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.
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.