Car Buying Trends for Gen Z
It’s no secret that a lot has changed in the auto industry over the last year, particularly with regard to Millennial and Gen Z car buyers' buying trends. In fact, according to a recent Experian study, Millennials and Gen Z are the only two generational segments of the automotive industry seeing growth. The report found that new vehicle registrations by Gen Z saw growth from 3.0% to 4.2% from Q3 2020 to this year.
While Millennial and Gen Z consumers are oftentimes pooled into the same category, their buying behaviors and preferences have proven to be quite different, which is something car dealerships should be mindful.
How Can Car Dealerships Effectively Reach Gen Z Car Buyers?
Plain and simple: technology. Since Gen Z consumers are the first truly digital generation, they are the most tech savvy, which means technology is key to reaching this cohort of consumers.
Hootsuite data found that Gen Z consumers prefer to shop on mobile devices and use a smartphone to visit an online retail store (80%), engage on social media (95%) and shop for a product online (61%). This information should reinforce to car dealers the importance of meeting consumers where they are, according to their browsing and shopping preferences. In the case of Gen Z, it’s mobile technology.
Car Dealership Takeaways:
A mobile-friendly website can improve your customers’ online car shopping experience.
Since Gen Z car shoppers are primarily mobile consumers, installing a mobile-responsive theme ensures that your website will be able to fit to mobile screens so shoppers can peruse your site and find the information they need with ease.
Focus on building a strong web presence.
Creating helpful digital content on your website such as blogs, videos, customer testimonials, etc., that Gen Z car shoppers can easily access from their mobile device can help establish your dealership as a trusted resource.
Offering subprime financing can also help you generate more business and position your dealership as a reliable source for car buyers with bad credit or no credit. If your car dealership is looking to reach more car buyers and sell more cars in your market, Credit Acceptance gives you the ability to say 'Yes' to every customer regardless of credit. Simply fill out the form on our website to learn the benefits of becoming an enrolled dealer in our auto finance program!