While U.S. mortgage servicers have focused in recent years on becoming more operationally resilient, they seem to have taken their eyes off of their customers.
What’s keeping auto lenders up at night?
It’s not fear of ride-sharing, once thought to be the biggest potential disruptor of future auto sales. Ninety percent of consumers surveyed, including the majority of millennials, said they still want to own a car, according to the National Automobile Dealers Association.
Three 2019 travel trends jumped out at me when I saw the findings of a Booking.com online survey of 21,500 travel-inclined adults around the world.
Millennials are becoming a key segment of vacation owners, both as first-time buyers and as second-generation owners through inheritance. This up-and-coming group of customers has its own preferences, expectations and needs, according to just-released industry research conducted by Leger for the ARDA International Foundation. This demographic is likely to spur new ways of doing business in vacation ownership, just as millennials have been recasting other industries.
We all know that buyers across industries are skewing younger, and those changing demographics impact how you sell, finance and communicate. Helping companies manage critical communications is my business, and it doesn’t get much more critical than financing a big-ticket item like an auto, truck or SUV.
Auto lending is a booming business, with about 85% of new cars and 50% of used cars purchased with financing, according to Debt.org. You can see how this type of lending has grown over time. About 43% of adult Americans, or 107 million people, had auto loan debt in 2017, according the Federal Reserve Bank of New York, up from 80 million people in 2012.