Millennials Transform Car Buying
Posted On August 9, 2012
We’ve noted here that Millennials have a different attitude towards cars than previous generations and they have a different approach to retail and buying, as well. An analysis by MSN Autos explains how Millennials are changing the way we buy and sell cars. Dealers and sales associates should take note because Millennials will account for 75% of car purchases by 2205. They currently account for almost 40%.
Some of the characteristics of Millennials in the market for a car:
- They don’t like to haggle. They know what they want and what it’s supposed to cost.
- They do detailed research on the web (not brochures or showrooms).
- They expect dealers to respond to inquiries like texts and emails within minutes, not hours.
- Salespeople turn them off. 50% say they’ll move on if they don’t like the person they’re dealing with. They’re looking for “customer advocates.”
- They’re looking for value. They don’t have extra money to throw around.
- They’ll bring their parents. You’ll have to sell them along with your Millennial buyers.
Sales professionals in other big-ticket, “life-purchase” industries should take note. This is how the Millennials want to buy.