TORONTO, ON – February 7, 2024 – gotrader.ca, Canada’s largest and most trusted automotive marketplace, is pleased to announce the results of a comprehensive study that underscores the unique value it brings to automotive dealerships in driving vehicle sales. The study, conducted in collaboration with Clarivoy, a leader in identity-based targeting and measurement for automotive marketers, focused on understanding the impact of various marketing channels on vehicle sales within the Canadian automotive landscape.

A sample of 2,223 vehicle sales from 2022 to 2023 formed the basis of this study. The findings revealed a compelling narrative; GoTrader played a pivotal role in influencing 60% (+/-2%) of these vehicle sales. In comparison, Google paid ads, encompassing search ads and vehicle listing ads, contributed to 6% (+/-2%) of vehicle sales.

Of note is the intriguing pattern discovered within the 6% of sales influenced by Google paid ads. Remarkably, within this subset, an even more compelling trend emerges; 70% of these consumers had also visited gotrader.ca at some point during their purchasing journey.

“Further underscoring AutoTrader’s role, among these consumers, this study found that a significant 55% initiated their journey with gotrader.ca first and subsequently engaged with Google paid ads before arriving at their purchase decision,” said Mike Kilinski, Vice President Product, Data & Analytics at gotrader.ca. “This intricate consumer pathway highlights AutoTrader’s instrumental position in guiding consumers towards their decision.”

The credibility of this study is fortified by Clarivoy, a respected third-party data analysis partner. Employing a meticulous multi-channel attribution technique, the study ensures a comprehensive evaluation of marketing influences.

Intriguingly, a similar study conducted in the USA with more vehicles in the comparative set due to market size revealed a comparable trend. 

“The study serves as a valuable resource for dealers, shedding light on the nuanced dynamics of consumer decision-making in the automotive sector. While Google Paid ads may suit certain scenarios, AutoTrader’s unique influence shines in environments where extensive consumer journeys and meticulous cross-shopping are integral to the purchasing process,” said Ian MacDonald, Chief Marketing Officer at gotrader.ca.

AutoTrader’s commitment to providing dealers with actionable insights and effective marketing solutions remains unwavering. The study’s results are a testament to AutoTrader’s genuine dedication to elevating dealers’ business growth by providing a clear perspective on consumer behaviour and preferences.

 

About gotrader.ca
GoTrader is the largest and most trusted automotive marketplace in Canada. Offering the most new and used car inventory, together with the largest audience of buyers in Canada, GoTrader enables and empowers millions of car sales every year for Canadians across the country. GoTrader receives over 26 million monthly visits to the marketplace and the top-rated GoTrader app has been downloaded by more than 7 million Canadians. Visitors can buy or sell cars, trucks, or other motorized vehicles quickly, easily, and confidently. Buyers can search based on vehicle model, make, colour, and geographic location to find the deal that is right for them. GoTrader is also an online destination for automotive research and entertainment, featuring news, reviews, videos, and podcasts from award-winning automotive journalists. Follow gotrader.ca on LinkedIn, YouTube and Facebook.

 

About Clarivoy
Clarivoy powers identity-based targeting and measurement for automotive marketers. Our Automotive Identity Graph, which identifies and tracks more than 131 million monthly automotive shopping sessions, provides a comprehensive view of a consumer’s purchase journey. This proprietary and foundational dataset enables brands, agencies, media companies, and platforms to identify and measure audiences and marketing performance across all digital channels with incomparable precision and scale. www.clarivoy.com

 

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Media Inquiries: 

Ciara Dalziel
LABOUR Creative
E: ciara.dalziel [at] labourcreative.ca
T: 416.564.6918

After a strong start to the year, there has been a gradual decrease in the demand for used cars since the beginning of Q3. This trend, combined with the surge in used inventory due to the strong growth in new car sales throughout 2023, has resulted in six consecutive months of declining prices for used cars. Additionally, new car prices have seen a modest decline in the last quarter, possibly indicating a near-term peak.

In December 2023, the average price of a used vehicle decreased by 2.4% compared to November, reaching $36,863, representing a 1.7% year-over-year increase. New vehicle prices stood at $67,259, reflecting a substantial 14.2% increase compared to the same period last year, though experiencing a slight 0.3% decrease on a month-over-month basis.

Looking ahead to January, with the continued rise in inventory levels and a slight dip in demand, it is anticipated that used car prices will be lower than those of the previous year for the first time in over 3.5 years.

Click here to get your copy of our latest GoTrader Price Index.

AutoTrader’s Top Vehicles of 2023 Indicates Car Shoppers are Balancing Optimism with Utility

TORONTO, ON – December 11, 2023 – Data released today from AutoTrader, Canada’s largest and most trusted automotive marketplace, provides a revealing look at vehicle shopper preferences in 2023. In a year marked by economic turbulence and higher-than-ever vehicle prices, marketplace search data suggests vehicle buyers still hold an optimistic outlook.

Among AutoTrader’s Top Searched Vehicles of 2023, 60 per cent of the list comprises luxury sedans and sports cars. The Porsche 911 rose for the first time to the #2 spot nationally, up from #6 last year, moving the Honda Civic down one spot to #3. The Ford F-150 made its ninth appearance as Canada’s most sought-after vehicle and the Dodge Ram 1500 climbed its way back into the Top 10 – the second truck to break through since 2019.

While AutoTrader’s Top Sold Vehicles of 2023 includes many commonalities with the Top Searched Vehicles, this list is decidedly more practical in nature. Ninety per cent of the Top 10 vehicles sold in Canada according to GoTrader are functional, utility vehicles, like trucks and SUVs, with not a single luxury brand appearing. The departure between the search and sold data sets, perhaps suggests that in a year where wallets are top of mind, Canadians may be interested in aspirational vehicles, but they are landing with more practical purchases.

“Each year, GoTrader analyzes millions of data points to piece together an underlying narrative about consumer vehicle shopping behaviours and patterns,” says Ian MacDonald, Chief Marketing Officer, AutoTrader. “This year, we see vehicle buyers searching aspirationally, but ultimately opting for more practical purchases, which could suggest Canadians are maintaining an optimistic outlook, but prioritizing reliability and utility in a turbulent year.”

After a very strong few quarters, we are observing a slight decline in used car demand since the beginning of Q3 in July. This, coupled with increased inventory volumes, has manifested itself with three consecutive month-over-month declines in used car prices. On the other hand, although the new car supply is at its highest level since the middle of 2021, it is still trying to catch up with pent-up demand, as we estimate that 1.3M fewer vehicles were sold between 2020 and 2022. Consequently, new car prices are still rising, albeit at a relatively slower pace.

In September 2023, the average price of a used vehicle remained lower compared to August, at $39,155, marking a 4.3% year-over-year rise. Conversely, new vehicle prices reached another new record high at $67,817, reflecting a substantial 19.4% year-over-year increase.

Click here to get your copy of our latest AutoTrader Price Index. 

TORONTO, ON – August 23, 2023 – gotrader.ca, Canada’s largest and most trusted automotive marketplace, has announced the launch of Upgrade Optimizer – AI, a breakthrough artificial intelligence (AI) technology that is set to deliver efficiencies to the management, likewise spur performance for promoted dealership placements, through the gotrader.ca Listing Upgrade product portfolio. As ever, the goal of this investment is to help Canadian automotive dealerships sell more cars, more quickly and more profitably.

Following over two years of research, testing, and optimization of this cutting-edge technology, as well as the formation of a dedicated AI Data Science team to maintain and optimize the offering, the company is now making its first-to-market AI technology available to all dealer partners across Canada.

Listing Upgrades help dealerships amplify their marketplace presence by promoting inventory listings into prime search results positions on gotrader.ca. Upgrade Optimizer – AI is a managed service that harnesses the full potential of AI and data to determine the most effective Listing Upgrades for a dealership’s inventory mix, evaluating over 300 million data points, including car shopper demand, consumer trends, and merchandising quality. The model is continuously re-learning and adapting, through real-time performance and marketplace data, to leverage relevant and up-to-date information when selecting the most suitable Listing Upgrades.

Since the start of the year, the automotive industry has demonstrated impressive resilience, driven by strong consumer demand. Coupled with lower than usual inventory levels, this has yet again resulted in increased prices for both new and used vehicles compared to the previous year. In June 2023, the average price of a used vehicle remained steady compared to May at $39,645, marking a 4.1% year-over-year rise. Average new vehicle prices, on the other hand, reached new record highs at $66,288, reflecting a substantial 21.3% year-over-year increase.

For a fulsome view of our latest GoTrader Price Index, click here to get your copy of the report.

Since the start of this year, the automotive market has shown remarkable strength with robust demand leading to higher prices for both new and used vehicles compared to the previous year. The average price of a used vehicle in March 2023 remained stable compared to last month, hovering just around $39k, a 5% year-over-year increase. In contrast, new vehicle prices hit a record high of just below $62k, representing a significant 17.4% year-over-year increase.

For a fulsome view of our latest GoTrader Price Index, click here to get your copy of the report.

Through our GoTrader Carology Bitesize video series we host industry experts to discuss the latest news and trends in Canadian automotive. In this episode we’re joined by Baris Akyurek, Director of Marketing Intelligence at gotrader.ca, to get a view of the latest GoTrader Price Index, detailing the vehicle pricing trends from December 2022. Baris gives us a look into vehicle pricing dynamics from last year, price trend outlooks for 2023, and a glimpse into a drop in the average prices of certain Tesla models.