“Know Your Buyer, Grow Your Lot” is the title of a new research ebook from Cox Automotive, which consulted with the National Independent Automobile Dealers Association on the project.

And one major trend that independent dealers should know about their buyers is this: they’re mostly buying because of need and they often are under financial pressure.

According to the research, released this week amid the NIADA Convention & Expo, shoppers at independent car dealerships typically are not buying because of a “want,” but rather “navigating financial pressure, urgent transportation needs and constrained credit situations — factors that influence every stage of the purchase journey,” Cox Automotive said in a news release.

In fact, 79% of all buyers at independent dealerships say they’re buying a car because they need one, the research shows. And 88% of those buying 11- to 20-year-old vehicles are need-driven buyers.

Nearly a third (32%) say their prior ride was either too expensive to fix or unreliable and 28% had a damaged car.

Over three-quarters (77%) of buyers of 11- to 20-year-old rides at independent dealerships have household incomes of less than $75,000 and 43% of those same buyers have fair or poor credit, the study found. Overall, 33% of buyers at independent dealers have fair or poor credit.

In the study, Cox notes: “Dealers who market to the financial reality of their actual buyer — rather than the buyer they wish they had — consistently outperform on both conversion and satisfaction. The opportunity is in meeting this buyer where they are, with inventory, messaging and financing options that reflect their real situation.”

Elizabeth Stegall, who is Cox Automotive’s senior director of client retention, said in a news release: “Independent dealers are serving a customer who is often under real pressure and making one of the most important financial decisions they can afford.

“This research shows that success today is not simply about having the right inventory — it’s about creating a buying experience rooted in speed, transparency and trust.”

That’s especially important for buyers of older vehicles. In the report, Cox notes that buyers of 11- to 20-year-old vehicles are in market for an average of 97 days, “not because they’re indecisive, but because they can’t afford to get it wrong. Speed and trust are your most powerful selling tools.”

So is being digitally savvy.

The average buyer at an independent dealership spends 16.5 hours researching vehicles online, visiting an average of 5.4 websites, with 77% using third-party listing sites.

And 83% start the process without an exact vehicle in mind.

“The digital experience has become one of the most important competitive differentiators for independent dealers,” said Stegall.

“Dealers that prioritize accurate listings, transparent pricing, fast response times and clear financing information are far more likely to earn trust before a customer ever steps onto the lot.”

The study was based on responses from 384 used-car buyers who bought from an independent dealer between September 2024 and August 2025. It can be downloaded here: https://b2b.autotrader.com/growyourlot/