look to the used car market for their next vehicle. Today, they can find their car, dealer, and finance online and now, out of lockdown, they can test drive it as well to refine their choice.”
Through MotoNovo’s dealer partners, consumers can be confident they will benefit from a “world class” network, he concluded.
