The news lately with regard to the auto industry has been a steady stream of good news. Business is returning after the industry sunk to a disastrous low that lead to a government bailout. The headlines are filled with subjects about just how high the sales were in each month of this year. It’s a craze that doesn’t seem to be dying out anytime soon. The car makers certainly are prepared to throw a bunch of great new models off the assembly line and are looking at any means to capture the moment and dominate in sales. There’s the new Dodge Dart finally nearing release, or the upswing sales of the Ford Focus with the thriving hybrid market. That being said, the industry is facing a new challenge though, the question of who to sell their cars to.
The Atlantic points to a problem with the Millennial generation. They make up about 40 percent of the car buyer population. However, only 27 percent of the new cars were bought by people between the ages of 21 to 34. They are just not interested in buying new cars. Researchers have pointed to the online culture of youth as the problem. Everything is available on a computer screen these days, making the youngsters feel they have no need to drive to a place when they can just access it via the internet. Why drive to a friends place to talk to them when they are just an email away? There’s also the economy to keep in mind.
Just what seems to be the problem is what many dealerships are asking. What can they do to put young buyers behind the wheel? How can they get the $172 billion in spending that they have to offer in their own pockets? Companies, like GM, have turned to MTV to help them solve these problems. They see the solution being in offering new ideas to the youth, like rethinking how test drives work and introducing a new series of colors to their new models. Other companies, like Jeep, don’t see the youth as the buyers they need to sustain sales. They have turned their eyes to the older generation. Jeep has begun taking out full ads in AARP magazine to entice the above 50 crowd and let them know that you don’t have to be 20 to enjoy life behind the wheel of a jeep.
Wherever the future of the industry goes, in terms of marketing and demographic targeting, Special Finance Group will be there to help dealerships get every generation into the dealerships. Read more about our Complete Special Finance Solution here. Be sure to also like us on Facebook, and follow us on Twitter, to see the latest news in the industry.
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