LOS ALTOS, Calif.--(BUSINESS WIRE)--Beepi, the leading peer-to-peer marketplace to seamlessly buy and sell cars online, today revealed the results of its new research study, which found that 89 percent of people believe there should be a better way to buy and sell cars in the new sharing economy.
The survey polled 1,000 adults, aged 18 and older who had bought or sold a pre-owned car in the past year, to gauge general preferences in car buying and selling. It also looked deeper into preferences of Millennials and women to get a 360-degree view of the current pre-owned car buying landscape.
THE CAR BUYING EXPERIENCE FOR WOMEN
The study revealed that the current car buying and selling market does not offer a level playing field across genders. Eighty-five percent of respondents (and 88 percent of women) believe that women are more likely to be taken advantage of while buying or selling a car. More specifically, 42 percent of women feel ill-equipped or intimidated to negotiate when buying or selling a pre-owned vehicle compared to 28 percent of their male counterparts. But when considering the alternative, women do not feel any more comfortable. Nearly three out of four women cite personal safety as a concern with online sites such as Craigslist.
MILLENNIALS AND THEIR CARS
Another noteworthy finding from the study is that the majority of respondents begin the car buying or selling process optimistic, but it doesn’t last. Ninety percent of Millennials (compared to 69 percent of Baby Boomers) begin the process feeling excited, but 52 percent of all respondents state that their excitement is quickly replaced by the emotional fear of being taken advantage of. Fueling that fear, 40 percent of Millennials feel ill-equipped to negotiate, compounded by the fact that four out of five people, in general, flat out don’t trust car dealers.
"It is clear that the current model for buying and selling cars is stressful and outdated,” said Beepi CEO and co-founder Ale Resnik. “We had a clear mission when we created Beepi, we wanted a way to guarantee a quality vehicle purchase where buyers and sellers could connect directly within a fast, convenient and secured environment while experiencing superior end-to-end customer service. I know, first hand, the uncertainty of stepping into a car dealership and being duped into purchasing a lemon; I don’t want anyone, woman or man, to have that same experience.”
PERCEPTIONS OF CAR SALESMEN
While personal feelings of inadequacy related to negotiation skills account for some of the fear of being taken advantage of while at the car dealership, car salesmen are not helping the situation. Sixty-six percent of respondents see car dealers as self-centered and only out to make money, compared to 34 percent who think they are sincere in their commitments to their customers. When ranked against other professionals on the spectrum of trustworthiness, car salesmen ranked dead last with only 22 percent of participants deeming them trustworthy; lower than their peers, local government officials, other businesses, and police officers. In fact, two out of three people would rather deal with the cable guy than a car dealer.
Bottom line, consumers want a new approach to the car buying and selling experience that reduces the risk of disappointment by emphasizing quality guarantees while booting the “greedy” middleman from the equation. Respondents ranked trustworthy customer service (96 percent), comprehensive vehicle inspection (95 percent) and guaranteed price matching (91 percent) among their highest priorities when buying or selling a car. And at the same time, 59 percent classified car dealers as greedy.
Other key findings from the Beepi study:
- 9 out of 10 people find the car buying or selling process stressful
- 9 out of 10 wish it could be a “haggle-free” experience
- 44 percent of people say they are relieved once the car buying and selling process is over, but only 24 percent are excited
Beepi has established itself as a disruptive force in the auto industry, offering consumers a complete end-to-end service that permits them to bypass the archaic dealership model. With Beepi, consumers can buy or sell a car completely online without the frustration of haggling or fear of overpaying. Unlike its competitors, Beepi researches and fixes all recalls for any car models listed for sale, performs an exhaustive 185-point inspection by staff inspectors before anything is listed, guarantees all listed cars will sell within 30 days (or they purchase it at the agreed upon price), provides a complete warranty plan for purchased vehicles, and offers a 10-day testing period with a full money-back guarantee.
Today, Beepi announced that it has begun its national expansion by offering full services to buyers and sellers in Arizona, the first state outside of California to have local inspectors on the ground for prospective sellers, door-to-door car pickup and delivery, and local inventory. Arizona is the first stop on a larger national expansion slated for 2015.
About Beepi
Beepi is the first startup to take on, and successfully disrupt, the pre-owned car industry. Beepi is an online peer-to-peer marketplace directly connecting car buyers and sellers within a fast, convenient and secured environment while offering superior end-to-end customer service. Beepi has been licensed by the California Department of Motor Vehicles since December 2013. For more information, please visit www.beepi.com.
Methodological note: The study was fielded by Edelman Berland for Beepi.com. The 15-minute online survey was conducted between February 24-27, 2015, and included n=1,000 US Adults (aged 18+) who had bought or sold a pre-owned vehicle in the past year. The margin of error for the survey = +/- 3.1%.
