Market Overview

New Vehicle Purchasing Power of Millennials Will Reach $135B In 2015


Millennials are shaping auto industry on increasing market participation and digital savvy

SANTA MONICA, Calif., Jan. 28, 2015 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, projects Millennial-generation consumers will purchase 4.24 million cars and light trucks in 2015, producing $135 billion in total revenue as their impact on the market expands.

Millennials, or people born from approximately 1980 through the late 1990s, are expected to reach around 25 percent of the new vehicle market in 2015, TrueCar projects. The level of unemployment for this generational cohort has also improved, dropping by 12 percent in December 2014 versus a year ago. In addition to falling unemployment, the improving availability of quality jobs coupled with entry into the family life-stage by older Millennials also contribute to this group's ability to purchase new vehicles.

"Improving economic conditions are shifting the rhetoric around Millennials and car buying," said John Krafcik, president of TrueCar. "They are the largest growing cohort in the market and saying they don't like cars simply isn't true anymore. We know having a car means the same thing to Millennials that it does to other generations: independence and identity."

In fact, Millennials typically drive more than other

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