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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.
With 2020 officially in the rearview mirror, it’s unbelievable to think about all that occurred. Most notable was COVID-19, and its dramatic impact on multiple areas of the industry—from production shutdowns to an overall reduction in registrations. But among those changes, some other trends emerged, driven by a continued shift in consumer preferences. Let’s take a closer look at how the industry fared during the year. COVID-19's impact on new registrations The coronavirus pandemic hit the industry hard in the second quarter of the year, with light duty new vehicle registrations dropping to 0.76 million in April, an 11-year low. When that occurred, there were numerous conversations about what the recovery would look like. The industry rebounded fairly quickly, in the grand scheme of things. Light duty new registrations reached 1.35 million in August, a more expected volume. However, we continued to see the impacts of COVID-19 as the year progressed, with December closing out at a weaker rate of 1.3 million new registrations, compared to last year when it was 1.42 million. Overall, the decline in registrations was felt most dramatically in new vehicles, which saw a 15.5% decline from 2019 to 2020, from 16.8 million to 14.2 million. Used vehicles also saw a dip, but about half the size. There were 39.3 million used vehicle registrations in 2020, down 7.5% from 2019, which saw 42.5 million used vehicle registrations. This will be an important trend to pay attention to as we navigate 2021. Toyota becomes light-duty leader One of the other trends that is worth paying attention to are new vehicle registrations by brand. As of the fourth quarter of 2020, Toyota became the light-duty leader, comprising 12.73% of new vehicle registrations, surpassing Ford, which made up 12.66% of new vehicles registered in all of 2020. Both brands saw minor shifts in their market share, as Ford had been the leader in 2019 with 12.92% of new vehicles registered and Toyota at a close second at 12.53% in the same time frame. While those two brands remain close in percentage, there are larger gaps between Chevrolet (11.85%), Honda (8.38%) and Nissan (5.74%), which round out the top five brands of new vehicles registered in 2020. CUVs grow in popularity within VIO For years, we’ve seen consumers gravitate toward crossover utility vehicles, or CUVs, which often feature more space than sedans, and have better gas mileage than a traditional SUV. And the trend continued in 2020. CUVs grew 1.2% year-over-year, making up 19.4% of all vehicles in operation compared to 18.2% in 2019. Pick-up trucks maintained their lead, growing from 20.2% in 2019 to 20.4% in 2020. Mid-range cars made up 20.2% of vehicles in operation, holding the second spot even with a .7% decrease year-over-year. Additionally, SUV’s saw growth, increasing from 12.6% last year to 13.3% this year. While there were moments in 2020 that felt like the industry had come to a standstill, the data shows that wasn’t necessarily the case. COVID-19 certainly caused some disruption, but the industry began to recover. It will be important to stay close to the data to see if any new trends emerge in 2021. Leveraging data will enable the industry to respond strategically, and ensure the recovery continues.
For the last several months, Experian has participated as the only credit bureau in the pilot of the electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service. As we move forward to general rollout and expanded availability later this year, it’s time to review the benefits of eCBSV and how it helps businesses prevent synthetic identity fraud. Service and program overview The eCBSV service combats synthetic identity fraud by comparing data provided electronically by approved financial institutions against the Social Security Administration’s (SSA) database in real time. This service helps financial institutions verify SSNs more efficiently and enables improved experiences for identifying legitimate or possibly synthetic identities applying for your products. The verification process begins with consent from the SSN holder – and with eCBSV this consent is provided electronically rather than via a wet signature. Then, the SSN is checked against the SSA database to validate the SSN, name, and date of birth combination are or are not a match. The verification will also indicate if the SSN is listed as deceased with the SSA. Together, these factors can help flag whether or not an identity is synthetic. By managing this process electronically, it is faster, more secure, and more efficient than before, offering an improved experience for consumers and the financial institutions that service them. Layering solutions While eCBSV is an excellent step forward in the fight against the rising threat of synthetic identity fraud, a layered fraud mitigation strategy is still necessary. It’s only by layering solutions that financial institutions can accurately identify different types of fraud and provide them with the correct treatment, which is especially important when it comes to rooting out fraud when it’s already embedded in a portfolio. To learn more about how Experian is helping to combat synthetic identity fraud and how eCBSV can benefit your financial institution, request a call. Request a call
AutoCheck Buyback Protection is a policy that will compensate a consumer by buying back their vehicle under certain circumstances: if the AutoCheck vehicle history report they purchased or received from a dealer has missed a state title brand, when a title brand was reported by the state and provided to Experian and prior to the date the vehicle history report was run: Buyback protection includes: A full year of coverage to protect consumers from major title problems that may have been missed from the Department of Motor Vehicles. Coverage for the purchase price of the vehicle (up to 110% of the NADAguides.com published retail value) PLUS up to $500 in aftermarket accessories. Major State Title Brands that qualify for Buyback protection include: Fire brand Hail brand Flood brand Junk or scrapped brand Manufacturer buyback Lemon brand Salvage brand Rebuilt or rebuildable brand Odometer brand (Exceeds Mechanical Limits or Not Actual Mileage) It’s simple: we miss it, we buy it back. We want to make sure you have the correct information you need to make the right purchase for you. If you’d like to learn more about the AutoCheck Buyback protection, please review the frequently asked questions.
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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.