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Creating a Safe Car-Buying Experience: A Key Could Be Vehicle History

Published: May 26, 2020 by Kirsten Von Busch

Woman shopping online using tablet and mobile phone

The automotive industry has experienced its fair share of disruption over the years. And now, dealers are grappling with the latest, caused by COVID-19. As dealers and the rest of the industry navigate these uncertain times, there is still a lot that is unknown—how long the pandemic will last, its long-term impact on sales, as well as what effects this could have on consumer behavior moving forward.

In the more immediate term, recent Experian research on nationwide and local market trends showed dealers’ sales during the week of May 11 dropped 36 percent compared to the prior year. Separately, we also surveyed the general population to help businesses, including dealers, better understand shifting consumer sentiment as it relates to COVID-19. As of May 25, 15 percent of respondents are still considering buying a new vehicle within the next few months. Of those, 52 percent plan to continue their purchase as planned. All of this to say, the market has changed. But even amid these shifts, many consumers are in market for a vehicle—those coming off lease or experiencing car trouble, or perhaps those who’ve decided to avoid public transportation. How can dealers ensure they provide vehicle shoppers with the right resources and information in a safe manner?

Long before the pandemic, vehicle history reports were an integral part of the used car buying experience. They provide information to help car shoppers assess vehicle history events that could affect the safety of a vehicle and gain insight into details that may factor into a car-buying decision, such as reported accidents, odometer readings, title brands, and open recalls. And now, with more people staying home and unable to see vehicles in-person, dealers need to make the online car shopping process as transparent as possible. That means making vehicle history information easily accessible within their online listings.

By providing key vehicle history information, dealers can address many questions upfront. How many previous owners? Was the vehicle part of a fleet? Were there any vehicle incidents? Is there an open recall? Each reported event gives used vehicle shoppers a glimpse into your vehicle.

Vehicle history reports create a more complete picture of the vehicle a consumer is looking at online. Experian recently collaborated with CarZing to ensure that dealers are able to include information like this with each listing. Dealers listing inventory on CarZing can include information from Experian’s AutoCheck vehicle history reports alongside other details, such as images, price, etc. While an online shopping experience can never completely replicate a dealership visit, providing key vehicle history reported information as part of an online listing provides more context and comfort for the consumer move ahead in the process.

We don’t know when the pandemic will end, but we do know safety will remain top of consumers’ mind. Ensuring that in-market car shoppers have a safe and convenient way to explore all options available to them will be a key to manage through this difficult time. The inclusion of vehicle history information on online listings is a step closer to making a sale. Providing transparency upfront sets the tone for successful long-term customer relationships.

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Published: March 1, 2025 by Jon Mostajo, test user

Electric vehicle (EV) registrations are re-gaining momentum as a wave of more affordable models hit the market, pushing more consumers than ever to make the transition. According to Experian’s State of the Automotive Finance Market Report: Q3 2024, EVs made up 10.1% of new vehicle financing this quarter, increasing more than 30% from last year. Furthermore, 45% of EV consumers leased their vehicle in Q3 2024—resulting in EVs accounting for 17.3% of all new vehicle leasing. Of the top five transacted EV models this quarter, Tesla accounted for three—with the Tesla Model Y leading at 31.8%, followed by the Tesla Model 3 (14.3%) and Tesla Cybertruck (4.9%). Rounding out the top five were the Ford Mustang Mach-E (3.9%) and Hyundai IONIQ 5 (3.7%). Interestingly, data in the third quarter of 2024 found that consumers’ financing decisions vary based on the EV model they’re looking at. For example, 76.5% of consumers purchased the Tesla Model Y with a loan and 13.1% opted for a lease; on the other hand, only 8.5% of consumers bought the Hyundai IONIQ 5 with a loan and 78.7% chose to lease. Despite the rising interest in leasing as more incentives and rebate programs roll out, some consumers still prefer to purchase their EV with a loan. Understanding financing patterns based on different models is key for professionals as they cater to the diverse preferences and determine the long-term viability of certain EVs and their potential for leasing renewals. Snapshot of the overall vehicle finance market As the finance market continues to stabilize, it’s notable that the average interest rate for a new vehicle fell year-over-year, going from 7.1% to 6.6%, respectively. However, average new vehicle loan amounts increased $736 from last year, reaching $41,068 in Q3 2024, and average monthly payments went from $732 to $737 in the same time frame. On the used side, average interest rates saw a slight uptick to 11.7% in Q3 2024, from 11.6% last year. Meanwhile, the average loan amount dropped from $1,195 over the last year to $26,091 this quarter and the average monthly payment declined from $538 to $520 year-over-year. With the overall market shifting and EVs re-sparking interest, automotive professionals should leverage how consumers are purchasing their vehicles based on average payments and the fuel type as more incentives are being offered. Monitoring these insights can unlock opportunities for tailored financing solutions that meet the needs of consumers as preferences continue to evolve. To learn more about automotive finance trends, view the full State of the Automotive Finance Market: Q3 2024 presentation on demand.

Published: December 5, 2024 by Melinda Zabritski

Quick Answer: A new consumer survey reveals that 90% of survey respondents would like to have more than one Vehicle History Report when shopping for a used car. Offering an Experian AutoCheck® VHR as a second Vehicle History Report is a smart, simple strategy to help you close more deals.   In today’s used car market, standing out from the crowd is more important than ever. As buyers become savvier and more informed, dealerships need to find new ways to build trust and close sales. One simple yet effective strategy? Offering a second Vehicle History Report (VHR) to your customers. Why VHRs Matter So Much Let’s face it—buying a car is a big deal. Most people don’t just walk onto a lot and pick the first car they see. They do their homework, and a big part of that research involves Vehicle History Reports. In fact, a recent survey found that 70% of people used a VHR the last time they bought a car. And it’s not just a one-time thing—83% of buyers say they’ll use a VHR for their next purchase too. Why? Because these reports provide crucial details like accident history, mileage accuracy, and service records that give buyers confidence in their decisions. The Case for Offering Multiple VHRs Here’s something that might surprise you: 90% of surveyed car buyers said they’d like to see more than one VHR when shopping for a used car. Think about that for a second. People want that extra layer of reassurance that only comes from cross-checking information. This is especially true for those who prefer buying from dealerships—these customers expect comprehensive, reliable data before they make a decision. How Multiple VHRs Can Give Your Dealership an Edge So, what’s the big deal about offering more than one VHR? It’s all about trust and transparency. Just like banks look at multiple credit reports before approving a loan, offering multiple VHRs can help you provide a fuller, more accurate picture of a vehicle’s history. This can reduce your liability and protect your dealership’s reputation. We have done some digging into this, and the results are eye-opening. For instance, in one case study, a dealership found additional damage events through an Experian AutoCheck® VHR that weren’t picked up by other VHRs. This kind of discrepancy shows just how valuable it can be to provide that second report—it helps ensure that all the facts are on the table, which protects both you and your customers. Meeting and Exceeding Customer Expectations Here’s something else to keep in mind: people expect dealerships to go the extra mile. The survey found that 86% of used car buyers believe VHRs should be provided for free by the dealership. By offering multiple reports at no additional cost, you’re not just meeting their expectations—you’re exceeding them. And that’s a surefire way to boost customer confidence, satisfaction, and, ultimately, your sales. What You Can Do Today Offering a second Vehicle History Report is a smart, simple strategy to help you close more deals. It shows your customers that you’re committed to transparency and that you care about providing them with all the information they need to make a confident decision. In a competitive market, it’s the little things like this that can make a big difference. Your customers—and your bottom line—will thank you. Experian Automotive is here to help you with your vehicle history data needs.  If you’d like to learn more about our AutoCheck solution and how we can support you, click below to have someone from our team contact you.

Published: September 16, 2024 by Kirsten Von Busch

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