It is a “toss up” whether or not Generation Z consumers will want to own their own car, but given this generation will represent 40% of the market in the U.S. by 2020, more research needs to be done, said Miranda Hill, director of innovation and commerce strategy at ThoughtWorks.
Gen Z, also known as the “Generation Z,” commonly refers to those who were born from the mid-1990s to early 2000s. Gen Z-ers — one of the key disruptors in auto space — have grown up very connected, Hill said during a panel Auto Finance Innovation 2017 last month.
“One study said they [Gen Z-ers] want to own cars; there is another study that said they don’t want to own things,” Hill told attendees.
Besides Gen Z, technology and information are also two important factors to consider for auto finance innovation, added Matt Traylen, head of financial services and ownership models at Faraday Future.
Hear more from the panelists about advancing innovation and key disruptors in auto finance in the video below, the last video in a six-part series from Auto Finance Innovation 2017, held last month in San Diego.
