Millennials, or the ‘Y’ Generation, makes up nearly 25% of the American population and is a generation that is about to rapidly grow in car ownership. In California, the country’s biggest car market, millennials’ share of the new car market is at 28%.
The Millennial demographic is maturing and is now poised to be a driving force in automotive marketing. In the next 10 years, 40% of all new vehicles will be sold to Millennials.
Millennials are the most diverse, educated, and most socially conscious and tech-savvy group the world has ever known. Their shopping preferences today will drive the automobile market and car manufacturers’ sales.
1. Millennials value brands and building connections
Millennials value brands and want to own the best brand. 46% of them are prepared to pay more for products that are consistent with their image. It is therefore important for manufacturers to understand what those brand perceptions are and invest in brand-building now.
Style and features such as technology are very important to them, with more than 70% of Younger Millennials citing technology as “must-haves” when purchasing a car.
With over 75 million potential customers in North America in the Millennial demographic today, it is worth the effort to learn how to sell them successfully.
2. Top 5 features they are looking for when buying a car
- Navigation System
- Satellite radio
- MP3 player
- Mobile integration
V12’s customized ads include overlays and descriptions that showcase all relevant technology features. Don’t miss out on the opportunity to get millennials running to your dealerships after seeing your ads all over the net.
3. How they research and shop for a car
Millennials prefer to purchase a vehicle at a dealership, although online channels are gaining in popularity. 59% of millennials would consider buying a vehicle from another consumer on sites such as Craigslist and Facebook Marketplace (discover our auto-posting tools and generate more leads for your dealership).
According to research by Auto Trader, 48% of 17 to 24-year-olds intend to buy a car on their first visit to a dealership. By that point, they would have already done their research and know what type of car they want.
That being said, dealerships need to work on the following in order to keep millennials satisfied:
- Make sure the sale process and paperwork are rapid and efficient.
- Ensure inventory is always stocked.
- Create a satisfying and adapted customer journey, both offline and online, from initial research to final purchase.
With V12, create a customized customer journey and make sure your millennial customers get the best online experience ever. Click here to discover more.