Millennials are framing the auto industry's future
Posted on Tuesday, February 16, 2016 at 9:59:18 AM
Millennials are already considered a socially conscious, technologically conversant generation. For years it was also accepted that they didn't care about cars. It turns out that isn't true.
Bloomberg Business, citing data from J.D. Power & Associates, described how millennials accounted for 27 percent of new car sales in the U.S. in 2014. That was up from 18 percent in 2010. And while some millennials still feel that owning their own vehicle is a luxury, others with auto financing have increasingly taken to car ownership.
Toyota Motor Corp. has plans for keeping millennials engaged in the future. Reuters reported that the company's decision to end the Scion small-car brand - originally targeted at younger drivers when it first appeared in 2003 - was a response to the way millennials have changed ownership habits.
Now auto makers like General Motors are investing in companies like Lyft to bolster the auto-tech relationship. At the Consumer Electronics Show recently hosted in Las Vegas, both Toyota and Ford announced they were adopting the software that connects smartphone apps to car dashboard screens. Toyota is also looking into its own ride-sharing possibilities, according to Reuters.