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of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum
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Earlier this year, I explored the potential impact of the end of the current Public Health Emergency (PHE). The U.S. federal government has been operating under a PHE for COVID-19 for more than 30 consecutive months since it was initially announced in January 2020. On July 15, 2022, this PHE was renewed for a tenth time. Following this latest extension, the Centers for Medicare & Medicaid Services (CMS) has released a roadmap for the end of the COVID-19 PHE. In a related blog, they reiterate the commitment to provide a 60-day notice prior to the end of the PHE, but urge states and healthcare providers to prepare for the end “as soon as possible.” With these upcoming changes in mind, I wanted to review key areas for providers to consider as they prepare for the end of the PHE. Enrollments continue to increase, putting state budgets at risk From the start of the PHE in February 2020 through April 2022, Medicaid/Children’s Health Insurance Plan (CHIP) enrollment has increased by more than 17M people and this is affecting every state. Nearly half of all states have experienced an increase of more than 25% during this time period, with some experiencing increases of more than 40%. Given an average Medicaid cost to states of more than $8.4K per capita, that translates to an increase of billions of dollars. Once the PHE expires, states will have 12 months to redetermine eligibility for continued enrollment in the program, or risk bearing 100% of the associated cost. Preparing for the end of the PHE To avoid unnecessary expenditures and ensure that citizens are receiving access to the correct services, states will have to conduct a holistic review of their Medicaid rolls to confirm eligibility. In CMS’s guidance for states to prepare for the end of the PHE, they recommend creating an automated process to handle this unprecedented review. With the right partner, agencies can perform redeterminations of their existing registration rolls, and prepare for future services requests. The right solution can allow citizens to easily apply for benefits, triggering the automatic, real-time pull of income and employment information so that the agency can verify eligibility. Experian is a trusted government partner that is ready to assist states with preparing and automating the process for redetermination of benefits. To learn more about how Experian can assist with citizen benefit redetermination and registration efforts, visit us or request a call. Learn more
To help your marketing dollars go further in 2022, developing multichannel strategies that more efficiently incorporate both traditional and online consumer audiences is key to more effective campaigns. Doing this well requires marketers to understand your consumers and how they best respond to marketing, including what channel (direct mail, email, OTT banner ads) or what message (vehicle reliability, value for dollar, celebrity endorsement) works best. Working with the right partner for audience insights enables you to segment audiences and filter for automotive criteria that drive more targeted, segmented marketing. What are traditional audiences? In most cases, traditional (sometimes referred to as offline) audiences include consumers reached through radio, standard TV, billboards, text, direct mail, or phone calls. To fulfill any traditional audience strategy, a dealer or agency requires consumer Personally Identifiable Information (PII) such as name, email address, mailing address, or phone number. Traditional marketing has also been called direct marketing when the marketing is sent specifically to a home address, email address, or phone number. For instance, when utilizing direct mail, automotive marketers require the most up-to-date consumer information to ensure they reach the correct mailbox. To reduce cost and personalize the marketing experience, the best marketers utilize audience sources based on strong data sets unique to the automotive world. For example, targeting consumers driving a particular vehicle or nearing the end of their lease is more effective than just sending a generic message to an entire geographic area. Even with the explosive growth of digital marketing, direct marketing remains relevant. Consumers still respond and use offers sent to their mailboxes, and personalized mailers still result in vehicle sales or service appointments. While there is a higher cost per thousand than digital marketing, direct marketing still earns an essential place in the automotive retail media mix. What are online audiences? Online audiences are typically consumers reached through 0ver-The-Top (OTT) advertising, banner ads, or addressable TV. When using these marketing channels, PII is not needed. Online marketing can encompass many different methods to reach customers, including social media, email, websites, blogs, and search engine traffic. Nearly every business will benefit from online marketing because it's a great way to reach people where they already are—online. Online marketing has grown in a digital world where so many people rely on their cell phones to organize their day, conduct research, and communicate with the world. According to Tech At Last, “most households now have between 5 and 10 screens. Those numbers include tablets, PCs, notebooks, smartphones, and televisions. These devices include any screen that enables users to watch or read content.1 Audience modeling can help simplify the chaos of digital channel segmentation Utilizing digital channels allows marketers to reach consumers where they increasingly spend their time. Whether it is their Inbox, streaming service, social media, or other digital platforms, knowing consumer preferences makes the marketing experience more meaningful. In other words, capitalizing on audience modeling to determine the best channel and how the consumer engages with the channel can make all the difference. For example, to showcase your new Hybrid, you may not want your video advertising shown on a YouTube channel about construction! The same commercial would resonate far better on a channel with DIY or gardening shows. To best capitalize on addressable TV, 0ver-The-Top advertising, or banner ads, marketers should work with an audience provider who can identify targeted segments based on psychographic, demographic, and geographic data allowing for more effective marketing. Look for a provider like Experian Automotive that can deliver a robust database, extensive consumer insights, and deeply established partnerships for audience activation (social media or TV), allowing your marketing dollars to work harder with extended reach. Whether you are looking to reach consumers online or traditionally, reaching the right consumers with the right message on the right channel is always the goal. To achieve this, working with a third party for audiences built on clean data is necessary. If you can segment the audiences or filter for automotive criteria, your marketing dollars and messaging will go farther! 1TechAtLast (2014) The Average Number of Screens in a Home Has Increased
I love the random “National” holidays that are popping up. Did you know we recently celebrated National Chocolate Chip Cookie Day? It’s no 4th of July or Labor Day, but I love cookies, so I’m gonna roll with it. Today, we will chat about Identity Resolution in relation to strategic marketing. So, believe it or not, I’m going to tie in Identity Resolution to chocolate chip cookies! (By the way, if you haven’t read my last two blogs, this is a trend! Check it out:) Use Data Insights for an Eagle’s Eye Approach to Marketing (National American Eagle Day) Building the Perfect Audience is Like Building the Perfect Burger (National Hamburger Month) What is identity resolution? Identifying who you want to target as part of a strategic marketing campaign is critical as a marketer in the auto industry. Experian defines this process as identity resolution or “the ability to stitch together and unify the names, addresses, emails, device IDs, cookies (not the yummy kind), and other identifiers associated with customers.” Today’s marketers risk working with outdated, fragmented, or incomplete data without proper identity resolution, which correlates to inefficient campaign targeting and wasted marketing dollars. So, let’s use baking a chocolate cookie as an example. For the perfect cookie, you need flour, white sugar, brown sugar, salt, baking soda, butter, vanilla, eggs, and chocolate chips. There are a lot of ingredients, and you need all of them to make a complete cookie. When it comes to targeting consumers, let’s say you only have fragmented pieces of customer information for a woman who bought a car from you (partial ingredients). You have her name, the address where she lived when she purchased the car, and what looks like a work email address (that has bounced). So, it’s like having the flour, eggs, and sugar for your cookie! But you need the rest of the ingredients for the recipe, and you need to confirm whether any key ingredients have expired or “gone bad.” Or you may have customers you know through analytics who have visited a dealer or OEM website, but you can’t track them down further. You have an electronic footprint but no other identifying data. So, you have the critical ingredient like flour, but it’s not necessarily super helpful unless you have other pieces to complete the recipe. Find the missing ingredients with identity resolution solutions Marketers need to utilize solutions like data hygiene, database management, additional data append, digital identity resolution (to link anonymous online IDs to data assets), and identity graphs to help create a complete view of their customers and prospects. In other words, some solutions can help bring all the ingredients together to make a “whole” cookie or a “whole” customer. You’re ready—add the chocolate chips and bake! I realize that identity resolution can be complicated, so we’ve written a resource with examples/scenarios and the corresponding solutions that can help resolve typical challenges. Download a complimentary copy of Identity Resolution: Helping marketers deliver personalized communication for life. At Experian Automotive, we are experienced in unifying fragmented data points across offline and online touchpoints to create a complete view of your best auto customers and prospects. Feel free to reach out to discuss our solutions or to share your favorite chocolate chip cookie recipe.
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With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.
The automotive industry is constantly changing. Shifting consumer demands and preferences, as well as dynamic economic factors, make the need for data-driven insights more important than ever. As we head into the National Automobile Dealers Association (NADA) Show this week, we wanted to explore some of the trends in the used vehicle market in our Special Report: State of the Automotive Finance Market Report. Packed with valuable insights and the latest trends, we’ll take a deep dive into the multi-faceted used vehicle market and better understand how consumers are financing used vehicles. 9+ model years grow Although late-model vehicles tend to represent much of the used vehicle finance market, we were surprised by the gradual growth of 9+ model year (MY) vehicles. In 2019, 9+MY vehicles accounted for 26.6% of the used vehicle sales. Since then, we’ve seen year-over-year growth, culminating with 9+MY vehicles making up a little more than 30% of used vehicle sales in 2024. Perhaps more interesting though, is who is financing these vehicles. Five years ago, prime and super prime borrowers represented 42.5% of 9+MY vehicles, however, in 2024, those consumers accounted for nearly 54% of 9+MY originations. Among the more popular 9+MY segments, CUVs and SUVs comprised 36.9% of sales in 2024, up from 35.2% in 2023, while cars went from 44.3% to 42.9% year-over-year and pickup trucks decreased from 15.9% to 15.6%. 2024 highlights by used vehicle age group To get a better sense of the overall used market, the segments were broken down into three age groups—9+MY, 4-8MY, and current +3MY—and to no surprise, the finance attributes vary widely. While we’ve seen the return of new vehicle inventory drive used vehicle values lower, it could be a sign that consumers are continuing to seek out affordable options that fit their lifestyle. In fact, the average loan amount for a 9+MY vehicle was $19,376 in 2024, compared to $24,198 for a vehicle between 4-8 years old and $32,381 for +3MY vehicle. Plus, more than 55% of 9+MY vehicles have monthly payments under $400. That’s not an insignificant number for people shopping with the monthly payment in mind. In 2024, the average monthly payment for a used vehicle that falls under current+3MY was $608. Meanwhile, 4-8MY vehicles came in at an average monthly payment of $498, and 9+MY vehicles had a $431 monthly payment. Taking a deeper dive into average loan amounts based on specific vehicle types—as of 2024, current +3MY cars came in at $28,721, followed by CUVs/SUVs ($31,589) and pickup trucks ($40,618). As for 4-8MY vehicles, cars came in with a loan amount of $22,013, CUVs/SUVs were at $23,133, and pickup trucks at $31,114. Used 9+MY cars had a loan amount of $19,506, CUVs/SUVs came in at $17,350, and pickup trucks at $22,369. With interest rates remaining top of mind for most consumers as we’ve seen them increase in recent years, understanding the growth from 2019-2024 can give a holistic picture of how the market has shifted over time. For instance, the average interest rate for a used current+3MY vehicle was 8.0% in 2019 and grew to 10.2% in 2024, the average rate for a 4-8MY vehicle went from 10.3% to 12.9%, and the average rate for a 9+MY vehicle increased from 11.4% to 13.8% in the same time frame. Looking ahead to the used vehicle market It’s important for automotive professionals to understand and leverage the data of the used market as it can provide valuable insights into trending consumer behavior and pricing patterns. While we don’t exactly know where the market will stand in a few years—adapting strategies based on historical data and anticipating shifts can help professionals better prepare for both challenges and opportunities in the future. As used vehicles remain a staple piece of the automotive industry, making informed decisions and optimizing inventory management will ensure agility as the market continues to shift. For more information, visit us at the Experian booth (#627) during the NADA Show in New Orleans from January 23-26.
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typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.