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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.
Although 2021’s continued focus is Americans learning to co-exist with COVID-19, automotive manufacturers and dealers will likely remember 2021 as the year of the chip. The semiconductor chip shortage is now expected to cost the global automotive industry $210 billion in revenue in 2021 and it is now forecasted that 7.7 million units of production will be lost in 2021, up from 3.9 million in the May forecast.1 Most experts agree that the shortage will likely extend into 2022. Chip Shortage Creates Additional Challenge for Dealers The current shortage in semiconductors has automotive manufacturers and dealers questioning whether to continue advertising or pull back. Some dealers view the increase in profits due to reduced inventory a signal to pull back on advertising spend. Other dealers, however, are thinking about long-term marketing strategy—and are continuing to advertise to help maintain brand exposure to customers. Foreword-thinking dealers and agencies should use this time to evaluate advertising strategies and plan for life after the chip shortage. Staying visible to customers in the interim is critical, so any advertising needs to be strategic in audience, medium and message. Here are three recommendations to help keep your brand in front of current and future consumers while using marketing dollars wisely. Identify Your Audience: Be Sure to Market to the Right People Knowing which consumers are most likely to purchase your vehicles is a key element of targeting with the promise of saving money by marketing only to those who are most likely to result in a sale. By evaluating prior purchase, demographic, and psychographic trends, including specific life events, dealership marketers can more effectively pinpoint demand as well as foster positive relationships. For example, knowing that a consumer recently added a new child to the family would be a great reason to send a coupon or make a call. Experian’s Automotive Intelligence Engine™ (AIE) will send “events” to your CRM to alert you of life events that can help develop and deepen relationships that lead to future vehicle sales. Additionally, AIE’s Market Insights enable dealers to grow market share by identifying the best prospects and matching them with the right messages. Strategically targeting both conquest and loyal customers with appropriate messaging keeps consumers engaged so they will remember your brand when they buy next. Leverage Your Brand Reputation Keeping your brand front and center has been the cornerstone of your marketing efforts and that shouldn’t change. Much like looking at family photos or reading an article about your favorite team, exposure to positive advertisements reinforces a consumer’s relationship with your brand. Whether the goal is to leverage your OEM driven brand awareness or support the consumer relationship with your dealership, positive messages from local dealers perpetuate ongoing loyalty. Experian’s Automotive Intelligence Engine generates powerful marketing strategies and efficient data-driven, omni-channel media plans with engaging, brand-specific messaging direction that resonates with consumers. Dealers and agencies use AIE to generate custom marketing plans that leverage data-driven market analysis, strategic audience creation, and powerful marketing strategy, creating messages that effectively reach the right prospects, with the right message, on the right channel. This end-to-end solution will reach consumer mailboxes, inboxes, screens, and computers where your best audiences spend their time. Continue to Foster a Positive Relationship with Consumers Marketing is more than selling a story. Marketing initiates the consumer experience, especially in the digital world. From effective OTT ads to strategic social posts, successful dealerships often put their relationship with the community at the heart of their message. Simple images of your dealership delivering meals to local first responders and essential workers or posts showing the local high school marching band loading instruments into one of your trucks can convey a strong sense of community pride to your brand. This sort of promotion impacts future consumer purchases well beyond any chip shortage. While the chip shortage has had a profound impact on how dealerships approach vehicle acquisition, price structures and marketing, it will eventually be resolved. The decisions you make now can have a big impact on your success when the shortage ends. Learn more about Experian’s Automotive Intelligence Engine™ (AIE). https://www.cnbc.com/2021/09/23/chip-shortage-expected-to-cost-auto-industry-210-billion-in-2021.html
Shri Santhanam, Executive Vice President and General Manager of Global Analytics and Artificial Intelligence (AI) was recently featured on Lendit’s ‘Fintech One-on-One’ podcast. Shri and podcast creator, Peter Renton, discussed advanced analytics and AI’s role in lending and how Experian is helping lenders during what he calls the ‘digital lending revolution.’ Digital lending revolution “Over the last decade and a half, the notion of digital tools, decisioning, analytics and underwriting has come into play. The COVID-19 pandemic has dramatically accelerated that, and we’re seeing three big trends shake up the financial services industry,” said Shri. A shift in consumer expectations More than ever before, there is a deep focus on the customer experience. Five or six years ago, consumers and businesses were more accepting of waiting several days, sometimes even weeks, for loan approvals and decisions. However, the expectation has dramatically changed. In today’s digital world, consumers expect lending institutions to make quick approvals and real-time decisions. Fintechs being quick to act Fintech lenders have been disrupting the traditional financial services space in ways that positively impacts consumers. They’ve made it easier for borrowers to access credit – particularly those who have been traditional excluded or denied – and are quick to identify, develop and distribute market solutions. An increased adoption of machine learning, advanced analytics and AI Fintechs and financial institutions of all sizes are further exploring using AI-powered solutions to unlock growth and improve operational efficiencies. AI-driven strategies, which were once a ‘nice-to-have,’ have become a necessity. To help organizations reduce the resources and costs associated with building in-house models, Experian has launched Ascend Intelligence Services™, an analytics solution delivered on a modern tech AI platform. Ascend Intelligence Services helps streamline model builds and increases decision automation and approval rates. The future of lending: will all lending be done via AI, and what will it take to get there? According to Shri, lending in AI is inevitable. The biggest challenge the lending industry may face is trust in advanced analytics and AI decisioning to ensure lending is fair and transparent. Can AI-based lending help solve for biases in credit decisioning? We believe so, with the right frameworks and rules in place. Want to learn more? Explore our fintech solutions or click below. Listen to Podcast Learn more about Ascend Intelligence Services
When we look at how automotive manufacturers and dealers have marketed vehicles over the last few decades, we can see how through every decade, and every learning, it has led to data-driven marketing strategies that are powering success today. Let’s take a look: Strategic marketing in the 1990’s In the 1990’s dealership marketing included mainly newspaper and radio advertisements complimented by occasional direct mail pieces mailing to every home in a zip code. OEMs purchased ad time on popular Television and their dealer associations and local dealers had an option to do the same. Because the 1990’s was the age of “mass media,” marketing was based off geography. There was less attention on channel or audience and a good deal of spending! Cars were sold. Strategic marketing in the 2000’s The new millennium brought advancements in computers and databases. Dealerships explored the exciting world of internet promotion and email marketing and continued using traditional newspaper, radio and television to drive traffic. mail programs such as the “scratch and win” or the “key to a car you can win” efforts were common, resulting in massive mail-based marketing campaigns. Then came 2008, when many dealers drastically cut back on spending and were focused mainly on surviving the Great Recession. As we all know, many dealers, and even vehicle makes, did not. Strategic marketing in the 2010’s In the beginning of the decade, manufacturers and dealers were still recovering from the recession but were slowly feeling more optimistic about the economy. If there is one thing the industry learned from the recession, it was to be much more strategic when it came to spending. During this decade, ad technology advanced, as did the ability to evaluate marketing spend. Dealers became aware of the true cost of their traditional marketing ways and embarked on new paths of marketing to a smaller but more specific audience. Equity mining and greatly advanced revolutionized the direct mail and related online arena. As the decade drew to a close, marketers leveraged solutions where merge fields enabled customization and personalization for both direct mail and email marketing. With the ability to deliver massive volumes at a lower cost, email blasts grew in popularity. Social media platforms emerged as a force, and dealers experimented to invent new ways to leverage them. Television marketing underwent a massive facelift as consumers left cable for streaming services resulting in new advertising strategies such as addressable and connected TV, OTT (Over The Top) advertising. Strategic marketing in 2020 2020 will forever be remembered as the year of the pandemic. In automotive marketing, it was also the year of reinvention! With many showroom closures, dealers and OEMs found themselves with a reduced advertising budget and a greater need to find more targeted audiences with more effective marketing messaging. How do I master my market share? Who is in-market for my vehicles? How is my website performing? Which customers are in equity? Which customers have added a child to the household? How do I reach them in a digital world? This is where Experian has helped both manufacturers and dealers. Experian’s automotive marketing solutions help marketers utilize vehicle, consumer, lender, and market data to leverage market insights, target the right audience, develop effective messaging strategies, and measure outcomes to continually optimize results. Over the last four decades, automotive marketing strategies have become much more data driven, so having a solution that uses data insights to help retain loyal customers and win new conquest customers, all while reducing total marketing spend, is a key requirement for success in this decade…and beyond. If you're a marketer at a Dealership, learn more about our marketing solutions here. If you're an Auto OEM marketer, learn more about our marketing solutions here.
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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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