Millennials shaping future of auto industry

Millennials shaping future of auto industry

CHICAGO (FOX 32 News) - Millennials are known for wanting to be socially conscious and sharing things on Facebook, even cars.

Ridesharing apps like Uber and Lyft was thought to stop new car sales. But that's not the case, especially for the younger crowd.

JD Power and Associates reports that millennials accounted for 27 percent of new car sales in the United States in 2014, up from 18 percent of sales in 2010.

And a lot of those shopping may have started the process right here, at the Chicago Auto Show.

“The Chicago Auto Show attracts more millennials than the average market in Chicago,” Jennifer Morand, the Director of PR and Social Media for the Chicago Auto Show said.

So what matters to millennials?

Technology.

The auto industry is paying close attention,

The draw for millennials is the not just in the cars, but in the "Auto Show experience.”

The auto industry knows they have to keep the millennials interested, hence the comfy seats and the charging stations in cars these days.

But even people not at the Auto Show say owning a car is still in their life plan.

The Auto Show General Manager says the fear was that ridesharing opportunities, like Uber and Lyft were going to be the end of the road for new car ownership, is simply not true.

“They are just getting to them later than people in my generation,” Dave Sloan, GM of the Auto Show said.

FOX 32 asked young Bruce Bishop when he sees himself buying a new car.

“Probably like 25 or something, because that's when I will be financially stable able to buy a new car,” he said.

There is still a fear that millennials will stop buying cars.

The chairman of General Motors recently said the industry will experience more change in the next five years that in the last 50, citing a decrease in individual car ownership and an increase in cars sold to third party rideshare companies.

But only time will tell.

 

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