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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.
“Are we next?” That’s the question companies around the world are grappling with as more high-profile data breaches make headlines. At a time when one in four organizations experience cyber-attacks, mishandling the response can do more damage than the breach itself. We take precautions against dangerous situations every day. With years of practice either in school or at work, most of us know what to do if there’s an emergency. We conduct drills repeatedly because when we immediately know how to respond to a threatening situation, we can minimize destruction. Because of the high probability of a cyber-attack, businesses need to treat breach responses like internal drills, repeatedly practicing until it becomes instinctive. Prepare your data breach response drill A well-prepared incident response strategy should first define all breach scenarios (e.g., ransomware, malware, phishing, etc.) and their specific steps. Assembling a qualified team is also critical, individual roles and responsibilities should be defined and clearly communicated. After finalizing the essential components of your incident response plan, regular testing is crucial to ensuring your organization is equipped to handle the unexpected. Practice makes perfect Below are six principles to help guide your data breach response drill effectively: Bring in an outsider. Enlist the expertise of someone outside your organization to run the drills and serve as a moderator. A third-party facilitator allows you and your team to focus on individual tasks and responsibilities. Put aside plenty of time. At a minimum, give your team half a day to do the exercise and to debrief. It’s an exercise for everyone. All internal and external team members who will be involved in a data breach response need to participate in this activity. Expect the unexpected. Your drills should include various likelihoods and situations. Another benefit to bringing in an outside moderator is that they can throw unpredictable scenarios at your team. Debrief. After the exercise, the entire team should review, discuss each mock situation in detail, and identify any areas in need of improvement. Repeat every six months. Keep your team aware of the latest developments in the world of cybersecurity and prepared to tackle cyber threats by conducting drills every six months. Executing these drills are invaluable and help prove to your stakeholders, customers and employees that your company takes data security seriously. The more you practice putting your plan into action, the better prepared you’ll be in a real-life situation. Visit our website for more information about our offerings and how Experian can help you prepare and respond to data breaches.
Traditional verification and validation parameters alone are not enough to stop identity fraud. Fortunately, there are many emerging trends and best practices for modern fraud and identity strategies: Applying right-sized fraud and identity proofing solutions to reduce user friction and manage fraud risk appropriately. Maintaining a universal user view by employing diverse breadth and depth of data assets and applied analytics. Expanding the user view through a blended ecosystem by collaborating with vendors, peer agencies, and partners in identity and fraud management. The future of identity proofing is more than just verifying individual identities. Check out our tip sheet linked below for more strategies. Modernize your fraud and identity strategies>
The journey to a mortgage is complex and expensive, so of course the transaction will require more than a few swipes on a smartphone. The U.S. existing home median sales price in October was $274,000 – not cheap. Still, with advancements in digital verification, lenders can dramatically accelerate the process, providing benefits to both their own operations and the consumer mortgage experience. Underwriting a sizeable loan can take weeks with the task of collecting income and asset documents to analyze and verify. In fact, one source from the Mortgage Bankers Association says the average mortgage application has ballooned to 500 pages. The consumer is typically asked to find, print and scan papers revealing insights around employment status and wages, bank and retirement accounts, debts and beyond. The good news is that this process can be handled digitally, and I’m not talking about simply scanning and emailing. Verification solutions exist to enable consumers to grant limited and secure access to digitally verify assets and income. As lenders evaluate verification solutions, one of the key differentiators to seek is Fannie Mae Day 1 Certainty, which claims to slash the average cycle time for income validation by 8.1 days, employment validation by 11.9 days, and asset validation by 6.1 days. * Fannie Mae features a list of approved vendors who provide Fannie Mae-approved verification reports. This group of authorized suppliers receive freedom from representations and warranties for more efficient risk management, and additionally receive the benefit of a more streamlined process through Fannie Mae’s Desktop Underwriter® (DU®). DU’s latest enhancement leverages a verification of asset report derived from aggregated bank account data, something Finicity (an Experian partner) is approved to utilize. Building on Day 1 Certainty, Finicity is participating in a new single source pilot with Fannie Mae to validate income, assets and employment. While it will take time for lenders to embrace this new technology – and consumers will need to feel comfortable granting the digital access and understanding how the process works – the thought is the mortgage journey will become faster and offer an optimized borrower experience. Like so many other aspects in our lives, mortgage is bound to go digital. *Average days saved reflects data captured between January 2017 and June 2017.
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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.