-- 92% of Drivers Surveyed Say They Have or Will Buy Installation-Required Accessories -- 61% Say They'll Spend More Than $1,000 on Their Current Ride -- 71% Are Researching/Shopping for Accessories/Enhancements Online
IRVINE, Calif., Oct 30, 2007 -- MyRide.com, the revolutionary new auto consumer site launched by Autobytel Inc. earlier this month, today announced results of a series of consumer snap polls(a) posted on MyRide.com and Autobytel.com that indicate automotive customization and accessories are hotter than ever. According to the latest figures from SEMA, consumers spent a record $36.7 billion on products and equipment to customize/personalize their vehicles in 2006, a seven percent increase over spending in 2005. Based on the new snap polls, 61 percent of consumers say they will spend more than $1,000 to enhance their current vehicles.
"We've always known how much people love their cars, but what's cool about these latest survey results is how many people either already have enhanced or personalized their vehicles, or plan to," said Brian Chee, MyRide.com managing editor. "Whether they are installing a custom stereo system or putting on specialty wheels, it's clear that consumers are beginning to view their cars as extensions of themselves. As the enthusiasm for this market grows, SEMA is a great venue to see the latest trends in customization."
Here's a look at some key findings:
-- Almost everyone is accessorizing these days -- 92% of all poll respondents said they have bought or would buy some form of installation-required accessory for their vehicle.
-- And they're spending big -- When asked to estimate what they'll end up spending on total enhancements or upgrades to their current vehicles, 61% indicated over $1,000.
-- It's a young market -- Among those respondents who say they've purchased any product to enhance, upgrade or personalize their vehicles, 54% are aged 18-30 and 79% are under 45, suggesting that the market will continue to grow as older car owners are replaced by newer generations of accessories-focused consumers.
-- Car customizers shedding "fringe" image -- When asked to characterize people who customize/personalize their cars, 58% replied, "They're just people who want to make their rides better." Only 42% opted for "They're intense car enthusiasts."
-- The Internet is key to the shopping/research process -- 71% say they typically research and shop for accessories online, either exclusively or in combination with visits to local retailers. 65% say they have or definitely would use the Internet to research and compare accessories, read consumer and professional reviews or purchase vehicle accessories/enhancement products (essentially the experience that MyRide.com offers).
-- Performance is #1 goal -- When asked to describe why they've purchased vehicle accessories or enhancements, 33% replied "to improve performance." Twenty-six percent bought accessories to "improve appearance," 17% to "better fit my personal lifestyle needs," and 15% to "add features the factory just didn't offer." Only 5% and 4% made purchases to improve safety and comfort, respectively.
-- Stereo/entertainment systems are both the most popular and "coolest" accessories -- In fact, 51% have purchased stereos, speakers, satellite radios, or entertainment systems. Other popular purchases include cosmetic/functional exterior upgrades like spoilers, fog lights, etc. (42%); window tinting (40%), and special/performance tires (38%). Similarly, when asked to describe the coolest accessory for their cars, the largest bloc of respondents (32%) replied "a great stereo system/speakers/iPod integration," and 29% indicated "custom/specialty wheels."
-- Most see their car as an extension of their lifestyles -- Overall, 88% agreed with the statement that their cars are a "mobile extension of (their) personal space and lifestyle needs," with 49% agreeing strongly and an additional 39% agreeing somewhat.
-- Vast majority want to toss traditional "bundling" of options packages -- In fact, 71% say that all automakers should take the lead of companies like Scion and MINI, which let buyers customize their cars by choosing each option from a menu.
MyRide.com: The Internet's Answer to SEMA
MyRide.com is designed to make it fast and easy for people to find, see, share and buy "all things automotive." That includes new and used cars, parts, service, and the fastest growing of all automotive segments -- the vast array of gadgets, gear and technology that people can use to accessorize or enhance their cars.
Visitors to MyRide.com can search for available accessories for their cars according to their needs (performance, off-road, electronics, etc.), check out pro and user reviews of those items, and use the site as a point of connection for tuners and car lovers to share information, swap photos and videos, and create communities around their shared interests. In short, if SEMA is the ultimate physical destination for accessorizers, MyRide.com is their ultimate virtual destination for SEMA. Check MyRide.com for daily updates from SEMA (October 30, 2007 through November 2, 2007), including breaking news, photos and videos live from Vegas.
(a) Autobytel conducted a series of vehicle-related single-question snap polls via its consumer websites, www.myride.com and www.autobytel.com, during fall 2007.
About Autobytel Inc.
Since launching the first car-buying website in 1995, Autobytel Inc.'s (Nasdaq:ABTL) mission has been to empower automotive consumers with the tools and information they need to make smart, well-informed vehicle purchasing and ownership decisions. The company has helped millions of car shoppers and generated billions of dollars in car sales for dealers. Today, the company's innovative, consumer-driven flagship site, MyRide.com, expands the company's mission across the automotive purchase and ownership life cycle. As the first vertical search experience for the automotive marketplace, MyRide.com is designed to help Internet-savvy consumers FIND, SEE, BUY and LEARN anything automotive and BELONG to a diverse community of people who have similar automotive interests.
By providing a convenient and comprehensive automotive consumer experience across the purchase and ownership lifecycle, Autobytel provides new value and touch-points for automotive marketers. Through MyRide.com and Autobytel's marketing network, the company connects dealerships with a steady, diverse stream of exceptionally motivated, serious shoppers, while providing both dealers and manufacturers with precision-targeted brand and product marketing opportunities. The company's advanced web-based advertising and marketing programs also help dealers and manufacturers build relationships with customers, as well as help them to efficiently manage and convert online business.