Meet the Millennials — Coming to a Showroom Near You!

The Sit­u­a­tion:

Mil­len­ni­als are pro­ject­ed to be the wealth­i­est gen­er­a­tion ever, with a col­lec­tive pro­ject­ed annu­al income of $3.4 tril­lion by 2018. That should be enough to entice auto­mo­tive deal­ers to want to learn all they can about the gen­er­a­tion born between 1980 and 2000 – 75 mil­lion strong – who col­lec­tive­ly rep­re­sent major dif­fer­ences over the cur­rent crop of car buy­ers and every­one that came before them.

What Does This Mean for Deal­ers?

Valu­able infor­ma­tion con­tained in the study will help bring younger buy­ers into your deal­er­ship, and what’s more, it will help your sales­peo­ple sell them a suit­able vehi­cle. With­out this infor­ma­tion, you are prob­a­bly los­ing a good num­ber of sales each month.

The Back­sto­ry:

AutoTrader.com has pro­duced a White Paper enti­tled “Next-Gen­er­a­tion Car Buy­er Study” that out­lines the results of an exten­sive study of the Mil­len­ni­al Mind­set, par­tic­u­lar­ly when it comes to think­ing about buy­ing a car. This is a gen­er­a­tion that has been alter­na­tive­ly accused of both not want­i­ng to own a vehi­cle and being con­sumed with buy­ing a vehi­cle that fits their per­son­al­i­ties and lifestyle.

Take­aways for Deal­ers from the Next-Gen­er­a­tion Car Buy­er Study:

  • When it comes to think­ing about own­ing a car, a car is more of a prac­ti­cal pur­chase than an emo­tion­al one.
  • Mil­len­ni­als aspire to auto­mo­tive brands that align with their image of them­selves, but not nec­es­sar­i­ly the ones they actu­al­ly buy…yet.
  • Mil­len­ni­als are high­ly aspi­ra­tional and are show­ing an inter­est in obtain­ing lux­u­ry as soon as they’re able to rea­son­ably afford it.
  • Mil­len­ni­als are more con­cerned that a car has the fea­tures, qual­i­ty and brand attrib­ut­es they want, less con­cerned with where the car was man­u­fac­tured.
  • More than 70% of younger Mil­len­ni­als say info­tain­ment fea­tures are “must-haves” when shop­ping for a vehi­cle.

Action­ables for Deal­er Man­agers Right Now:

  • Down­load a copy of the Next-Gen­er­a­tion Car Buy­er Study and read it thor­ough­ly.
  • Make sure your sales team is thor­ough­ly aware of the prin­ci­ple fact and fig­ures con­tained in the study.
  • Check your CRM data­base and find out which of your cur­rent cus­tomers has a Mil­len­ni­al some­where in the fam­i­ly and make an effort to make con­tact.

As part of the company’s mis­sion to make car buy­ing and sell­ing eas­i­er for con­sumers, deal­ers and man­u­fac­tur­ers, AutoTrader.com’s expert research team con­duct­ed this exten­sive research study to explore the moti­va­tions, opin­ions and behav­iors of this unique new gen­er­a­tion of car shop­pers.

 

 

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