Wards Auto: How dealers can win over Gen Z buyers

Adapted from the GCADA Newsletter

This year’s Urban Science/Harris Poll offers welcome news for dealers looking to boost profits, gain customers, and build loyalty. Data shows Generation Z consumers highly value dealerships, even more than just a year ago.

That’s significant news for dealers. Not only are Gen Z consumers – those born after 1995 – more interested in car ownership than previous generations, but they also have the credit scores and financial means to buy or lease.

And, of course, Gen Z begins a new generation of retail shoppers.

This interest in vehicles becomes particularly vital in the current market, which is marked by an abundance of inventory, high interest rates, and a prolonged buyers’ market following the chip crisis and pandemic.

Other factors, including cautious lenders, high gas prices, and fluctuating manufacturer incentives, have stalled sales and driven down dealers’ profits. Consequently, some dealers have implemented cost-saving measures, including hiring freezes, that can result in harried employees who don’t meet customers’ needs for information or timely service.

However, dealers can change this trajectory and zero in on the Gen Z consumer.

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https://www.wardsauto.com/dealers/how-dealers-can-win-over-gen-z-buyers