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ST. LOUIS NEWS TODAY - Sunday, December 14, 2008
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Internet Shopping for Used Vehicles Becomes Increasingly Effective
ST. LOUIS, MO, (PRNewswire), December 14, 2008 - A majority of used-vehicle buyers who use the Internet to conduct vehicle research during the shopping process - more than six in 10 buyers - purchase a vehicle that they find online, according to the J.D. Power and Associates 2008 Used-Vehicle Market Report(SM) released today. This reflects a substantial increase since 2007.
The report provides a comprehensive industry overview of the entire late-model used-vehicle market and is designed to provide automotive manufacturers and marketers with insightful information on the shopping and purchasing habits of used-vehicle buyers.
The report finds that, among used-vehicle buyers who used the Internet while shopping for their vehicle in 2008, 61 percent found the vehicle they ultimately purchased on the Internet. According to the J.D. Power and Associates 2007 Used Autoshopper.com Study(SM), 48 percent of used-vehicle buyers in 2007 said the same. This marks a notable increase of 13 percentage points in 2008.
While the percentage of used-vehicle buyers who use the Internet to shop for their used vehicle has increased only marginally from 2007, buyers who shop online spend more time conducting online research in 2008 and visited more Web sites, compared with 2007. The amount of time that used-vehicle buyers spend researching vehicles online has increased by 18 percent, from an average of 7.3 hours in 2007 to 8.6 hours in 2008. The average number of manufacturer Web sites visited by shoppers has increased from 2.7 in 2007 to 3.2 in 2008.
"Although there hasn't been a large increase in the percentage of used-vehicle buyers using the Internet to shop in 2008, those who do use it are spending more time online, visiting more sites and are utilizing the features and benefits of automotive Web sites to a greater degree than ever before," said Jon Osborn, research director at J.D. Power and Associates. "The Internet has emerged as a particularly effective medium for used-vehicle shoppers to find the specific vehicles they desire, as well as for dealers and private parties to get their used vehicles sold."
The most popular Web sites for automotive shopping are third-party independent sites. Both Kelley Blue Book and AutoTrader.com have particularly high visitation rates, compared with other third-party independent automotive Web sites.
The report, which also examines certified pre-owned (CPO) vehicle programs, finds that among buyers who purchase CPO vehicles, 56 percent are made aware of CPO programs by salespeople at dealerships. Approximately 38 percent of customers also cite the salesperson as the most influential reason for purchasing a CPO vehicle. Online sources of information are also highly effective in raising awareness of CPO programs. In particular, more buyers cite automotive Web sites as instrumental to their awareness of CPO programs and vehicles than other types of media, including television, radio and print. A greater percentage of buyers who purchase CPO vehicles use the Internet in their shopping process (66%), compared with buyers of non-CPO vehicles of the same make (58%). In addition, import luxury brands lead the industry in providing high levels of satisfaction with the CPO buying experience.
"A majority of certified pre-owned vehicle buyers do not start shopping with the intent to purchase CPO vehicles; rather, they discover these programs during the shopping process," said Osborn. "This indicates that manufacturers need to do a better job of raising awareness about the existence of CPO programs and the many perceived benefits of buying certified pre-owned vehicles. Due to their dynamic nature, automotive Web sites are ideally suited to accomplishing this goal. In these tough economic times, CPO programs give many consumers an opportunity to purchase vehicles that they could not afford to buy new. They also provide buyers with the peace of mind of knowing that their vehicle has been inspected and certified and is backed by the manufacturer."
St. Louis Issues Bonds to Upgrade Convention Center
ST. LOUIS, MO, (SLFP.com), December 14, 2008 - The city of St. Louis' latest bond issue was received favorably by a volatile market on Nov. 18, 2008. The St. Louis convention center bonds priced favorably at an average coupon rate of 5.378 percent and an all-in true interest rate of 6.03 percent.
The bonds placed mostly (73 percent) to retail investors, including 55 percent to Missouri investors. The remaining 27 percent placed to the institutional market. The strong local team that led the deal for the city included Stifel, Nicolaus & Company, LLC serving as the book running manager, and Armstrong Teasdale LLP and Saulsberry & Associates LLC as co-bond counsel.
"I am pleased my conservative fiscal policies - including a portfolio with only fixed rate debt - continue to keep our taxpayers protected and our finances strong. While I believe this financial approach is prudent at any time, it is critically important during periods of turbulent market activity and disruption that clearly exists today," said Comptroller Darlene Green.
Other like entities doing similar transactions have not seen St. Louis' success. In Glendale, Ariz., for example, a recent bond issue received interest rates up to seven percent. Financial experts attribute the drastic interest rate differences to investors remaining hesitant and uncertain about the municipal bond market and the nation's poor economy.
The series 2008 leasehold revenue bonds totaled $15.7 million and will be used to fund capital improvement projects for the city-owned Cervantes Convention Center. Projects the CVC expects to fund with these bond proceeds include replacing and upgrading elevators and escalators; replacing the steam chillers and gas boilers; and renovating rest rooms.
"To keep competitive in the meetings and conventions business, we need to ensure that America's Center functions properly and is aesthetically pleasing to the customer. America's Center is over 30 years old, and some operating systems must be replaced. We are grateful to the comptroller's office for their due diligence in getting this bond issue done in challenging times. We are also appreciative of the support from the Board of Public Service for their willingness to manage the project," said Kathleen Ratcliffe, President of the St. Louis Convention and Visitors Commission.
The city of St. Louis enjoys an "A+" credit rating, the city's highest rating in 35 years. St. Louis also has a strong reserve fund and conservative fiscal policies that, according to Comptroller Green, make city of St. Louis bonds attractive to investors.
"In this volatile, uncertain municipal bond market, it's remarkable the city got such low interest rates on this issue. Under the circumstances, this was a very encouraging transaction. The city of St. Louis continues to be an attractive place for investors to put their money, even during our nation's economic downturn," added Comptroller Green.
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