Millennials are often viewed as “game changers” in the auto industry. Over the next 10 years, it’s anticipated that 40% of new cars sold will be purchased by Gen Y consumers. That’s assuming Gen Y consumers actually wind up owning cars at all. Perhaps that’s not the safest assumption to make.
In a Q&A with the Los Angeles Times, Scott Griffith, the CEO of Zipcar, the world’s largest car-sharing service says that millennials aren’t nearly as into cars and car ownership as previous generations:
“Millennials really live a different way. Car ownership isn’t as important to them. If you asked people to name their top brands, it used to be that a car brand would show up quickly, but that is lower down for millennials, maybe into the second 10. If they had to pick between a smartphone or a car, they would pick the phone.”