The Consumer Financial Protection Bureau estimates that there is approximately $1.2 trillion in outstanding student loan debt, with more than 7 million Americans in default on more than $100 billion in balances.

With those figures in mind, EFG Companies acknowledged there are differing opinions on whether these trends could lead to a recession. However, company officials pointed out there are a couple of things finance companies and dealers can implement now to navigate this potential economic pitfall.

1. Think outside the box when it comes to prospecting customers. For example, finance companies and dealers can work with smaller to mid-size businesses in your area to provide education on how to purchase a vehicle.

“This places you top-of-mind with the rising influences of the younger generations who are employed,” EFG Companies said.

2. When it comes to recruiting new employees, EFG Companies recommended that finance companies and dealers put preconceptions aside about the work habits of the younger generations and think of the situation another way.

Traditionally, EFG Companies noted that high school graduates have been more apt than college graduates to work at a dealership.

“However, with this new generation, there are more college graduates to tap into,” officials said. “More families sent their children to college and with the high unemployment rate, there are more college-educated people looking for work — the retail automotive industry offers a new perspective on a lucrative career.

“Whether we fall back into a recession or navigate our way clear, the face of our industry is changing and to ensure future success, smart companies are finding new ways of getting in front of valuable potential customers and employees,” EFG Companies went on to say.