A new CPO study is out – and signifies CPO vehicle consideration is on the rise!

Conducted by Cox Automotive in March / April 2023, with nearly 700 consumer respondents who are looking to purchase within the next 6 months, the study revealed shifting trends with CPO vehicles.

With the impact of the chip shortage, some OEMs became more innovative and expanded their CPO programs to include older models and off-brand vehicles to increase the vehicle pipeline.

Our CPO study captured consumer receptivity to these CPO expanded programs, CPO awareness and consideration, and key CPO trends compared to our 2019 insights.

Key Implications:

CPO Consideration is on the rise since the chip shortage: You’ll quickly see inside the study the need to showcase CPO listings and benefits on dealer and OEM sites. Touting messaging that CPO vehicles are as good as new.

With an influx of CPO interest, there’s opportunity to heighten familiarity of CPO: The study offered opportunities for the industry to respond – for example by leveraging third party sites to influence and strengthen consumer’s familiarity and knowledge of CPO advantages.

Consumers are receptive to off-brand and older CPO models: Inside the study you’ll see the stats and figures that should have OEMs and dealers considering strategically expanding and increasing awareness of their CPO program of older and off brand vehicles.

Attractive financing is a major draw for CPO shoppers: On page 23 you might, or might not be, surprised by the percentage of shoppers who said if CPO vehicles had more attractive financing offers, it would sway their interest. Discover ways to do this inside the study.

CPO is a gateway for EV and hybrid intenders: Want to know how to target or intercept new vehicle intenders who cited price/cost as their top barrier to EV consideration? See the stats that show what effect making consumers aware that there are potential government incentives on both new and used EVs had.