Every few weeks, we’ll look at CarGurus demographic data to determine who is shopping for vehicles and what they’re searching for. We hope to share some of our findings to inform how you engage with auto buyers.
In this edition, we’ll look at Millennials. As you may know, the Millennial generation is the largest in the nation’s history (numbering about 76 million). With the economy steadily improving, more and more Millennials are getting settled financially – but relative to past generations, they appear less interested in becoming licensed drivers. So what does our data say: are Millennial consumers interested in buying vehicles?
It appears that the answer is yes, for younger Millennials in particular.
An analysis of our user base shows that the youngest members of this generation – people aged 18 to 24 – became a much larger share of the CarGurus audience in the past year.
In this time frame, CarGurus has seen its unique user count grow from 13 million to more than 16 million. And there are more CarGurus users of every age today, compared to late 2014.
What the chart shows is that the number of 18-to-24-year-olds on CarGurus has grown immensely – from 17.5% of the user base to 20%, a growth rate of about 14%.
The growth in young shoppers bodes well for OEMs and dealers, for whom 2015 was a record year. Now the question becomes how to reach the youngest drivers: what kinds of vehicles do they want, and what do they expect from dealers?
For this group, affordability matters – most members of the 18-24 cohort have limited budgets. They also value technology in vehicles, JD Power research has shown. And when it comes to the dealership expectations, young shoppers want an experience that mirrors e-commerce websites: transparent and hassle-free.
Consider these factors if you’re looking to amp up your appeal among the youngest car buyers. Their numbers are only growing.
To learn more about how CarGurus can help you connect with more shoppers – including Millennials – call (855) 336-1488 or click here. To download our free “Marketing to Millennials” whitepaper, click here.