Notifications & Messages

Jared Hamilton
From: Jared Hamilton
Hey - It’s time to join the thousands of other dealer professionals on DrivingSales. Create an account so you can get full access to the articles, discussions and people that are shaping the future of the automotive industry.
×
Paige Donnelly

Paige Donnelly Owner

Exclusive Blog Posts

Is the Service Department Keeping Customer Data Secure?

Is the Service Department Keeping Customer Data Secure?

A quick visit to the dealership for an oil change isn’t exactly the riskiest behavior someone can engage in. The routine procedure should do noth…

Evolution of a Dealership's Fixed Operations with Dave Foy | KPI Cafe Season 6 Episode 1

Evolution of a Dealership's Fixed Operations with Dave Foy | KPI Cafe Season 6 Episode 1

To kick off our newest season that's all about your dealership's fixed operations, Host Dane Saville is joined by the Fixed Ops Mastermind Dave Foy…

WEBINAR RECORDING - Five Ways to Grow Your Profits in the Second Half of 2020

WEBINAR RECORDING - Five Ways to Grow Your Profits in the Second Half of 2020

Discover strategies to identify and capture additional profit on every car deal. After months of uncertainty, we are seeing dealerships open their do…

Rock’s Rants: Purchase Orders

Rock’s Rants: Purchase Orders

Does your dealership have a purchase order (PO) system? Often when I ask this question in dealerships the answer is, “Sort of.” When I dig deep…

Even Loyal Dealership Service Customers Buy Tires Elsewhere

Even Loyal Dealership Service Customers Buy Tires Elsewhere

It’s widely known that dealerships still have a lot of ground to make up when it comes to selling tires. According to Modern Tire Dealer, auto dealer…

Focusing on Technology and Connectivity in the Dealership: Millenials

"Millenials" are a common topic regardless of the industry being discussed, which is why it's not all that surprising to learn that the millennial generation is the most studied generation in history. Therefore, the study of millennials in the mobility sector is not unique, but that does not diminish its importance.

The millennial generation will soon surpass the baby boomers as the largest living generation of the population. This fact, along with increased technological abilities over the past few decades, makes it more clear why the millennial generation is so heavily studied. Not only are the Millenials coming of age to make up the largest purchasing group in existence, but they also surpassed Gen X in 2016 as the largest generation in the U.S. labor force (pewresearch.org).

These numbers can not be ignored in the dealership world. Autotrader recently put out a study on Millennials, "The Next Generation Car Buyer", and the article brings a multitude of interesting information to light. We learned that in 2016, Millenials made up 1 out of 3 new vehicle purchases, and by 2020, they are expected to be the largest car buying group in existence. We also learned exactly what Millenials desire in a vehicle; an infographic from the article detailing the top 5 desired features can be seen below:

Taken from Autotrader's "The Next Generation Car Buyer"

 

 

 

 

 

 

 

 

 

 

It probably comes as no surprise that all five of the top five features desired by Millennials in their vehicles have little to do with the vehicle's mechanics and everything to do with the vehicle's technology. Putting a focus on the vehicle's technology during the sales process is a tactic dealerships should be considering and implementing in the immediate future.

Understanding the prevalence of millennials in the workforce is important for dealerships as well, especially since the average turnover rate for a sales associate is estimated to be around 67% and still on the rise. Because a new hire costs the dealership an average of $10,000, reducing employee turnover is vital to increasing overall dealership profitability. As stated previously, millennials have the largest presence in the workforce, so understanding what drives a millennial's choice in an employer is key. According to the Deloitte Millennial Survey, 78% of millennials are strongly influenced by how innovative a company is when deciding to work there. Putting a focus on technology in the dealership is not only important to millennial buyers, but also to millennial workers.

Love them or hate them, the millennial generation is inarguably a dominant force in the automotive market: both as consumers and employees. Best practices for winning the millennial over, whether as a consumer or an employee, should include an aspect that focuses on the technological aspects of the vehicle.

Check out emeraldinfotainmentspecialists.com for more information on adding a technological focus to your dealership.

 Unlock all of the community & features  Join Now