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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.Paragraph Block- is simply dummy text 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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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 organizations commit to diversity, equity, and inclusion (DEI) policies and practices to build a more diverse and just workplace. Organizations that live by these values ensure they're reflected in the products and services they offer, and in how they attract and interact with customers. For financial institutions, there could be a direct link between their DEI efforts and financial inclusion, which can open up growth opportunities. Defining DEI and financial inclusion DEI and financial inclusion aren't new concepts, but it's still important to understand how organizations are using these terms and how you might define a successful outcome. What is DEI? DEI policies help promote and support individuals and groups regardless of their backgrounds or differences. In the Experian 2022 Diversity, Equity and Inclusion Report, we define these terms more specifically as: Diversity: The presence of differences that may include thought, style, sexual orientation, gender identity/expression, race, ethnicity, dis(ability), culture, and experience. Equity: Promoting justice, impartiality, and fairness within the procedures, processes, and distribution of resources by institutions or systems. Inclusion: An outcome to ensure those who self-identify as diverse feel and are welcomed. You meet your inclusion outcomes when you, your institution, and your programs are inviting to all. We also recognize the importance of belonging, or “a sense of fitting in or feeling you are an important member of a group." A company's DEI strategy might include internal efforts, such as implementing hiring and promotion practices to create a more diverse workforce, and supporting employee resource groups to foster a more inclusive culture. Companies can also set specific and trackable goals, such as Experian's commitment to increase its representation of women in senior leadership roles to 40 percent by 2024.1 But DEI efforts can expand beyond internal workforce metrics. For example, you might review how the products or services you sell — and the messaging around those offerings — affect different groups. Or consider whether the vendors, suppliers, nonprofits, communities, and customers you work with reflect your DEI strategy. What is financial inclusion? Financial inclusion is less specific to a company or organization. Instead, it describes the strategic approach and efforts that allow people to affordably and readily access financial products, services, and systems. Financial institutions can promote financial inclusion in different ways. A bank can change the requirements or fees for one of its accounts to better align with the needs of people who are currently unbanked. Or it can offer a solution to help people who are credit invisible or unscoreable by conventional scoring models establish their credit files for the first time. For example, Mission Asset Fund, a San Francisco-based nonprofit, organizes credit-building lending circles that have historical roots in savings programs from around the world. Participants can use them to build credit without paying any interest or fees. In particular, the organization focuses on helping immigrants establish and improve their credit in the U.S. Financial institutions are also using non-traditional data scoring to lend to applicants that conventional scoring models can't score. By incorporating alternative credit data1 (also known as expanded FCRA-regulated data) into their marketing and underwriting, lenders can expand their lending universe without taking on additional risk. READ MORE: Experian's Improving Financial Health Report 2022 has many examples of internal products and external partnerships that help promote financial literacy and inclusion. DEI and financial inclusion can complement each other Although DEI and financial inclusion involve different strategies, there's an undeniable connection that should ultimately be tied to a business's overall goal and mission. The groups who are historically underrepresented and underpaid in the workforce also tend to be marginalized by the established financial system. For example, on average, Black and Hispanic/Latino workers earn 76 percent and 73 percent, respectively, as much as white workers.2 And 27 percent of Black and 26 percent of Hispanic/Latino consumers are either credit invisible or unscoreable, compared to only 16 percent of white consumers.3 Financial institutions that work to address the inequities within their organizations and promote financial inclusion may find that these efforts complement each other. During a webinar in 2022 discussing how financial growth opportunities can also benefit underserved communities, Experian asked participants what they thought was the greatest business advantage of executing financial inclusion in their financial institution or business. The majority of respondents (78 percent) chose building trust and retention with customers and communities — undoubtedly an important outcome. But the second most popular choice (14 percent) was enhancing their brand and commitment to DEI, highlighting how these efforts can be interconnected.4 By building a more diverse workforce, organizations can also bring on talent that better relate to and understand consumers who weren't previously part of the company's target market. If the company culture supports a range of ideas, this can unlock new ways to propel the business forward. In turn, employees can be more engaged and excited about their work. Find partners that can help you succeed Setting measurable outcomes for your DEI and financial inclusion efforts and tracking your progress can be an important part of implementing successful programs. But you can also leverage partnerships to further define and achieve your goals. Experian launched Inclusion ForwardTM with these partnerships in mind. Building on our commitment to DEI and financial inclusion, we offer various tools to help consumers build and understand their credit and to help financial institutions reach underserved communities. Products like Experian GoTM and Experian BoostTM help consumers establish their credit file and add positive utility, rent, and streaming service payments to their Experian credit report. Lenders can benefit from access to various non-traditional credit data and expanded FCRA-regulated scoring models, including Experian's Lift PremiumTM, which can score 96 percent of U.S. adults. Whether you've established your strategy and need help with implementation or are at the starting stages, Experian can help you promote DEI and enhance your financial inclusion efforts. Learn more about driving financial inclusion to bring change 1Experian (2022). 2022 Diversity, Equity and Inclusion Report 2U.S. Department of Labor (N/A). Earnings Disparities by Race and Ethnicity 3Oliver Wyman (2022). Financial Inclusion and Access to Credit 4Experian (2022). Three Ways to Uncover Financial Growth Opportunities that Benefit Underserved Communities.
Generation Z, or people born between 1997 and 2012, make up about 27% of the American population[1] and have $360B in disposable income[2]. While they may be a young demographic now, Gen Z will soon represent a significant portion of buyers and borrowers in the United States, creating an enormous opportunity for financial institutions to start engaging with them now. Here are three reasons why you should be marketing financial services to Gen Z. Improving financial wellness is a priority for Gen Z Gen Z is a pragmatic cohort of consumers, but they’re also uncertain and anxious about their financial future. The top concern amongst Gen Z is the cost of living. For these reasons, businesses have a unique opportunity to help those consumers feel less stressed and more confident by providing them with financial services. This can turn those consumers into loyal, long-standing customers. Gen Z has the lowest credit score of any generation Gen Z ranks lowest in average and median VantageScore® credit score* compared to all other generations, including Gen Y (or millennials), Gen X, and baby boomers.[4] While this is partially due to Gen Z being younger than the others, it’s also a result of having shorter credit histories and fewer lines of credit. This presents a great chance for businesses to help Gen Z individuals establish responsible financial habits, such as opening a new line of credit to begin building a healthy credit history. Gen Z is actively seeking support now Consumers in the Gen Z age range recognize the importance of personal finance, but they also realize that they don’t have the knowledge needed to be successful. While people in Gen Z are still young (currently between the ages of about 11 and 26), many need guidance now for their financial wellness and many need help to keep their financial future secure. This means now is the perfect time to start building a lifetime relationship with them and become a trusted advisor by providing financial products and services to help them through their financial journey. There are about 72 million Americans in the Gen Z demographic[1]. A large percentage of this group may feel strongly about improving their financial wellness. With high levels of financial stress and generally low credit scores, many of them are looking for companies they can trust to help them build good credit and take control of their personal finances. Since 2019, the number of consumers under the age of 30 enrolled in Experian Partner Solutions credit monitoring and identity protection services has doubled from 9% to 18%. Offering these financial tools to Gen Z is essential to building their trust and financial wellness, which can lead to an increase in future acquisition, retention, and revenue for your business. Click here to learn more *Calculated on the VantageScore® model. Your VantageScore® credit score from Experian® indicates your credit risk level and is not used by all lenders, so don’t be surprised if your lender uses a score that’s different from your VantageScore® credit score. Click here to learn more. [1] Insider Intelligence. 2023. Generation Z News: Latest characteristics, research, and facts. [2] Forbes. 2022. As Gen Z’s Buying Power Grows, Businesses Must Adapt Their Marketing. [3] Deloitte. Deloitte Gen Z and Millennial Survey 2022. Jan 2022. [4] Experian State of Credit Report. 2021. [5] Greenlight Financial Technology, Inc. Survey finds Gen Z lacks knowledge and confidence in personal finance and investing. 2021. [6] NAPFA. NAPFA Survey on Americans’ sources for financial planning and retirement investing advice. 2021.
Machine learning (ML) is a powerful tool that can consume vast amounts of data to uncover patterns, learn from past behaviors, and predict future outcomes. By leveraging ML-powered credit risk models, lenders can better determine the likelihood that a consumer will default on a loan or credit obligation, allowing them to score applicants more accurately. When applied to credit decisioning, lenders can achieve a 25 percent reduction in exposure to risky customers and a 35 percent decrease in non-performing loans.1 While ML-driven models enable lenders to target the right audience and control credit losses, many organizations face challenges in developing and deploying these models. Some still rely on traditional lending models with limitations preventing them from making fast and accurate decisions, including slow reaction times, fewer data sources, and less predictive performance. With a trusted and experienced partner, financial institutions can create and deploy highly predictive ML models that optimize their credit decisioning. Case study: Increase customer acquisition with improved predictive performance Looking to meet growth goals without increasing risk, a consumer goods retailer sought out a modern and flexible solution that could help expand its finance product options. This meant replacing existing ML models with a custom model that offers greater transparency and predictive power. The retailer partnered with Experian to develop a transparent and explainable ML model. Based on the model’s improved predictive performance, transparency, and ability to derive adverse action reasons for declines, the retailer increased sales and application approval rates while reducing credit risk. Read the case study Learn about our custom modeling capabilities 1 Experian (2020). The Art of Decisioning in Uncertain Times
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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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