In a recent article from Protective Asset Protection, they spoke to 3 Top F&I Trends You Need to Know.
From this whitepaper, there were quite a few items that were important as it relates to Millennials and their car buying and financing. But a few stats/graphics that really draw attention to the need to target Millennials.
For Millennials, auto ownership remains a priority with 71% responding that they would prefer buy a car; in comparison, only 59% would prefer to buy a house. (Pew Research Center)
While maybe the desire to get in a car doesn’t match that of Boomers and Gen X in their early years of acquisition, this goes to show that the desire to own (or lease as Edmunds reported) a new ride.
By 2020, Millennials are projected to account for 40% of US new car sales. (Deloitte Automotive Study)
Per the JD Power article we shared in an earlier post, it’s no doubt that they are quickly becoming the go-to for new retail sales.
65% of Millennials said they would pay more for an alternative powertrain. (Deloitte Automotive Study)
They’re pretty accepting of new vehicle technologies and very conscious of their environmental impact.
To read the white paper, click here. To talk about how Millennial Lab and The End can help your auto biz tap into the growing Millennial Market, please get in touch with us.