Millennials are Moving Out of the Basement, with Better Credit and More Purchasing Power
Millennials are increasing their share of credit segments above Subprime, and are consistently racking up more approvals. In the Subprime segment alone, those approvals are over 66%.*
In every corner of the dealership, change is afoot, much of it inspired by Millennials. They’re becoming the primary consumer, and they routinely reject traditional retail practices, the things salespeople have done for decades. Their preference is to gravitate toward dealerships that apply an online to in-store process – a blend of digital access, mobile convenience and showroom connectedness that’s more than just talk. These digital natives have natural expectations, habits that are shifting the automotive retail business toward a true online deal-making experience, with digital efficiency built into showroom workflows. In fact, according to Cox Automotive’s 2017 Car Buyer Journey, Millennials spend more time shopping, equally consider new and used vehicles, and are less than pleased with the dealership experience.
None of which should surprise anyone.
*Dealertrack Credit Data, January 2017