SANTA MONICA, Calif. — May 5, 2016 — Edmunds.com, the leading car information and shopping network, is partnering with several top car brands — such as title sponsors Toyota and Lexus — to promote the benefits of certified pre-owned (CPO) vehicles as part of "CPO Month" throughout the month of May. The special outreach effort, which also includes backing from Mercedes-Benz and Volvo, comes at a time when more and more shoppers are opening their eyes to the advantages of certified pre-owned vehicles.
"Many automakers have a 'Truck Month' or other sales events for specific segments, but CPO has been largely ignored — until now," says George Kang, Senior Vice President of OEM Business for Edmunds. "Shoppers owe it to themselves to learn more about the benefits of certified pre-owned cars because they're likely to find many of the perks that come with new car ownership, but at used car prices. Our staff of car shopping experts have been very impressed by the programs offered in recent years not only by luxury brands such as Lexus, but also by mainstream brands like Toyota."
While programs can vary from manufacturer to manufacturer, a certified pre-owned vehicle is generally defined as a used vehicle that has undergone a minimum 100-point inspection in which any mechanical and body issues are addressed. The vehicles also are generally accompanied by a manufacturer-backed warranty and may include other benefits such as free maintenance, 24/7 roadside assistance and low-APR financing ? many of which are offered in Lexus' and Toyota's CPO programs:
L/Certified by Lexus:
- Unlimited-mileage Warranty up to six years
- 2-year/20,000-mile Complimentary Maintenance Plan
- 161-Point Inspection
- 24/7 Roadside Assistance Plan
Toyota Certified Used Vehicles
- 12-month/12,000-mile Limited Comprehensive Warranty
- 7-year/100,000-mile Limited Powertrain Warranty
- 1-year of Roadside Assistance
- 160-Point Quality Assurance Inspec tion
- CARFAX® Vehicle History ReportTM
- Certified customers are eligible for standard new car financing rates
"In partnering with Edmunds, Toyota had a specific goal in mind: to better inform and educate consumers on the benefits of purchasing a Toyota Certified Used Vehicle," said Dave Depew, Corporate Manager, TCUV. "Ultimately, Toyota wants to make consumers aware of all the great elements its certified used program has to offer while providing consumers an engaging and seamless shopping experience on the Edmunds website."
CPO program costs are typically baked into the price of the vehicle, but can offer great value. According to a survey conducted late last year by Edmunds, 88% of used car shoppers say that they would be willing to pay more for a certified pre-owned (CPO) vehicle than a comparable used vehicle that is not certified. Among these potential CPO shoppers, 37.8 percent said that they would spend up to an additional $1,000 for the benefits of a CPO vehicle, while an additional 36.9 percent said that they would be willing to spend up to $500 more.
With a glut of near-new cars coming off lease and back into used car inventory, dealers have more CPO-eligible vehicles to market than ever before ? and shoppers are taking notice. According to Edmunds.com's 2015 Used Vehicle Market Report, certified pre-owned cars accounted for a higher share (22.4 percent) of dealer franchise used car sales last year than in any other year on record. And based on the same report, May 2015 proved to be a sweet spot for CPO sales: an estimated 25 percent of franchise used car sales were certified pre-owned vehicles, making it the second highest share for any single month on record.
Edmunds.com's survey of consumer attitudes toward CPO and other car shopping trends was conducted in November 2015 by market research firm Instantly, Inc. The online survey included responses from a sample of 2,017 adults age 18 and over, representative of income and geographic distribution across the United States.
Edmunds.com makes it easy for all shoppers to make side-by-side comparisons for each manufacturer's CPO program at http://www.edmunds.com/certified-cars/.
About Edmunds.com, Inc.
Car shopping destination Edmunds.com serves nearly 20 million visitors each month. With Edmunds.com Price Promise®, shoppers can buy smarter with instant, upfront prices for cars and trucks currently for sale at 10,000 dealer franchises across the U.S. Shoppers can browse not only dealer inventory, but also vehicle reviews, shopping tips, photos, videos and feature stories on both Edmunds' wired site and on its acclaimed mobile apps. Regarded as one of the best places to work in Southern California, Edmunds.com was also named one of "The World's Top 10 Most Innovative Companies of 2015 in Automotive" by Fast Company. Edmunds welcomes all car-shopping questions on its free Live Help Line at 1-855-782-4711 and email@example.com, via text at ED411 and on Twitter and Facebook. The company is based in Santa Monica, Calif. and has a satellite office in downtown Detroit, Mich., but you can find Edmunds from anywhere on YouTube, Pinterest, LinkedIn, Instagram, Google+ and Flipboard.