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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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Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
It’s time for organizations to harness the power artificial intelligence (AI) can bring to digital identity management – quickly and accurately identifying consumers throughout the lifecycle. The rise in crime The acceleration to digital platforms created a perfect storm of new opportunities for fraudsters. Synthetic identity fraud, stimulus-related fraud, and other types of cybercrime have seen huge upticks within the past year and a half. In fact, the Federal Trade Commission revealed that consumers reported over 360,000 complaints, resulting in more than $580 million in COVID-19-related fraud losses as of October 2021. To protect both themselves and consumers, businesses — especially lenders — will have to find and incorporate new strategies to identify customers, deter fraudsters and mitigate cybercrime. The benefits of AI for digital identity In our latest e-book, we explore the impacts of AI on organizations’ digital identity strategies, including: How changing consumer expectations increased the need for speed The challenges associated with both AI and digital identities The path forward for digital identity and AI How to develop the right strategy Building a solution It’s clear that current digital identity and fraud prevention tools are not enough to stop cybercriminals. To stay ahead of fraudsters and keep consumers happy, businesses need to look to new technologies — ones that can intake and compute large data sets in near-real time for better and faster decisions throughout the customer lifecycle. By using AI, businesses will enjoy a fast and consistent decisioning system that automatically routes questionable identities to additional authentication steps, allowing employees to focus on the riskiest cases and maximizing efficiency. Read our latest e-book to dive into the ways artificial intelligence and digital identity interact, and the benefits a clear identity strategy can have for the entire user journey. Download the e-book
Generation Z has money on their minds, and as their appetite for personal finance grows, financial institutions better be ready. Accounting for 40% of all U.S. consumers, Gen Z is comprised of digital natives with little to no memory of the world as it existed before smartphones, social media and the internet. Aside from growing up in a tech-saturated world, Gen Zers are also socially conscious and determined to take control of their financial futures. According to Credit Union Times, Gen Zers wield a purchasing power of more than $143 billion, which is projected to increase by more than 70% in the next five years. What do these insights mean for financial institutions? As the newest and soon-to-be largest cohort of consumers, Gen Zers represent an enormous opportunity for growth. While establishing a relationship with Gen Z now is key to creating lifelong customers, the same approaches used to capture previous generations may not be as effective with this younger cohort. To successfully reach and acquire Gen Z consumers, financial institutions must recognize their unique needs, preferences and experiences. Here are some key trends and preferences to consider: They live and breathe social media. According to Mintel, 99% of Gen Z adults and teens are active social media users. Despite this percentage of Gen Zers on social media, credit card issuers spent 94% of their media budget on direct mail from January 2019 to May 2021. This highlights the need for financial institutions to recognize social media as a powerful and necessary marketing vehicle. As a fast-growing consumer group with massive spending power, Gen Z makes for valuable customers, but are being missed by current marketing strategies. While direct mail is popular among millennials, financial institutions must recognize Gen Z’s preference for social media and pivot themselves to effectively reach them. By leveraging both social media and direct mail, financial institutions can dramatically increase their reach and acquire a wider pool of consumers. They want to be financially literate. Concepts like budgeting, investing and credit building can seem daunting to Gen Zers, especially if they lack the proper guidance and resources to get started. According to a NerdWallet survey, 41% of Gen Zers feel anxious about their personal finances, while 40% feel nervous and confused. To add onto their worries, older Gen Z members may have witnessed their parents struggle financially during the Great Recession or have seen millennials burdened with student loan debt. For fear of facing the same challenges as their predecessors, Gen Zers have shown great interest in taking control of their financial lives and becoming financially literate. In response to this desire for financial education, many banks and credit card issuers have taken an educational approach in their marketing by using infographics and ‘how-to’ guides to teach Gen Z about the basics of personal finance. Offering educational resources not only gives Gen Zers the confidence to make financial decisions, but it gives financial institutions the opportunity to build an early connection with this consumer group. Many banks and credit card issuers are also positioning themselves as companies Gen Zers can “grow with.” By not limiting their products to a specific life stage, these financial institutions seek to grow alongside the consumer so that they remain loyal customers even when their needs and lifestyles change. They care about what brands stand for. According to Mintel Trend Buydeology, Gen Z consumers are passionate about the causes close to their hearts and are more likely than other generation to pay a higher price for brands that support the causes they care about. With this in mind, financial institutions must prove they are authentic, socially responsible and committed to serving their communities. To resonate with Gen Z consumers and align with their preferences, financial institutions should educate themselves about social issues, take part in meaningful discussions both on and offline, and develop innovative strategies to drive real impact and change. Ready to win over Gen Z? Financial institutions have a massive opportunity to build lasting relationships with Gen Z consumers and having a pulse on what this fast-growing segment wants is a must. To learn more, check out our efforts to help marginalized and underserved communities or join our upcoming webinar on November 3, 2021. Learn more Register for webinar
You can’t open an automotive magazine or listen to a podcast without some sort of reference to electric vehicles (EVs). As the industry looks to move toward more sustainable fuels, EVs are making quite a splash. But how does that hype compare with the numbers? In Experian’s Automotive Market Trends Review: Q2 2021, we looked at the data to better understand EV and internal combustion engine (ICE) registration trends. EV registration sees significant growth Through the first half of 2021, electric vehicles comprise just 0.43% of all of vehicles in operation. But that small number has seen significant growth year-over-year. From January – June 2021, EVs made up 2.4% of all new vehicle registrations—which is 117.4% growth year-over-year. While it will come as no surprise to anyone that Tesla was the dominant brand of all registered EVs, what may be surprising is that its share is decreasing. Through Q2 2020, Tesla held 79.5% of EV registrations, but that has dropped to 66.3% a year later. The difference is due to gains by brands like Chevrolet, which grew from 8.3% to 9.6% year-over-year, along with growth from Ford (5.2%), Nissan (3.9%) and Audi (3.3%). With numerous brands promising new EV models in the coming years, market share will be an interesting trend to monitor. ICE registration trends Despite significant growth in the EV market, the reality is, ICEs still made up 97.63% of new vehicle registrations in Q2 2021 and will continue to take up the lion’s share for some time, even as more EV models are introduced. Taking a closer look at the data, we see that Toyota makes up the largest share of new vehicle registrations through the second quarter, making up 13.8% of new vehicle registrations, followed by Ford (11.2%) and Chevrolet (10.5%). Crossover vehicles (CUVs) and SUVs continue to be the most popular vehicle segment, growing from 49.5% in Q2 2020 to 53.4% in Q2 2021. The other two most popular segments, sedans and pickups, saw year-over-year decreases. Sedans decreased from 19.4% of new vehicles registered in Q2 2020 to 18.5% in Q2 2021, while trucks declined from 19.9% to 17.3% in the same time frame. Understanding audiences to market more effectively Since EVs will remain a small percent of the mix, it's even more important to understand what's unique about the consumers who are inclined to purchase them. Leveraging data-based solutions that help identify propensities toward specific vehicle types, such as EVs, can help marketers create messaging that resonates with these consumers, ultimately resulting in a higher return on ad spend. To learn more about EV and other vehicle registration trends watch the full Automotive Market Trends Review: Q2 2021 webinar.
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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.