We are all familiar with the unflattering descriptors that annoyingly stick to millennials: ungrateful, entitled, lazy, and self-obsessed. Most of these stereotypes have been debunked. At the very least, they are debatable.

However, lenders of all stripes, especially auto lenders, should take note of the two things we know to be true regarding these Americans born between 1980 and the mid-2000s.

To begin, millennials are a giant, growing group. They are the largest, most racially diverse and most educated generation in the U.S. right now. They make up a third of the country's population and approximately 80 million of them fall between the ages of 18 and 34. In 10 years, they will comprise 75% of our nation's workforce.