On Millennials, Credit, And Your Dealership’s Education Responsibility
Millennials, millennials, millennials. They expect their employers to be socially and environmentally conscious, their attention spans fall short of an episode of Law & Order, and now they want things they can’t have.
Today’s millennial gripe: they just don’t understand that you need a certain kind of credit history to qualify for a high-end motorcycle loan. As Powersports Finance reports, buyers in their 20s and 30s lack education around recreational vehicle loans:
Powersports lenders are struggling to adapt to millennial buyers entering the market as the baby boomers age out, which has spurred more pressure on dealers in the F&I office.
One of the larger issues with a younger generation of buyers is that they want to “get too much bike” for little money and with little to no credit, David Goff, Westlake Financial Services‘ assistant vice president of marketing, told Powersports Finance.
The article goes on to document how F&I personnel are “training” millennials to understand the credit histories lenders look for and set realistic expectations for their first powersport vehicle.
Read the full article at Powersports Finance.
Why are we bringing your attention to this story? Because it illustrates the knowledge gap between generations of lenders and consumers. Dealerships need to adapt to the needs and inclinations of millennials, be they prospective customers or employees. Marketing is only one piece of the puzzle. It’s equally—and critically—important to invest in millennial-inclusive training and compliance, so that when young people walk in the door, you’re able to build a relationship with them and keep them happy.
