Survey indicates more millennials will invest in autos due to pandemic

COVID-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  850.545.4825

Steve Pullara    813.404.6877

Donnette Logan   205.294.4227

Taylor Sheffield    205.457.4261

Written by
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail

Social Channels

Follow us on all major social media platforms.