Thu, Oct 17, 2019
When millennials look for a new car, price, fuel efficiency and safety are top of mind, followed by style/look, size, brand reputation, technology and features, speed and other. There were no significant differences by country relative to the global results–other than in France and Italy where style and look was the third most popular response. Price and fuel efficiency are generally related and possibly reflect millennials’ concerns about cost. In contrast, car buyers as a whole cite fuel efficiency as the 20th most important consideration in their purchase, providing further support as to the importance of this attribute to millennials.13
What Features Are Important in the Car-buying Process?
Millennials tend to rely mainly on personal research for their car-buying decisions. Globally, 68% of respondents selected personal research as most important, followed by online reviews (49%), family’s or friend’s influence (48%) and brand reputation/public perception (48%). Information from dealerships and social media were selected least frequently.
Top Information Sources That Millennials Prefer in the Car-buying Decision Process
Millennials appear to be confident in performing their own research when car shopping, which speaks to their fluency with the internet and the near-limitless amount of information available to assist them, suggesting that Original Equipment Manufacturer (OEM) websites where you can build and price your own car, may be more critical for drawing in millennial buyers than dealerships–in which millennials placed low reliance.
13 Jeff Plungis, “Automakers Sell Performance, but Consumers Want Fuel Economy and Safety,” Consumer Reports, accessed September 25, 2019, https://www.consumerreports.org/cro/buying-a-car/automakers-sell-performance-consumers-want-fuel-economy-and-safe.
M&A advisory, restructuring and insolvency, debt advisory, strategic alternatives, transaction diligence and independent financial opinions.
Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage.
Kroll’s Transaction Advisory Services platform offers corporate and financial investors with deep accounting and technical expertise, commercial knowledge, industry insight and seamless analytical services throughout the deal continuum.
Dedicated coverage and access to M&A deal-flow for financial sponsors.
Kroll has extensive experience raising capital for middle-market companies to support a wide range of transactions.
Duff & Phelps Opinions is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of fairness opinions in the U.S., EMEA (Europe, the Middle East and Africa), Australia and Globally in 2023 according to LSEG (FKA Refinitiv).
Industrials expertise for middle-market M&A transactions.
Technology expertise for middle-market M&A transactions.
Our valuation experts provide valuation services for financial reporting, tax, investment and risk management purposes.