Millennials are poised to become the largest vehicle-buying generation by 2020, potentially representing 40 percent of the new vehicle market alone.* Retailers can’t afford to ignore that much purchasing power, but how can they best reach Generation Y and turn them from casual shoppers into loyal customers? One word: technology.
Gen Y is the most connected generation ever. Having come of age while technology was advancing at a rapid pace, they are comfortable managing their lives with devices and apps. They tend to adapt to advances in technology easily and are early adopters of the latest features and gadgets. Indeed, they see possession of the newest tech as a status symbol. Millennials also value convenience; they rely on technology to simplify and enhance their daily lives.
Millennials’ love of technology doesn’t stop with their phones and apps: they want their vehicles to be loaded with advanced features, too. And contrary to past projections and fears, Millennials do want to own vehicles—and they’re buying them. For dealers looking to capitalize on this large customer base, not just any marketing strategy will do. Millennials do a staggering amount of research online before ever setting foot in a dealership; they find search engines and social media to be far more useful in their shopping process than more traditional channels like television and newspapers. To earn their business, dealers must meet Millennials on their home turf.
Dealers have a real opportunity to market today’s connected, technology-laden vehicles to the Millennial generation by emphasizing their sophisticated features. Driver-assistance systems, semi-autonomous functionality, and infotainment systems that effortlessly sync to personal devices will get their attention. In the F&I office, the necessity of that impressive technology—and the expense of maintaining it—presents another avenue for selling to a generation that wants the newest features without breaking the bank. Being able to offer Millennial customers a product that protects the advanced technology of their vehicle is a must. NAC’s High-Tech VSA covers the repair and replacement of the sensors, cameras, and other components that make today’s smart vehicles…well, smart!
After the sale is made, dealers still need to reach their Millennial customers to drive loyalty and service business. Making use of email and social media is one thing, but what if dealers could connect with these customers via their ever-present cellphones? Well, that technology is already here! Along with offering inventory management functionality for dealerships, programs such as NAC’s Connected Car allow your customers to tap into their vehicle’s health, location and other key data metrics; since Millennials use apps on their phones to manage every other aspect of their daily lives, doing the same for their car is a no-brainer. Dealerships can connect to these customers through their primary point of access, and Millennials will love the ease of managing their service appointments and vehicle safety right from their fingertips.
National Auto Care is pleased to develop cutting-edge products and programs for an increasingly high-tech industry. If you’re looking to partner with a true innovator like NAC, please call 800-548-1875, option 4, or email firstname.lastname@example.org.
* based on current demographic data and projections
National Auto Care Corp. provides F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators, and credit unions. National Auto Care Corp. focuses on increasing agent and dealer profitability by providing unique F&I products in protected markets. National Auto Care was named a 2017 Top Workplace in Central Ohio, and honored with a Dealer’s Choice Gold Award for F&I Products.