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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.
Alternative lending is continuing to revolutionize the financial services landscape. From full-file public records to cash flow transactions, alternative credit data empowers financial institutions to make more informed lending decisions. This article focuses on cashflow insights and how they help financial institutions drive profitable and inclusive growth. Challenges with traditional credit underwriting Traditional underwriting often limits access to credit for marginalized communities, including young adults, immigrants, and those from low-income backgrounds. Because the process relies heavily on credit history and credit scores to determine an applicant’s ability to pay, those with less-than-ideal credit profiles could be overlooked. This then creates a cycle — those who are already disadvantaged face further barriers to accessing credit, limiting their abilities to invest in opportunities that can improve their financial situations, such as education or homeownership. Additionally, traditional underwriting models can be rigid. Consumers with stable incomes or significant assets may be denied credit if their financial profiles don’t fit the narrow criteria established by traditional models. As the financial landscape evolves, it’s important for lenders to adopt more inclusive and adaptive approaches to credit underwriting. What is cashflow underwriting? Cashflow underwriting is a modern approach to evaluating a borrower’s creditworthiness. It uses fresh, consumer-permissioned bank account transaction (balance, income and expense) data, giving lenders greater visibility into loan applicants’ financial situation. This process is made possible through open banking, an established, secure framework that enables consumers to quickly and easily share their bank account information with third-party financial service providers. READ: Learn more about the open banking landscape. Let’s look at a few quick examples: A prospective tenant is filling out a rental application. Instead of manually submitting paystubs to verify their income, open banking facilitates the digital sharing of full cashflow data in seconds, enabling property managers to quickly access the applicant’s full cash flow information. A consumer was previously denied credit due to insufficient credit history. With cashflow underwriting, the consumer is offered a second chance to qualify for the loan by including cashflow data in the lender’s decisioning model. The additional information gathered on the consumer’s ability to pay can transform the initial decline decision into an approval. Cashflow underwriting can also be used for credit line management. By assessing a borrower’s income and expense transactions, lenders can recommend optimal credit limits that cater to their spending potential while minimizing risk. Benefits of cashflow underwriting There are many benefits to integrating cashflow data into the credit underwriting process, including: Enhanced risk assessment. Going off credit scores and repayment behaviors alone won’t provide lenders with a complete or current picture of applicants. Through open banking, lenders can gain access to cashflow data in real-time, allowing them to more accurately assess consumers, increase approvals, and reduce credit risk. Inclusive lending. Over 100 million adult Americans are considered unscoreable, invisible, or subprime.1 However, 71% of consumers are willing to share their banking information if it could improve their chances of getting approved for credit.2 With deeper insights into consumers’ income and expenses, lenders can increase credit access in underserved communities. Improved customer experiences. Gaining a more comprehensive view of a consumer’s financial situation enables lenders to determine what loan products they’re eligible for and craft personalized options. READ: Learn more about the benefits of leveraging alternative data for credit underwriting. Get started Cashflow underwriting represents a significant step forward in the world of lending. It offers a more comprehensive approach to assessing creditworthiness, helping financial institutions drive growth and profitability. Experian’s Cashflow Attributes are an open banking enabled solution that provides lenders with consumer-permissioned insights into borrowers’ financial behaviors. With 940+ attributes derived from transaction data across 133 categories, financial institutions can make smarter, more inclusive lending decisions. Learn more about Cashflow Attributes Learn more about open banking 1 2023 State of Alternative Credit Data Report, Experian, 2023. 2 Atomik Research survey of 2,005 U.S. adults online, matching national demographics, 2024. This article includes content created by an AI language model and is intended to provide general information.
Quick Answer: New research on generational buying habits can help the auto industry better understand target audiences and improve marketing. The automotive industry is undergoing a rapid transformation, driven by technological advancements, changing consumer preferences, and a diverse marketplace. To navigate this complex landscape, understanding your target audience is key. This is where generational insights are indispensable. Why Generations Matter Each generation brings unique values, preferences, and buying behaviors to the table. Ignoring these differences can lead to ineffective marketing campaigns and missed opportunities. Different Needs and Priorities: Baby Boomers, Gen X, Millennials, and Gen Z have distinct needs and priorities when it comes to vehicles. For example, Baby Boomers may purchase more luxury vehicles, while Gen Z purchases a higher percentage of non-luxury vehicles. Communication Styles: Each generation responds differently to marketing messages. Traditional advertising might resonate with Baby Boomers, while social media and influencer marketing could be more effective for younger generations. Purchasing Behavior: The way people research and purchase cars has evolved significantly across generations. Understanding these differences can help you optimize your sales process. Leveraging Generational Insights To effectively leverage generational insights, consider the following: Conduct In-Depth Research: Gain a deep understanding of each generation's values, preferences, and buying habits. Use data analytics, surveys, and focus groups to gather insights. Create Targeted Messaging: Develop tailored messaging that resonates with each generation. Highlight the features and benefits that matter most to them. Choose the Right Channels: Select the most effective marketing channels for each generation. For example, television advertising might be less effective for Gen Z compared to social media. Personalize the Customer Experience: Offer personalized experiences that cater to the specific needs and preferences of each generation. Embrace Technology: Utilize technology to reach and engage different generations. For example, virtual showrooms or augmented reality experiences can appeal to younger consumers. Special Report: Generational Insights We've conducted in-depth research on generational buying habits for new and used vehicles. These insights can revolutionize your automotive marketing and sales strategies. Gain a competitive edge with our Automotive Consumer Trends Special Report: Generation Insights. Discover how to tailor your approach for maximum impact. Conclusion In today's competitive automotive market, understanding your target audience is essential for success. By incorporating generational insights into your marketing strategy, you can create more effective campaigns, build stronger customer relationships, and drive sales growth. Remember, a one-size-fits-all approach is unlikely to work. Embrace the diversity of your audience and tailor your message accordingly. Experian Automotive is here to help you with your marketing needs. If you’d like to learn more about our solutions and how we can support you, contact us below.
Quick Answer: Dealerships can avoid purchasing flood-damaged vehicles with Experian AutoCheck's Free Flood Risk Check. The used car market is tough right now. Unfortunately, recent floods in several areas have added another challenge: flood-damaged vehicles. These cars pose a big risk to dealerships. Buying one can lead to expensive repairs, unhappy customers, and damage to your reputation. Experian AutoCheck's Free Flood Risk Check can help. We've updated it with data from recent floods to give you a head start. Here's what the Free Flood Risk Check does: Quickly checks any car's flood risk with just the 17-digit VIN. Provides you with two levels of reporting: See if the car was registered in a region hit by a major FEMA disaster. Find potential flood damage based on Experian data (flood titles, auction records, etc.). Important things to remember: A "Yes" in the first report doesn't confirm flood damage, just that the car was in a flood zone. Even a clean second report isn't a guarantee – some flood damage goes unreported. For extra protection: Run a full Experian AutoCheck Vehicle History Report to uncover other issues like accidents or recalls. Have a mechanic thoroughly inspect any car before you buy it. By using Experian AutoCheck's Free Flood Risk Check and following these tips, you can dramatically reduce the risk of buying a flood-damaged car and protect your dealership. Ready to safeguard your dealership? Not an Experian AutoCheck subscriber?
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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.