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This is the pull quote block Lorem Ipsumis simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s,
ExperianThis is the citation
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ExperianThis is the citation
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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.
Millions of consumers lack credit history and/or have difficulty obtaining credit from mainstream financial institutions. As a result, the use of expanded Fair Credit Reporting Act (FCRA) – or alternative – data has continued to gain popularity among lenders and financial intuitions to enrich decisions across the entire lending lifecycle to meet the financial needs of their consumers. Experian presented in a recent webinar hosted by AFSA, where Alpa Lally, Vice President of Product Management, and David Elmore, Automotive Solutions Consultant, had a chance to speak about the benefits of FCRA data, and ways lenders can leverage this data to ease access to credit for “invisible” and below prime consumers. Watch the full webinar, “FCRA Data: The Key to Unlocking Credit Universe” and learn more about: How expanded FCRA data is being used throughout the lending lifecycle The benefits of leveraging FCRA data including providing a more holistic view of a consumer’s credit profile and behavior beyond financial services, leading to smarter, more informed lending decisions The lift FCRA data can offer when augmented with traditional credit data This webinar is a part of AFSA’s partner webinar series. To learn more about FCRA data and explore related content, please visit our FCRA Alternative Credit Data Resources Page. Learn More About FCRA-Alternative Credit Data
Have you ever wanted to ask a customer to sign an AutoCheck vehicle history report to indicate they have received and reviewed the report and they are aware of the status of the vehicle they are purchasing? You could keep a signed copy of the AutoCheck report in the physical deal jacket for the vehicle sale or scan it into your online document system for future reference. Now You Can! We have recently made an enhancement to allow you this exact flexibility. When activated, the Customer Signature section will display on the AutoCheck report after the Glossary and before the Terms and Conditions section. You have the option to activate the customer signature line can by rooftop, for each individual, authorized Fast Link integration point. This additional feature provides your dealership with the following benefits: Consumer transparency regarding vehicle history. Dealership brand reputation protection as the consumer physically signs off on the VHR for the pre-owned vehicle they are purchasing. Dealership flexibility to include, or not include, the customer signature by individual, subscribing AutoCheck rooftop. Dealership flexibility to include, or not include, the signature line by integration point. For example, perhaps you would like the customer signature line to display and print on reports accessed from a consumer portal shopping site, but not on reports accessed from your internal, inventory management system. Already an AutoCheck Member? Contact us or call us at 1.888.409.2204 to activate this feature today! Not an AutoCheck subscriber? Contact us to gain the benefits of becoming an AutoCheck client.
As lenders and consumers emerge from the pandemic, predicting the attributes of the “new normal” will be difficult. Consumer demand, credit characteristics and economic conditions have all been affected by the pandemic – changing the way we think about doing business. Regulators and legislators have also developed new priorities and expectations for financial institutions. Clint Ivester, Experian’s Solutions Consultant and VP of Sales, joined Lee Gilley and Jonathan Kkolodziej, Partners for Bradley, to share their observations from the past year at AFSA’s 2021 Independents Conference. They also discussed recommendations financial institutions should consider to achieve the best possible posture with respect to compliance and business readiness. Here are a few Q&A highlights: Q: How are stimulus packages and increased government spending affecting economic conditions? A: [Ivester]: Our Experian forecast shows that the economy will grow 6% in 2021. That is well above the 2.5% average we have seen over the last four decades and highest rate since 1983. While the economy is oriented toward growth, how strong that growth is going to be will really depend on how well things go when the “training wheels” are taken off, how robust the recovery is for lower-income workers, and how consumer spending habits have been altered by the pandemic. *Data sources include Bureau of Economic Analysis and Experian’s “COVID-19 Economics Scenarios” April 2021 Report Q: How should businesses be assessing future consumer demand, conditions, and broader economic conditions over the next few quarters? A: [Ivester]: To answer this question, we should consider some factors including unemployment. What happens with lower income workers will have a big impact on where consumer spending goes post-stimulus. While the overall economy is set for solid growth there are still 8 million people out of work with the vast majority being lower income workers. Employment for lower income workers is still down more than 20%. These workers are set to lose the most by the phase out of the federal pandemic unemployment programs and are the highest risk to lose all unemployment benefits. However, if we see a strong jobs recovery – as is very possible – in bars, restaurants, hotels and other industries, these individuals will return to more normal spending habits and consumer spending should remain robust. *Data source includes Opportunity Insights Economic Tracker Watch the full session to hear more about the discussion. For more resources and content on this topic, please visit our Look Ahead Resources page or contact us for more information.
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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.