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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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Perhaps your loan origination system (LOS) doesn’t have the flexibility that you require. Perhaps the rules editor can’t segment variables in the manner that you need. Perhaps your account management system can’t leverage the right data to make decisions. Or perhaps your existing system is getting sunset. These are just some of the many reasons a company may want to investigate the marketplace for new credit decisioning software. But RFIs and RFPs aren’t the only way to find new decisioning software. After working in credit services decisioning for over 20 years — and seeing hundreds of RFPs and presenting thousands of solutions and proposed architectures — I’ve formed a few opinions about how I would go about things if I were in the customer’s seat and have broken that into a three-part series. Part 1 will cover everything up to issuing an RFI or RFP. Part 2 will discuss writing an RFP or RFI. Part 3 will cover evaluating vendors. Let’s go. If you’re looking to buy new decisioning software, your first inclination might be to issue an RFI or an RFP. However, that may not be the best idea. Here’s an issue that I frequently see. Vendors are constantly evolving their products. How a product did feature X two years ago might be completely different now. The terminology that the industry uses might have changed, and new capabilities (like machine learning) might have come about and changed whole sets of functionalities. The first decision point is to ask yourself a question, “Do I know exactly what I want or am I trying to generally learn what is out there?” An RFI or RFP isn’t always the greatest way to exchange information about a product. From a vendor’s standpoint, a feature-rich, complex system has to be reduced down to a few text answers or (worst yet) a series of yes or no answers. It all boils down to nuance. On many occasions, I’ve faced a dilemma when answering an RFP question, “This question is unclear; if the customer means X, the answer is yes; if they mean Y, the answer is no.” If I were in a room with the customer, I could ask them the question, they could provide clarification and I could then provide the accurate answer. There would be more opportunity to have a back and forth, “Oh when you said X, this is what you meant ….” All of that back and forth is lost with an RFI or RFP, or at least delayed until the (hopefully selected) vendor gets a chance to present in front of a live audience. Also, consider that vendors are eager to educate you about their product. They know exactly how the product works and they’re happy to answer your questions. It’s perfectly reasonable to go to a vendor with prewritten questions and thoughts and to pose those questions during a call or demonstration with the vendor. Nothing would prevent a customer from using the same questions for each vendor and evaluating them based on their answers. All of this can be done without issuing an RFI or RFP. In conclusion, I’d offer the following points to think about before issuing an RFI or RFP: A customer can provide questions that they want answered during a demonstration of a credit decisioning product. These same questions can be used to provide an initial assessment of several vendors. A customer’s understanding of a vendor’s capabilities is likely 10x faster and deeper with an interactive session versus reading the answers in a questionnaire. Nuanced and follow-up questions can be asked to gather a complete understanding. Alternative solutions can be explored. This exercise doesn’t have to replace an RFP but instead can better inform the customer about the questions they need answered in order to issue an RFP. Don’t be afraid to talk to a vendor, even if you’re not sure what you want in a new product. In fact, talk to several vendors. More than likely, you’ll learn a lot more via a discussion than you will via an RFI questionnaire. What’s good about an RFI or RFP is coming in with prepared questions. That way, you can judge each vendor using the same criteria but, if possible, get the answers to those questions via an interactive session with the vendors. Next: How to write an effective RFP or RFI.
The ongoing COVID-19 pandemic has facilitated an increase in information collection among consumers and organizations, creating a prosperous climate for cybercriminals. As businesses and customers adjust to the “new normal,” hackers are honing in on their targets and finding new, more sophisticated ways to access their sensitive data. As part of our recently launched Q&A perspective series, Michael Bruemmer, Experian’s Vice President of Data Breach Resolution and Consumer Protection, provided insight on emerging fraud schemes related to the COVID-19 vaccines and how increased use of digital home technologies could lead to an upsurge in identity theft and ransomware attacks. Check out what he had to say: Q: How did Experian determine the top data breach trends for 2021? MB: As part of our initiative to help organizations prevent data breaches and protect their information, we release an annual Data Breach Forecast. Prior to the launch of the report, we analyze market and consumer trends. We then come up with a list of potential predictions based off the current climate and opportunities for data breaches that may arise in the coming year. Closer to publication, we pick the top five ‘trends’ and craft our supporting rationale. Q: When it comes to data, what is the most immediate threat to organizations today? MB: Most data breaches that we service have a root cause in employee errors – and working remotely intensifies this issue. Often, it’s through negligence; clicking on a phishing link, reusing a common password for multiple accounts, not using two-factor authentication, etc. Organizations must continue to educate their employees to be more aware of the dangers of an internal breach and the steps they can take to prevent it. Q: How should an organization begin to put together a comprehensive threat and response review? MB: Organizations that excel in cybersecurity often are backed by executives that make comprehensive threats and response reviews a top corporate priority. When the rest of the organization sees higher-ups emphasizing the importance of fraud prevention, it’s easier to invest time and money in threat assessments and data breach preparedness. Q: What fraud schemes should consumers be looking out for? MB: The two top fraud schemes that consumers should be wary of are scams related to the COVID-19 vaccine rollout and home devices being held for ransom. Fraudsters have been leveraging social media to spread harmful false rumors and misinformation about the vaccines, their effectiveness and the distribution process. These mistruths can bring harm to supply chains and delay government response efforts. And while ransomware attacks aren’t new, they are getting smarter and easier with people working, going to school and hosting gatherings entirely on their connected devices. With control over home devices, doors, windows, and security systems, cybercriminals have the potential to hold an entire house hostage in exchange for money or information. For more insight on how to safeguard your organization and consumers from emerging fraud threats, watch our Experian Symposium Series event on-demand and download our 2021 Data Breach Industry Forecast. Watch now Access forecast About Our Expert: Michael Bruemmer, Experian VP of Data Breach Resolution and Consumer Protection, North America Michael manages Experian’s dedicated Data Breach Resolution and Consumer Protection group, which aims to help businesses better prepare for a data breach and mitigate associated consumer risks following breach incidents. With over 25 years in the industry, he has guided organizations of all sizes and sectors through pre-breach response planning and delivery.
While automotive leasing has taken a bit of a hit over the past year, it remains a staple choice for consumers looking to meet a variety of needs outside of standard loan options. So, what can current trends tell us about the state of the leasing market? According to our Q4 2020 State of the Automotive Finance Market report, 26.45% of all new vehicles are leased, down from 30.64% in 2019. Of consumers choosing to lease, prime and super prime consumers choose to do so most frequently, with 33.57% of them choosing this option over loans. Further, prime consumers make up almost 50% of all new leases. Average Monthly Payments and Terms Remain Steady Affordability remains a top concern for many vehicle shoppers, making leasing an enticing option. The average monthly lease payment in Q4 was $460, reflecting minimal changes compared to the Q4 2019 average of $462. In comparison, the average monthly payment for new loans increased more than $10 since last year, now averaging $576, up from $563 in Q4 2019. Top Leased Makes and Models When looking at top leased new makes, Honda maintained its lead in Q4, accounting for 11.60% of all leased new vehicles. Following them was Toyota (11.16%), Chevrolet (9.21%), Jeep (5.47%) and Ford (5.41%). Meanwhile, the top leased models were comprised of a mix of cars, trucks and CUVs, with the Honda CR-V (2.69%) at the forefront, followed by Honda Civic (2.53%), Toyota RAV4 (2.44%), Chevrolet Silverado 1500 (2.13%) and Chevrolet Equinox (1.99%). Since trucks and larger vehicles typically come with higher monthly payments, it is not too surprising that they rank highest for top leased vehicles, as consumers look for ways to make financing a vehicle more affordable. The average monthly payment for the top leased models were all under $400, except for the Chevrolet Silverado 1500, which had an average monthly payment of $455. By comparison, the average monthly loan payment for the same five models were all over $400 with the Chevrolet Silverado 1500 coming in highest at $638, and the other four models making up a combined average monthly payment of $452. While leasing may have decreased over the past year, it is a financing option consumers are still looking to take advantage of. And as new vehicle inventory increases, we could see leasing increase in the coming months. By staying close to the trends, lenders and dealers can guide sales expectations and inform their strategy in an increasingly dynamic market. Learn more by watching Experian’s full Q4 2020 State of the Automotive Finance Market report.
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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.