Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
The disclosures come as a federal judge ruled Wednesday that two other banks — Deutsche Bank and Capital One — can give financial documents to Congress, NBC News reports.Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for...Politicsread more
The American love affair with cars isn't dead—it's just being reshaped by millennials.
Often saddled with debt, young shoppers are looking for smaller, cheaper vehicles, according to new research by AutoTrader. They're also far more likely to do their research online, often with their smartphones.
"You hear a lot that this generation doesn't care about cars," Isabelle Helms, AutoTrader's vice president of research, said during an appearance at an Automotive Press Association event in Detroit. "[But] they do care about cars."
Millennials' delay in purchasing vehicles reflects other things they're doing later in life, such as buying a home and getting married, Helms said.
Regardless of millennials' slow entry into the market, automakers need to pay attention to the generation's needs, defined by AutoTrader as 18 to 34 years old. Although they currently only make up about 12 percent of the U.S. new car sales, millennials will account for 40 percent of new car purchases by 2020, Helms said.
According to AutoTrader's study, which interviewed 1,900 new and used car shoppers, millennials are "big on small" vehicles, which tend to be more affordable and easier to operate in the urban settings where many of them live. Their desire for more fuel-efficient, environmentally friendly vehicles also sparks an interest in alternative-powered vehicles, though they generally can't afford them.
Price is a big factor in millennials' purchasing decisions, influenced by economic realities. The generation faces higher levels of unemployment, lower pay and the likelihood of greater college debts.
They're also more likely to live in cities and may be somewhat less interested in owning a car—at least for now. Research suggests that as they begin to age and start families, in many cases moving back to the suburbs, their tastes shift to reflect those of Gen-Xers and boomers.
That suggests they'll want bigger, more powerful and luxurious vehicles when they can afford to spend more.
Going into the car buying process, millennials are notably less likely to have any idea what sort of vehicle they want. But by the time they walk into a showroom, they're far more likely to have a specific model and brand in mind
That's due, in part, to the way they conduct research.
A full 95 percent of millennials said they went online during at least some part of the buying process, compared with just 79 percent of overall respondents.
The study also found that "mobile rules." Helms said that half of all millennials rely on their smartphones during the buying process, though the trend is spreading to older generationsl.
Still, social media websites such as Facebook have a limited impact on the process of choosing a new car. The study found that only 5 percent of millennials are influenced in their choice of a car by what they find on social media. For U.S. shoppers overall, it was a mere 1 percent.
—By CNBC Contributor Paul A. Eisenstein. Follow him on Twitter or at thedetroitbureau.com.