Millennial Buyers: From Problems to Assets in the Automotive Industry

Automotive IndustryThe automotive have had their hearts broken and mended in the span of a decade or more. The culprit? Millennials. Millennials broke dealers’ heart by being more interested in social media and their smartphones, but made a quick U-turn by being one of the biggest assets of the automotive industry after what seems like an unending hiatus.

Millennials were a source of worry in the automotive industry

First, the heartbreak. There has been an ongoing myth that millennials are not interested in cars because they are more interested in maintaining their image in social media. The majority of millennials do not show any interest in buying a car, let alone having a license. However, further research and study busted the myth. Millennials are not uninterested beings. They are simply suffering from the effects of a fallen economy (i.e. recession) and therefore are unable to purchase cars and their own property as early as the baby boomers can. The slow, but steady rise in the economy has also affected the purchasing power of millennials proving that they are not uninterested beings after all.

But it changed…the joy of automotive industry

Millennials are purchasing cars, both used and brand new, in wider and faster scale than their parents. This is because these millennials got older, got better jobs, got themselves out of loans and eventually have enough to spend for a car. Because of this turn, companies like Seelye Automotive Group and other car dealership have adapted to millennial’s method of shopping — online. While companies (and even the government) is still in the process of adapting to such method, automotive groups are already slowly feeling the influx of millennial buyers and doing necessary steps to keep it like that.

Truly, the new generation is taking things very differently as compared to the previous ones and would probably do so even more. In the meantime, automotive industries should grab the iron while it’s hot.