adminCOVID-19 has made its impact known in multiple ways worldwide. Automobile ownership is becoming one of them. Millennials, who are often known for traveling light, are looking at investing in automobiles in the coming months, according to the 2020 EY Mobility Consumer Index, surveying more than 3,300 consumers in nine countries. The survey shows, “More than three-quarters (78%) of respondents say that they are going to be more likely to use their cars for travel in a post-pandemic world with millennials making more than half of that number (52%).”
Key takeaways include:
- Nearly a third (31%) of people without a car intend to buy one in the next six months, 45% of those will be millennials
- Only 6% seek a purely electric vehicle
- Public transport use for work travel declined by 69% from pre-pandemic levels
For credit unions extending loans during the pandemic, auto-recovery management and remarketing can be a daunting task and can drain valuable internal resources for a credit union. In order to support credit union growth and success in auto lending and recovery, LEVERAGE collaborates with PAR North America, a leading nationwide provider of vehicle transition services. PAR excels in recovery management, skip tracing, compliance, remarketing and title services freeing credit unions to do what you do best – serving your membership.
Please contact your LEVERAGE BDC for additional details:
Karen Frazee karen.frazee@myleverage.com 850.545.4825
Steve Pullara steven.pullara@myleverage.com 813.404.6877
Donnette Logan Donnette.Logan@myleverage.com 205.294.4227
Taylor Sheffield taylor.sheffield@myleverage.com 205.457.4261
