Questions are the Answer for Millennials in Auto Finance
The next generation of car buyers is walking through showroom doors with mounds of student debt and thin credit files, making creditworthiness particularly challenging to discern. For dealers looking to better serve the swiftly growing millennial market, Equifax’s resident auto marketing expert Jenn Reid recently shared practical advice with Car Biz Today on how to help align this growing customer base with the right vehicles and financing for their needs.
In Jenn’s commentary, she underscores the importance of being sensitive to the transitional stage in life these young buyers are going through. Dealers have an opportunity to advocate for long-term financial wellness by asking the right questions, and mentoring them through uncertainty, building trust and gaining loyal customers in the process. This begins with asking the right questions to reveal each millennial buyer’s unique situation. Once the customer has shared their firsthand account, complete the comprehensive picture by supplementing thin credit files with relevant, accurate information, such as verified 3rd party employment tenure and income data, to inform and speed the underwriting process.
Here are five takeaway tips Jenn shared, and make sure to check out her full article titled “Best Practices for Working with Millennials” in the November 2014 issue of Car Biz Today for more perspective on this developing market:
- Take a proactive, consultative approach when dealing with millennials
- Understand their financial situation, and understand the repayment terms of any student loans
- Let them know what is typically needed to take delivery of a vehicle
- Steer customers toward a vehicle they can realistically afford
- Don’t “shot-gun”: you will be remembered for causing a mailbox full of adverse action letters
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