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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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Your password is weak, whether you use 40 random characters or your dog’s name. With so many large data breaches leading to hundreds of millions of compromised credentials and payment cards in the past two years, it’s no surprise that e-commerce account takeover attempts have grown dramatically in recent months – to a degree we have never seen before. Previously, account takeover was primarily a banking issue, not something merchants had to deal with. Account takeover is an alarming trend that spans global airline loyalty programs, e-commerce transactions, social networking logins and virtually any web site leveraging username and password authentication. News of the latest cybersecurity concern should serve as yet another reminder that we live in a heightened state of risk where establishing online trust based solely on username and password or identity data is not sufficient. There are a number of factors that are contributing to the evolving fraud landscape namely that the Internet was not designed for security. This places pressure on organizations to continually adopt new approaches to managing fraud like this growing account takeover threat. In this case, multiple layered controls including device intelligence are essential. As merchants extend more services online and allow customers to store payment information or get more convenient checkout via logged in vs. guest access, we’ll continue to see fraud migrating deeper into the e-commerce ecosystem. The account takeover problem will continue as consumers share usernames and passwords across dozens of online profiles and e-commerce logins, opening the door for attackers to access multiple accounts through a single compromised credential. Most of the account portals used by e-commerce merchants and loyalty programs were not built with the same level of security that their online transaction and fraud management systems have in place. So it’s a bit of a new risk, but fraudsters are aggressively exploiting the security gaps around things like simple username/password authentication. What can consumers and organizations do to protect themselves? Our recommendation for consumers is that they have unique username and password combinations for every online profile. This protects against attackers compromising one site and leveraging the same credentials to access all of the victim’s accounts and online profiles across the web. For businesses, we recommend implementing technology solutions that increase visibility to and recognition of devices for every online interaction so the organization can differentiate attackers from legitimate consumers. Some businesses believe that their products, services and loyalty offerings do not require the same level of protection as online bank accounts, so they leave them exposed to cyber criminals via simple authentication controls. As we’ve seen fraudsters will migrate to the path of least resistance and exploit the fact that most consumers re-use credentials out of convenience. In the digital age where consumers are increasingly represented by their devices the ability to know when there are authentication discrepancies between the data presented by the user and the device presenting those credentials is absolutely important to effectively controlling the threat. The authentication process will shift from a single view to a layered, risk-based authentication approach that will include comprehensive and real-time updates of consumer information. Conversations around the fact that the password is dead or dying have been circulating in the industry recently. What we don’t want is consumers getting tired of constantly changing passwords and giving up trying to protect themselves online. That is the worst case scenario that is becoming more of a reality as the days pass. Educated and aware consumers are still the best way to identify fraudulent attacks, and to keep identity data safe from hackers and devices free of malware. Increased adoption of biometrics, device intelligence and the sharing of authenticated and credentialed identities across industries will become commonplace to help combat account takeovers as they increase. Until then we need to find a password replacement. Learn more about 41st Parameter fraud detection and prevention solutions here.
Your password is weak, whether you use 40 random characters or your dog’s name. With so many large data breaches leading to hundreds of millions of compromised credentials and payment cards in the past two years, it’s no surprise that e-commerce account takeover attempts have grown dramatically in recent months – to a degree we have never seen before. Previously, account takeover was primarily a banking issue, not something merchants had to deal with. Account takeover is an alarming trend that spans global airline loyalty programs, e-commerce transactions, social networking logins and virtually any web site leveraging username and password authentication. News of the latest cybersecurity concern should serve as yet another reminder that we live in a heightened state of risk where establishing online trust based solely on username and password or identity data is not sufficient. There are a number of factors that are contributing to the evolving fraud landscape namely that the Internet was not designed for security. This places pressure on organizations to continually adopt new approaches to managing fraud like this growing account takeover threat. In this case, multiple layered controls including device intelligence are essential. As merchants extend more services online and allow customers to store payment information or get more convenient checkout via logged in vs. guest access, we’ll continue to see fraud migrating deeper into the e-commerce ecosystem. The account takeover problem will continue as consumers share usernames and passwords across dozens of online profiles and e-commerce logins, opening the door for attackers to access multiple accounts through a single compromised credential. Most of the account portals used by e-commerce merchants and loyalty programs were not built with the same level of security that their online transaction and fraud management systems have in place. So it’s a bit of a new risk, but fraudsters are aggressively exploiting the security gaps around things like simple username/password authentication. What can consumers and organizations do to protect themselves? Our recommendation for consumers is that they have unique username and password combinations for every online profile. This protects against attackers compromising one site and leveraging the same credentials to access all of the victim’s accounts and online profiles across the web. For businesses, we recommend implementing technology solutions that increase visibility to and recognition of devices for every online interaction so the organization can differentiate attackers from legitimate consumers. Some businesses believe that their products, services and loyalty offerings do not require the same level of protection as online bank accounts, so they leave them exposed to cyber criminals via simple authentication controls. As we’ve seen fraudsters will migrate to the path of least resistance and exploit the fact that most consumers re-use credentials out of convenience. In the digital age where consumers are increasingly represented by their devices the ability to know when there are authentication discrepancies between the data presented by the user and the device presenting those credentials is absolutely important to effectively controlling the threat. The authentication process will shift from a single view to a layered, risk-based authentication approach that will include comprehensive and real-time updates of consumer information. Conversations around the fact that the password is dead or dying have been circulating in the industry recently. What we don’t want is consumers getting tired of constantly changing passwords and giving up trying to protect themselves online. That is the worst case scenario that is becoming more of a reality as the days pass. Educated and aware consumers are still the best way to identify fraudulent attacks, and to keep identity data safe from hackers and devices free of malware. Increased adoption of biometrics, device intelligence and the sharing of authenticated and credentialed identities across industries will become commonplace to help combat account takeovers as they increase. Until then we need to find a password replacement. Learn more about 41st Parameter fraud detection and prevention solutions here.
While automotive loan originations grew 15 percent year over year in Q1 2014, a recent Experian Automotive study found that more consumers are continuing to drive older-model vehicles. Vehicles predating the 2001 model year comprised 28.3 percent of all vehicles on the road during Q1 2014 — the highest level on record. As these vehicles age and consumers re-enter the market, it is important for lenders to design more successful marketing campaigns by utilizing sophisticated analytics and market intelligence. Learn how to increase marketing campaign ROI and target only those consumers who are in the market for an auto loan. Download the Q1 2014 Automotive Market Trends Webinar
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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.