TD Auto Finance is keeping a close eye on the millennial market, according to President and Chief Executive Andrew Stuart. “The purchasing power of millennials is expanding,” Stuart told Auto Finance News.
“As such, they are an attractive segment for us. As the preferences of millennials become clearer, greater opportunities may present themselves on the sales and financing of vehicles,” Stuart said. “It is still relatively early in the game with this segment, and there may be differences in the user model for consumers that reside in urban versus rural areas.”
TDAF has made a “significant investment” in mobile and online technology to improve user experience for its more tech-savvy customers, and is working to support its dealer partners as they adjust for the younger generation as well, Stuart told AFN.
“Many of our dealer customers are making changes in their in-dealership processes,” he said. “We will work closely with our dealers to identify solutions to support these new processes. We believe these continuing investments will position us well to meet the needs of this segment.”
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