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Including vehicle history reports in online vehicle listings create a more complete picture of the vehicle a consumer is looking at online.

Amid the fallout of COVID-19, I often find myself thinking about the impact the pandemic has had and will have on businesses in the coming months—particularly those within the automotive industry. The impact has reached all facets of the industry, leaving dealerships to take unprecedented action. Some have temporarily closed, while many have shifted business priorities to focus on maintenance and repair. Like everyone, we in the automotive industry are concerned about the health and safety of our family, friends and communities.  Much like the rest of small business owners, those that oversee dealerships are also concerned about the wellbeing of their work families. The automotive industry is a pillar of our economy, and dealerships are staples within our local communities. Experian has an unwavering commitment to help the industry navigate these uncertain times and address challenges as they arise. The pandemic has impacted groups of people differently and at different times. It’s important for those within the automotive industry to understand how consumer sentiment and priorities will shift over the coming months, in order to address their most pressing needs. As such, Experian launched a daily survey of the general population to gain insight into shifting consumer sentiment as a result of the pandemic. The survey reveals how consumers are dealing with the outbreak across key industries, including automotive. As of May 4, 2020, only 20 percent of Americans plan on buying a new car, truck, van or motorcycle within the next few months, and of those, only 50 percent plan to continue the purchase as planned. 26 percent plan to delay the purchase a few months. While car shopping may not be a priority for most in the coming months, there are consumers who will need to replace their vehicle sooner rather than later—perhaps their lease is set to expire, or they’ve experienced car trouble. In these instances, it’s important for dealers to be able to connect with these consumers to help them understand the options available to them. With this urgency in mind, Experian is providing dealers with complimentary access to nationwide and local automotive market trends. The information will be updated weekly to help dealers gain insight into current sales trends and website traffic, better understand in-market car shoppers and identify the most effective communications channels. For instance, during the week of April 27, dealer website traffic was down 11 percent from the same time last year. That said, web site traffic has picked back up over the past few weeks.. With the short- and long-term impacts of the pandemic largely unknown, dealerships must adapt quickly. Consumers' vehicle needs will shift based on circumstance, and it’s important for dealers to continually assess the market. We are all adapting to our new environment, and will need to collaborate to find ways to combat the fallout—it’s a difficult time for many, including dealers. The automotive market will recover, and Experian is committed to helping the automotive industry navigate the recovery and ensure car shoppers can find vehicles that meet their needs. To view the Automotive Trends & Marketing Insights and sign up to receive your complimentary local market trends, click here. To view the Consumer Sentiment Index, click here.

Essential personnel and organizations are working tirelessly to deliver food and other resources, not to mention, protecting the health and safety of those around us. These vehicles still require proper maintenance and care to ensure they run smoothly. That’s where the automotive industry can help.

In uncertain times, we need to find ways to adapt to our situation. We want to help you manage through this unprecedented period.

If there is one word to describe the automotive finance market in Q4 2019, it’s stable. By nearly every measure, the automotive finance market continued to move along at a good pace.

In the past 10 years, consumers begin purchasing convertibles as early as March.

According to Experian’s Q3 2019 State of the Automotive Finance Market report, used vehicle financing increased across all credit tiers.

Electric vehicles have 2.08 percent of total VIO share through September 30, 2019

The Experian Automotive Intelligence Engine™ enables dealers to find and reach potential customers

The average new vehicle loan hit $32,119 in Q2 2019. Average used vehicle loan amounts reached $20,156 in Q2 2019.

We’ve revamped the AutoCheck score, making it even easier to assess how a used vehicle measures up

Experian Boost provides a unique opportunity to help dealers build loyalty while helping consumers.

Pickups are the most common vehicle in operation at 20% share today and hold 16.5% of new vehicle registrations in the market in Q1 2019.

There are thousands of potential car buyers heading into dealerships and browsing websites for their next vehicle every day. And that means thousands of opportunities for automotive manufacturers to market their vehicles to prospective buyers. But not every vehicle is going to meet the needs and wants of every car buyer. So, how do automotive brand marketers reach the individuals most likely to be interested in their products? Simply put, it comes down to better understanding the brand’s audience. But, today’s digitally-driven world creates a significant challenge for brand marketers – the overreliance on mobile devices and digital channels creates hundreds of digital touchpoints for brand marketers to consider. But, the data also creates an opportunity. If automotive marketers can bridge the gap between online and offline touchpoints, they’ll be better positioned to develop messages that resonate with their desired audience and deliver communications through the most effective channels. The end result? More meaningful interaction with potential car buyers. To get there, automotive marketers need to consider these concepts: Navigate the identity resolution process The secret to a more relevant conversation begins and ends with knowing who you are addressing. People interact with brands through a variety of channels. For example, a person may see an advertisement for a new vehicle on their smartphone, later research the same vehicle at home on their desktop or on a mobile app and test drive the vehicle a few days later. The automotive marketer that can reconcile these three different interactions will be able to deliver relevant advertisements to the individual and cut down on wasted advertising spend. Knowledge-based identity resolution is what allows you to be smarter with your marketing. Present the right offer People are bombarded with hundreds, if not thousands, of advertisements daily. Automotive marketers need to cut through the noise and deliver messages that resonate with the target audience – whether it’s through e-newsletters, 30-second TV spots, banner ads or direct mail pieces. If automotive manufacturers miss the mark, it could lead to a frustrated consumer and poor brand reputation. For instance, an automotive marketer would not want to advertise the latest minivan to a couple who are empty nesters. Create customer loyalty It’s important to stay on top of current market statistics and data to fine-tune marketing campaigns. Vehicle ownership and purchase patterns can vary greatly in each market, and that means brands might need to fine-tune long-term loyalty strategies. A loyalty program that works in the Northeast might not work well for the Midwest market based on car buying patterns and the reasons behind owning a car. Data can help prioritize resources in areas with the highest potential for sales growth. Experian Marketing EngineTM helps automotive manufacturers engage customers across every channel while making the most of a marketing budget. It’s designed to seamlessly collect, consolidate and use customer data by connecting offline and online identifiers to create a single customer view. Experian’s North American Vehicle Database alone has over 11 billion records and over 900 million vehicles, of which over 68 million are Canadian vehicles. Marketing Engine leverages automotive specific insights, including vehicle purchase behaviors and ownership data, and combines that with other marketing data such as demographics and lifestyle interests. These automotive tools provide a more unified approach so that brands can make more informed decisions, gain and retain new customers, and drive sales. Learn more at https://www.experian.com/automotive/marketing.

Vehicle affordability is a hot topic in the auto industry and it hasn't gone unnoticed by consumers as data shows vehicle pricing continues to increase.