Survey Finds 91 Percent of Millennials Believe Car Ownership is Important

ST. LOUIS, June 18, 2015 /PRNewswire/ -- Nearly all millennials agree that it is extremely or very important to have their own car to accomplish daily work and life tasks. That is just one of the key findings of a 2015 survey of customers of Enterprise Holdings' Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands. The survey result further supports new data that found millennials now account for 27 percent of new car sales and have become the second-largest group of new car buyers, after boomers.

The Enterprise Holdings survey reveals that the car rental experience also has a significant influence on the decision to buy a car – an influence that's strongest on millennial customers, as opposed to other age groups. Sixty-eight percent of millennial customers reported that they have considered purchasing a specific model of car based on renting it. In fact, nearly one in three millennials indicated that a positive rental experience even triggered them to start shopping for a new car.

When car renters – from millennials to boomers – were asked about their relationship with their car and the influence of their car rental experiences, they reported:

• "My car is essential"– Ninety-two (92) percent of customers say it's extremely or very important to have their own car to accomplish daily work/life tasks. That's up from 78 percent on a similar 2013 survey of Enterprise, National and Alamo renters.
  • A whopping 91 percent of millennials surveyed said it is extremely or very important to have their own car to accomplish daily work/life tasks.
  • Almost one-third of customers purchased a vehicle within the past year. More than half purchased a vehicle within the past two years. Fifty-four (54) percent of millennials purchased a car within the last two years.
• "A rental experience made me start car shopping" – More than one in four customers (27 percent) report that a positive rental experience triggered them to start shopping for a new car, a seven percent increase compared to the 2013 survey.
  • The younger the customer, the more likely they are to say a positive car rental experience triggered them to start shopping for a new car (32 percent of millennials, 30 percent of Gen Xers and 23 percent of boomers started shopping after a positive rental experience).
• "I liked my rental so much I considered purchasing one" – Almost two-thirds (62 percent) of customers report that they have considered purchasing a specific model of car based on renting it. This is a slight increase from the 2013 survey (58 percent).
  • Sixty-eight (68) percent of Millennials and 68 percent of Gen Xers have considered purchasing a model of car based on renting it.
• "Renting changed my mind about a make or model" – Sixty-nine (69) percent of customers report that a positive experience renting a car has changed their perception of a make or model.
  • The younger the customer, the more they are influenced by the car rental experience (73 percent of millennials, 70 percent of Gen Xers and 68 percent of boomers reported this shift in perception).
• "I experience new technology for the first time in rental cars" – Forty-five (45) percent of customers report they are first experiencing new technology in cars they rent.
  • Forty-seven (47) percent of millennials, 45 percent of Gen Xers and 44 percent of boomers all reported experiencing new technology in rental cars more than through any other avenue.

"This research reinforces our belief that every car rental is an extended test drive, and that the level of customer service we bring to that test drive impacts car purchasing decisions and brand preference," said Kurt Kohler, senior vice president, fleet, Enterprise Holdings. "When we provide our customers with a great rental experience, it doesn't just keep them coming back to us – it clearly sends many of them into their local dealer showrooms, as well."

With a global network of more than 8,600 airport and neighborhood locations under the Alamo Rent A Car, Enterprise Rent-A-Car and National Car Rental brands, Enterprise Holdings is uniquely positioned to understand consumer driving insights and trends.

METHODOLOGY
The following age ranges were used to determine generational trends: millennial: 25-34; Gen X: 35-54; boomer: 55-65+.

Driver Survey 2015: In February 2015, Enterprise Holdings deployed a Web-based survey to members of Enterprise's rental customer database, which includes customers of its Alamo, National and Enterprise car rental brands. A total of 1,015 surveys were completed. Participants were screened for three key attributes: must have rented a car at least once in the last six months; must currently own a car; and must be at least 25 years old. Respondents self-identified race/ethnicity from the following options: Caucasian, African-American, Asian, Hispanic or Other – or chose the "prefer not to respond" option.

Driver Survey 2013: Enterprise Holdings deployed three Web-based surveys in Q3 and Q4 2013, each crafted to address various topics related to driving and car rental. The data was gathered from randomly chosen members of Enterprise's customer rental database and included customers of its Alamo, National and Enterprise car rental brands. A total of 1,363 surveys were completed. Participants were screened for three key attributes: must have rented a car at least once in the last six months; must currently own a car; and must be at least 25 years old.

About Enterprise Holdings
Enterprise Holdings – the largest car rental company in the world as measured by revenue, fleet and employees – operates a global network of more than 8,600 fully staffed neighborhood and airport locations under the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands. In addition, Enterprise Holdings and its affiliate Enterprise Fleet Management together offer a total transportation solution, including extensive car rental and car sharing services, truck rental, corporate fleet management and retail car sales. Combined, these businesses accounted for $17.8 billion in revenue, employed 83,000 and operated 1.5 million vehicles throughout the world in fiscal year 2014. 

Enterprise Holdings currently is ranked as one of America's Largest Private Companies. Furthermore, if it were publicly traded, Enterprise Holdings would rank on Fortune's list of the 500 largest American public companies. Enterprise Holdings, through its regional subsidiaries, operates more than 6,000 fully staffed offices in the U.S. – almost 70 percent more than its nearest competitor – and all located within 15 miles of 90 percent of the U.S. population. In addition, Enterprise Holdings not only accounts for the largest airport market share in the U.S., but its domestic rental fleet also is one of the newest in the industry. The company's affiliate, Enterprise Fleet Management, provides full-service fleet management to companies and organizations with medium-sized fleets. Other transportation services marketed under the Enterprise brand name include Enterprise CarShare, Enterprise Rideshare, Enterprise Car Sales, Enterprise Truck Rental and Zimride by Enterprise. For more information about Enterprise Holdings, visit www.enterpriseholdings.com.

This press release and car rental industry news are available in the Enterprise Holdings Press Room.

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SOURCE Enterprise Holdings

Related Links

http://www.enterpriseholdings.com

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