Drive to Success: How to Master the Millennial Market
The millennial generation is changing the game for auto dealerships. Faster, easier, and (mostly) online buying experiences are “in.” And negotiating, obfuscated options and confusing financing are “out.” But, there’s more to it. Some dealerships worry this mystery generation will forgo the option to own a vehicle altogether. Others argue that this generation, already burdened with debt and consumed with socioeconomic woes, has more to worry about than servicing a vehicle as ride-sharing and co-ownership trends become more popular. The reality, it turns out, lies somewhere in the middle:
Reputation.com: By the time a millennial car buyer comes into your showroom, they know what they want to buy and how much it should cost. So, the rumor that millennials “just don’t buy cars,” is flimsy at best. Research shows not only are they buying cars, they’re pretty savvy about the entire process. And, the process begins long before they step foot inside your building.
WardsAuto.com: Millennials are the biggest generation, surpassing the Boomers, in the U.S. This group has a reputation for puzzling marketers at every turn, so how can your dealership reach them? The secret is simple: find common ground.
DealerMarketing.com: A personalized, easy, and convenient shopping experience? Yes, we want all of those things. And, yes, we grew up with the internet. But, don’t discount the value of an in-person experience. Here’s what real-life millennials value most in the car buying experience.
Inc.com: If you follow the market, you’ll notice that automakers are investing more and more in auto-sharing services and platforms. But, that doesn’t mean the next generation is less likely to purchase their own vehicles. In fact, seventy percent of millennials are willing to pay even more for a vehicle if they feel the quality exceeds their expectations. It’s more important than ever to understand this next generation of car buyers, and how your dealership can appeal to their interests.
Forbes.com: What will the car buying experience of the future hold? With AI entering the parts and services experience and the concept of car “ownership” becoming more fluid, the auto rule book is changing. Discover some of the latest technology innovations making their mark in the industry and how they’ll impact the buying process for millennials.
Check back next week for another Drive to Success.
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