Who buys cars? Well, everyone does – including, as it turns out, Millennials. In fact, stories published at Automotive News and MediaPost.com this week put to rest the notion that the so-called “me” generation isn’t interested in purchasing vehicles.
There’s a multitude of practical reasons why, but the bottom line is that Millennials see the value of personal transportation just as much as previous generations. The stories underline that fact by using Dealertrack data insights, along with quotes from our own Jason Barrie, vice president of market performance, lender, sales and F&I solutions. It reveals actual Millennial purchase patterns and compares those to the preferences of previous generations. For example, Hannah Lutz of Automotive News found that “Industry experts have confirmed multiple times that millennials are major players in the auto finance market, debunking the notion that they don’t buy cars. The key to their presence in the market and to attracting more of them, Dealertrack says, is a low monthly payment.”
Meanwhile, Tanya Gazdik at MediaPost wrote that “According to Dealertrack, that generation is currently the fastest-growing auto retail segment, representing 35% of all loan originations in 2015 and shattering illusions that they were more likely to choose ride-sharing programs or flexibility for mobility than purchasing a car.”
Both stories are packed with data-driven insights and interesting findings that will help dealers and their teams better understand how to work with, and sell to, Millennials. See links, below.