The online car buying market refers to the end-to-end buying of cars through online platforms. Online car buying allows customers to have better price transparency, the ease of shopping from home, and a digital payment process.  New Car Online Marketplaces

Customers can easily go through the available offerings, have quick access to product-related information and prices, and instantly access a wide array of available vehicles along with custom suggestions and recommendations with easy benchmarking and price comparisons with less or even no paperwork. The online car buying market can be categorized as pre-owned vehicles, also called used vehicles, and new vehicles.

New and used vehicles can be purchased in a variety of ways in Europe, whether through franchised car dealerships, OEM online channels, or third-party online marketplaces. Automakers are exploring ways to reach out directly to customers to reduce retail operating costs, while new car dealers want more effective ways to market and sell their inventory in the competitive retail arena.

Automotive eCommerce had to transform during the COVID-19 pandemic because many companies selling cars did not offer fully digital services, and automakers had to temporarily close physical dealerships to the public, ResearchAndMarkets.com reports. Although marketplaces were already offering new car sales online, the pandemic accelerated the trend at the back of a confluence of factors including customer demand for more buying choices and intraband competition among dealerships.

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Online new car marketplaces still have the potential for evolution with the development of more value-added, customer-oriented digital services. Marketplace providers will have to focus on digitalizing their web portals for all aspects of the customer journey, including vehicle tour, configuration, financing, trade-in, warranty, digital signature, and the ability to facilitate transactions digitally.

As millennials and Generation Z become the largest car-buying groups, they will expect a seamless and digital purchase journey.

Key Players New Car Online Marketplaces