They are the largest generation at 75.4 million people, and are poised to become the most influential car buying demographic since, well, ever.
Ready or not, the reality is that Millennials are impacting every aspect of the auto industry, from staffing strategies and pay structures, to sales, marketing and even brand positioning. Millennials are even beginning to influence the type of vehicles manufactured and marketed. In short, they’re in the market for cars and jobs – with very specific ideas of what they want and how they’d like to go about it. Simply put, the importance of being prepared to engage the right way simply can’t be overstated, and one of the reasons why Cox Automotive has developed a comprehensive look at the habits and buying patterns of this emerging generation of car buyers. Click here to view Improving the Car Buying Experience for Millennials…and Everyone Else, as presented by Isabelle Helms during last month’s annual Consumer Bankers Association (CBA) conference.
The presentation is an excellent look at how Gen Y is evolving shopping habits, expanding consideration sets and bringing mobile technology into the showroom. It also takes a look at the finance impact this generation is making — from monthly payments to credit spectrums.