According to an article in Autoweek, Millenials, a generation born between the years of 1980 and 2000, care more about buying cars than we previously thought. As a matter of fact, they happen to be rapidly rising in the ranks, as a considerable segment of the auto buying industry. Who would've thought this young group of people, who grew up in the recession of 2008, could be the driving force in automobile sales. What's bringing them in, and what can dealerships do to use millennial car buying trends to their advantage?
A Millennial's Buying Behavior
Technology still holds a huge impact on their purchasing decisions. It seems that 57% of this younger generation are using mobile apps, more than a web browser. As a matter of fact, 74% of them admitted to comparing prices, as of 2015, by using a technological device. According to another report, put out by Barkley, a marketing service agency, 50% of Millennials use their smartphones as well as tablets to research products while they shop. This young generation, according to an article on AutoGuide's website, spends a lot of time researching and comparing cars before they even step foot on to the dealership lot.
Even with the research, they are not exactly impulse buyers, at least not when it comes to the big-ticket items. Post Online Media reports that older Millenials find saving money a top priority in their life. Millenial car buying trends suggest that they take an average of at least 4 hours more to decide, on a car, than older generations. Selling them a vehicle can be tricky unless you know how to lure them into the sale.
How Can Dealerships Sell to Millennials?
What do Millenials love the most? Technology. They grew up using the internet, some had cell phones, and others used mp3 gadgets. They like it, and they're more likely to purchase devices that will enrich their lives in any way possible, which is why they're heavy smartphone users.
So, it stands to reason, that technology is the way to this generation's heart, so to speak. Just keep in mind, that as a salesperson, you need to know your car, ALL of it. That includes every detail you can learn about the newer vehicle's technological features. If a millennial can't figure out how to run the technology a car has, they're likely to walk away from that sale. Don't let that happen. Teach them how it works and show them how easy they can be to use, and you just might find yourself handing over the keys to a new vehicle owner. For more information about the buying trends of Millennials, check out our ebook and other resources.