Rochester, MI July 19, 2017 – According to an aftermarket association, vehicle accessories contribute almost $40 billion in revenue annually. This business continues to grow each year as reported in Foresight Research’s just published study “2017 Accessory Immersion” TM. Various automobile manufacturers have mixed success in fulfilling their customer’s needs and desires. The same is true of automobile dealerships. They lose a large portion of the accessory business to aftermarket sellers. Sale and installation of customer desired accessories represents a huge opportunity for both manufacturers and dealerships. New vehicle buyers are looking for convenience. They want specific accessories to meet their individual needs and personalize their purchase. The same is true for used vehicle buyers, they may like a used vehicle but it may be missing key features that they really need and want. The majority of dealerships miss this used vehicle opportunity completely. This study provides vital observations regarding accessory products by vehicle brand both at the time of purchase and in the months following.
While the “2017 Accessory Immersion” TM study provides key insight into accessory products, the complementary “2017 Inside the Mind of the Accessory Buyer” TM provides insight into accessory buyers. “For most vehicle buyers, accessories are not just a last minute impulse purchase, but instead are one of the several criteria they use to make the vehicle choice – often before going to the dealer,” said Steve Bruyn, CEO of Foresight Research. “Understanding who these buyers are and how they approach accessories as part of the purchase decision is key to maximizing revenue potential.” Just as there are certain buyers likely to purchase accessories, there are also specific buyers who incorporate accessories into their purchase decision. So, while it may sound like the tail wagging the dog, for these buyers (about one in five of all buyers), accessories are important to dealer selection and purchase.
One of the findings revealed that the majority of accessory buyers think it is important that the accessories they buy are branded with their own vehicle brand. Other critical factors are: professional installation, making sure the vehicle warranty is maintained and accessory selection. The new car dealer has the advantage on those criteria.
Foresight Research interviewed nearly 6,000 new car buyers. About 3,000 of these buyers have or will accessorize. The recently released “2017 Inside the Mind of The Accessory Buyer” TM delves into accessory shopping practices, influential communications and buying perspectives among new car buyers to arm accessory planners and marketers with insights. The study focuses on branding and accessory budgets. “This intelligence can support a broad range of strategy decisions for accessory marketing, because it gives perspective on how car buyers think about accessories,” Bruyn says.