Dealers should be paying attention to millennials, who are becoming increasingly important to the new vehicle market in the U.S. for 2015.
A report released recently by TrueCar estimates millennials, born in the 1980s to late 1990s, will purchase 4.24 million cars and light trucks in 2015.
TrueCar says millennials would account for $135 billion in total revenue, with the average transaction price for new vehicles expected at $31,771 U.S. —slightly below the overall industry average of $32,589 U.S.
“Improving economic conditions are shifting the rhetoric around Millennials and car buying,” said John Krafcik, president of TrueCar, in a press release. “They are the largest growing cohort in the market and saying they don’t like cars simply isn’t true anymore.”
