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Target Audience - Strong Automotive

We are familiar with the traditional “reading, ‘riting and ‘rithmetic” foundation of our educational system. And if you have pursued learning to the college level you know the cost is astronomical. I found a recent report from to be very insightful. In analyzing the effect of student loans, it stated that this specific debt item on a consumer’s credit report was at the heart of a 9% dip in lease approvals (from 78% in 2013 to 69% for this last year).

The article quoted senior officers of Equifax who added this volatile situation may be with the automotive industry for a while. With their estimate of non-mortgage consumer debt at $3.1 trillion, student loans have grown from approximately 20% to a “whopping” 37% of this amount. The majority of student debt is found in the under-35 age group, who also view leasing as a popular way of getting a new vehicle.

What are the 3 L’s this situation is creating? “Leasing, loans and lookout!” With nearly 30% off all new-vehicle sales representing leases, make sure you maintain a broad reach in your marketing plan in terms of demographics.   It’s good to reach the younger market, but always be on the lookout for qualified buyers of all ages – those who have the higher degree of education without the burden of debt.

John Paul Strong

John Paul Strong combines his two decades of automotive marketing experience with a team of more than 150 professionals as owner and CEO of Strong Automotive.

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