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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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Part fourImproved change management process is one of the items at the very top of many collections professional’s wish list. In most legacy collections systems, the change management process is slow, expensive and labor intensive. It is not uncommon for an organization to take three, six or even 12 months to implement a system change, depending on the complexity of the request. Additionally, the expenses for a vendor or internal IT department to code, test and deploy the change can cost tens or hundreds of thousands of dollars. Aside from the cost and timelines, the impact to the business can be suffocating, particularly when the business users are unable to keep up with rapidly changing requirements.Change controlOne of the most exciting and innovative features of next generation collection management software systems is the ability to make changes quickly and efficiently, without the need for hard coding or extensive testing. Additionally, change control responsibilities can be granted to business users, who can then be empowered to make system changes, without the support of the software vendors or their internal IT departments. If desired, the change controls can be segmented or shared to ensure (via secure access rights) that only qualified individuals are empowered to make changes and that their skill and knowledge align with the assigned access. Regardless of where the control lies, the entire organization benefits from a change management process that is fast, efficient and easy to manage.The types of system changes that benefit from modern technology include just about any imaginable task. Simple screen or scripting changes fall on one side of the complexity spectrum, while modifications to database layouts lean towards the other end. Linking to other complimentary systems and data sources is also quicker and easier which enables hooks to be implemented in days and weeks rather than months or years.Financial benefitThe financial benefit metric of improved change management is relatively straight forward, although it is not always possible to accurately gauge the benefit ahead of the change event itself. For example, the financial value can be calculated as the benefit of the change itself (considering only the time it is in production) ahead of when it would have been deployed in a legacy environment. Additionally, we must factor the labor and fees that would have been spent to implement the change in the legacy system, less what was actually spent. For example, let’s assume a given change adds $50,000 in monthly benefits. Let’s also assume that we can implement and test the change in a next generation system in one week, while the same change could take six months in a legacy system. The value of the faster change is then $300,000 and we have saved a significant amount of money in labor and fees above and beyond that. One of the key benefits of next generation systems is that these collections efficiency changes can be made in days or weeks rather than months or years. Considering that in a year an organization with modern technology could design and implement many beneficial changes rather than just a handful, the return on investment increases exponentially with additional change management activity.My next blog will be the last in this “next generation collections systems” series and brings together the financial benefits highlighted in my previous blogs in the form of an ROI case study. Common objections and relevant considerations will also be discussed.Stay tuned!
For all you folks who, like me, waited until the last minute to knock out a term paper or class project in school, here is a friendly reminder…Yes, the Federal Trade Commission (FTC) pushed out the enforcement deadline of the Red Flags Rule to May 1, 2009. Yes, a sigh of relief was heard across compliance officers and operations managers nationwide. However, you should still keep a few things in mind as we approach May 1. First, per the FTC, "many entities also noted that because they generally are not required to comply with FTC rules in other contexts, they had not followed or even been aware of the rulemaking, and therefore learned of the requirements of the rule too late to be able to come into compliance by November 1, 2008." Those of you, who have not been subject to FTC enforcement in the past are quite possibly still subject to the Red Flags Rule based on your institution maintaining 'covered accounts' per the definition in the Red Flags Rule itself. Double check if you think otherwise. Second, the FTC was clear in stating that "this delay in enforcement is limited to the Identity Theft Red Flags Rule (16 CFR 681.2), and does not extend to the rule regarding address discrepancies applicable to users of consumer reports (16 CFR 681.1), or to the rule regarding changes of address applicable to card issuers (16 CFR 681.3)." So, while May 1 is still a few weeks away, if you are accessing consumer credit reports, for example, you should already have a formal written and operational process to detect and respond to address discrepancies on those credit reports.
Red Flags Rule I've heard more than one institution claim that they may limit and even reduce the identity elements (perhaps down to just name and address) that are captured during consumer applications or other transactions. Their rationale is that the fewer identity elements they request or require during these processes, the less information they will need to authenticate as part of their Red Flags Identity Theft Prevention Program. While this argument seems logical on the surface, I would suggest that if securely gathered/stored and appropriate to the nature of your business, additional data elements such as Social Security Number (SSN), date of birth and phone number can actually allow you to accomplish a few things to your benefit. 1. Analysis of our consumer authentication products shows that contributing SSN, date of birth, and phone (in addition to name and address) to an authentication process, will actually improve your ability to positively authenticate a consumer via an overall risk-based strategy. 2. The use of additional data elements, such as the phone number, can unlock additional data sources for use in verifying not only that phone number, but the inquiry name and address as well. 3. Just because you don't capture certain identity elements, doesn't mean the risk goes away. In providing additional identity elements for authentication, you can gain a more holistic view of a consumer – be that good, bad or ugly. It’s better to figure this out up front versus down the road when bills go unpaid and the bad guys scatter.
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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.