Today's younger generations are driving trends in vehicle purchase and usage lifecycles that are different than generations previous to them. Lenders will need to make fundamental changes to keep up with the new demands.
Did you know:
- Millennials spend an average of 17 hours researching a vehicle before purchasing it
- 82 percent of millennials polled cite third-party sites as the top source driving their purchase decisions
- Research shows that they will drive up to two hours just for a positive buying process
Today's car buys are seeing direct interactions that allow them to have more control of the lending/borrowing process. Direct lending, online, and mobile transaction models are becoming the norm. Lenders must occupy those spaces or lose out on this business.
Learn how lenders can adapt and succeed with the demands of Millennials and Generation Z.