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Will Millennials Change the Auto Industry as we know it?

Millennials have been making headlines lately and it has to do with the auto industry. Quite a combination don’t you think? While my first assumption would be that Millennials are totally in tune with the technology found inside a new set of wheels – I couldn’t be more wrong.

Millennials don’t care about cars. Really. In fact, automakers have been leery of Gen. Y for a while now because they don’t share that same longing their parents did for vehicular freedom.

But, why? After shedding my false pretenses the answer actually makes sense. The only real constant in the eyes of this demographic is connectivity through the Internet – primarily social media. Combine that with their concern for the environment and they consider autos to cost a small fortune, you could see the nostalgia of a first car or the blood pulsing through one’s veins at the rev of an engine become only a memory to be held by previous generations.

Automakers are currently teaming up with entities that understand Millennials to find out just how they can grab their attention. GM is talking with MTV and Ford is utilizing SYNC technology to incorporate the interactive and social aspect Gen. Yer’s crave.

Right now, Millennials have access to friends and family with the click of a button. Long gone are the days of having to travel somewhere to see a loved one. This will only continue to be an uphill battle as technology evolves, and always leads to the same question – how does personal transportation play a role?

The other important component to reaching Millennials is determining ways to alleviate their concerns over cost and the environment. They would much rather use public transportation than pay for a vehicle they know is only going to cost more money to maintain. And, while Millennials love the idea of eco-friendly cars, they simply can’t afford them. I can only assume that within a few years as the demand for hybrid and electric cars grows; the cost will subsequently go down. Until then, what affordable alternatives are there that benefit the auto industry?

Is the fate of the auto industry balanced on these young minds? It’s certainly a question to ponder. What do you think?

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