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Millennials see dealerships as part of the research process -- as experts who can answer questions. Photo credit: JENNIFER VUONG |
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Jim HenryAutomotive NewsAugust 28, 2013 - 12:01 am ET Millennials would rather get their auto loans online than at dealerships, according to a survey released last week by AutoTrader.com.
In the online poll taken in January, 60 percent of respondents aged 16 to 34 said they would prefer to apply for a loan online vs. 35 percent of respondents aged 35 and over.
On another topic that could bear on F&I, 60 percent of respondents 16 to 34 years old said dealerships tried to sell them a service they didn't want vs. 45 percent of respondents aged 35 and older.
Millennials see dealerships as part of the research process -- as experts who can answer questions, says Isabelle Helms, senior director of research and marketing analytics for AutoTrader.com. Millennials prefer "no-pressure" salespeople, she said in a statement last week.
The survey, titled "The Next Generation Car Buyer," was administered by Harris Interactive. It polled 1,657 millennials, 993 Generation Xers, and 1,062 baby boomers. The survey divided millennials into two age groups: 16 to 24 and 25 to 32. Generation Xers were defined as 33 to 47 years old and baby boomers as 46 to 66.
Millennials make up about 75 million of the U.S. population and purchased roughly a quarter of all vehicles sold in 2012, AutoTrader says.
You can reach Jim Henry at autonews@crain.com.
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