Carwow launches campaign to boost retailers' sales amid stock challenges

Carwow is rolling out a new marketing campaign in September aimed at helping retailers boost enquiries and sales during the crucial plate-change period.

The campaign will support retailers in managing increasing new car stock levels amidst inconsistent retail demand.

Carwow pointed to a recent survey that revealed that 50% of consumers want deals on immediately available new cars, while 34% are interested in factory-ordered options.

The campaign will promote thousands of new car deals from participating retailers, including both in-stock and factory orders.

Consumer demand for new cars has slowed in 2024, largely due to rising finance costs and cost-of-living concerns.

Carwow's research shows one in three consumers hesitated to buy a new car in the first half of the year, with 57% citing high prices and 36% worried about financial pressures. The percentage of buyers exclusively planning to buy new cars dropped from 28% in 2023 to 22% in 2024.

In response to these challenges, OEMs have increased collaboration with Carwow, offering more discounts and deposit contributions to stimulate demand.

Discounts have risen by 20.6% since the start of 2024, with OEM deposit contributions for new EVs increasing from 1.4% in July 2023 to 3.8% in July 2024.

Philipp Sayler von Amende, Carwow’s chief commercial officer, noted that the campaign builds on the success of previous efforts, typically resulting in a 27% sales increase for participating retailers.

Following Carwow’s acquisition of Auto Express, evo, Driving Electric and Carbuyer to form the Carwow Group, von Amende said the business “can now ensure more eyes on retailers’ new car deals in September than ever, particularly as consumer demand to buy new continues to falter and pressure on retailers to shift stock increases.”