As baby boomers continue to age out of the industry — replaced with millennial buyers — manufacturers like Harley-Davidson Inc. and Polaris Industries Inc. are brainstorming ways to target these consumers.
But as this age demographic shifts, lenders will also need to be innovative in their underwriting and marketing efforts to cater to this “up and coming” generation, according to panelists at PowerSports Finance 2017.
“Millennials are up and coming,” Donal Hummer Jr., president and chief executive of ThunderRoad Financial told attendees. “They are a driven group of individuals, and they know what they want; they want to have these hobbies. We are not seeing any increased risk in those consumers.”
The powersports industry has yet to rebound new-vehicle sales to the levels they were prior to the great recession, but an influx of millennial buyers may be the boost lenders need, two speakers suggested during separate presentations at PowerSports Finance 2017.
To that end, here are eight ways for lenders to market their products to millennials as sales continue to decline:
