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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.
By: Matt Sifferlen Ah, fraudulent behavior is currently enjoying a bright shiny moment in the sun in today's pop culture, particularly in the world of sports. Whether it's a college athlete being duped for months by telephone conversations with a non-existent girlfriend, or the world's best known cyclist coming clean on a lifetime of deceit, in both cases we're left shaking our heads and laughing, crying, or cringing while telling ourselves "I'm glad I'm too smart to fall for any of this." But are you just kidding yourself? In the case of the college football player, most of us have been scratching our heads wondering how any adult could possibly get strung along for such an extended period of time by such a scam. But if you take a closer look at the interaction between the athlete and the fraudster, you'll see that the fraudster deployed some typical tactics that allowed him to keep the scam living and breathing. In particular, he continuously kept communicating with the athlete via phone and social media, reinforcing the perception that he's aboveboard and genuinely interested in the athlete's life. We see this in commercial fraud interactions too, where the commercial fraudster will perform expected, normal tasks and activities (e.g. making small payments on loans, placing phone calls to lender support staff) that will reinforce the lender's perception that the fraudster is just another normal client. But unlike the athlete's scenario where the fraudster's story unraveled due to no logical conclusion being planned, commercial fraudsters will string lenders along until they get what they want — then they vanish. Lenders can't get too complacent in their fraud prevention efforts, assuming that the mere presence of normal account activity equates to a validation of a client's authenticity. To complicate things, while electronic communication methods like text messages, emails, and Twitter or Facebook messages offer many convenience advantages, they are ripe for manipulation by fraudsters who certainly find these methods preferable to any awkward face to face encounters with someone they're victimizing. The cyclist that admitted to a lifetime of lies also shines the light on some other tactics that commercial fraudsters might use — using perceived image and reputation to deceive. Fraudsters will often steal identities of licensed professionals (think physicians, dentists) with favorable credit profiles and use their information to apply for commercial credit or services, knowing that they will likely be viewed favorably due to their impressive profiles, at least on paper. In today's world where lightly staffed underwriting teams struggle to keep up with their workloads, it's easy to see why this tactic can help increase the odds that an application might escape closer scrutiny. After all, it's a doctor's office so what could possibly go wrong? A lot, if you're approving someone who really isn't the doctor! An objective evaluation and screening process where underwriting and analyst staff consistently verify all applicant data and not just cherry pick the ones that look suspicious on paper can go a long way towards avoiding this typical trap set by commercial fraudsters. And in the final scenario of art imitating life, there is the recent release of a major motion picture comedy about identify theft. I'm sure anyone who has been a victim of identity theft won't find hilarity in the scenes of the victim's life getting turned upside down, suddenly unable to use his credit cards at the gas station and being asked about transactions that took place somewhere else in the country that he's never visited. But undoubtedly many folks will find this humor hilarious because we probably know of some horror story that a friend or acquaintance has shared with us that is similar to one of the wacky scenarios covered in this movie. So we'll laugh and take comfort in the fact that we're too smart to get scammed like this, but if the FTC is stating that identity theft will affect 1 in 6 people each year then we're fooling ourselves in thinking that our number won't be up at some point soon. So what can be learned from these high profile pop culture events? I think a couple things. First, know your customers (or athletes, heroes, girlfriends). It sounds simple, but make sure they are who they say they are. Whether you're lending to a business or a consumer, there are tools out there that can enable you to objectively screen your applicants and minimize any bias that might get exploited by fraudsters in a manual review heavy process. If you're not cautious and get burnt, you might not have to go on Oprah or Dr. Phil to explain to your management team where things went horribly wrong, but the level of financial and reputational damage inflicted could be a painful lesson for you and your institution. Or if you're really (un)lucky, maybe they'll make a movie about your story — wouldn't that be hilarious? (sarcasm intended)
The purpose of any type of insurance is to protect your most valuable assets. To combat the prevalence of cyber attacks and data breaches, an increasing number of businesses in the health-care, financial services and technology industries have purchased cyber insurance policies to protect themselves from the crippling cost of a data breach. This is especially popular among start-up tech companies in Silicon Valley in order to safeguard their intellectual property (IP) since their IP is the backbone of their livelihood1. Since small businesses generally don’t have a risk manager and IT department dedicated to data security, a good cyber insurance policy can help mitigate cyber security risks. Although accepted in some sectors, cyber insurance is still not an established part of many companies’ IT data security strategies. This is commonly due to a lack of agreed risk management standards and the challenge of substantiating and quantifying losses, in addition to finding objective data to back up cyber insurance claims. Some security experts feel that the federal government needs to kick start growth in this market by requiring government contractors to purchase cyber insurance to set a standard for other businesses, sending a message that any company who has cyber security insurance is a signal that the company is competently managing its data security. As the cyber insurance industry evolves, here is a list of what the policies generally cover and what to look for: First-party claims – Costs incurred by the loss of trade secrets and intellectual property. Third-party claims – Damages a business must pay to customers who sue them for lost or compromised personal information. Business interruption coverage – In the event a data breach incident prevents the company from operating or functioning, the company would receive payment reimbursement for expenses incurred due to loss of business. A forensic IT investigation – Policies can cover the cost of an examination into how the data breach occurred and some may even cover the costs of regulatory fines and penalties in addition to the crisis management control which includes data breach notification letters. Security professionals stress that cyber insurance is not meant to be a substitute for data protection and security policies. In fact, before underwriting a policy, an insurance company will be hyper vigilant in determining that their customers have proper protections and policies in place since the insurance company will want to reduce its own risk. And since insurance has been a positive influence on other industries to improve performance and safety due to risk mitigation, the theory is if a company has cyber insurance, the hope is they will implement proper preventative measures to ensure that they will never have to use it. Learn more about our Data Breach solutions 1http://www3.cfo.com/article/2013/4/data-security_cyber-attacks-cybersecurity-liability-insurance-smb-growth-companies-risk-hogan-lovells
Financial institutions are revisiting their policies and thresholds for lending to small businesses and are slowly loosening restrictions. In a recent survey by the Federal Reserve Board, 9.2 percent of senior loan officers said they have "somewhat" eased their standards for lending to small firms and provided commercial borrowers more leeway, in the form of slightly bigger credit lines and longer maturity terms. Source: CFO eBook, Lending in Limbo
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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.