A Shift in Consumer Behavior is Coming to Auto Finance, Industry Experts Say, from Auto Finance News.
ORLANDO, Fla. — A shift in consumer behavior is coming for both auto lenders and dealers when dealing with car shoppers in the near future, according to Monica Orluk, director of sales engineering for Fiserv, and Peter Kidd, senior vice president of consumer auto business at Fifth Third Bank. The two spoke at the Consumer Bankers Association Live 2015 conference Tuesday in Orlando, Fl.
Many consumers are increasingly looking for a more efficient, digital experience when financing and purchasing a car, Orluk said during a presentation called “Consumers Shift Gears: How Do Banks Grow Their Business in a Self-Service World.”
If consumers lives their lives digitally, Orluk said, it makes sense that when they buy a car, they’ll want to do so digitally, and while older generations have had the opportunity to see technology develop, younger generations don’t know a different world.
For example, an overwhelming 74% of consumers pay their bills online, according to information cited in the presentation, while 58% of consumers own a smartphone, 42% have a tablet, and by the year 2020, 40% of new vehicles will be purchased by millennials.