By now, you’ve probably heard the sad auto industry news, that vehicle sales are down this year and are not expected to rebound anytime soon. Basically, auto manufacturers did too good a job in recent years, building cars that last longer than ever and still run properly. As a result, consumers are not forced to replace their vehicles as soon or as often as in years past.
Of course, unfortunately for the auto lending industry, as auto sales stall, so do lending sales. To combat a loss in traditional lending opportunities and increase your lending amounts to approach the 2016 peak, when total outstanding auto loan amounts hit $1 trillion, consider shifting your primary target from young adults to baby boomers, who may prove to be your next great group of borrowers.
Baby boomers are the generation born between 1946 and 1964. We have almost 75 million baby boomers in the United States today, and they’re the perfect current target for auto lending sales due to their financial status and spending habits: