Margins and Paddings Update

When people think about the automotive industry, data probably isn’t the first thing that comes to mind. But make no mistake: data is one of the underlying currents keeping the automotive industry running.   Data answers all sorts of questions for OEMs, lenders, dealers, and consumers. And recently, with electric vehicles (EVs) growing in popularity, a new set of questions around battery health has emerged for dealers and consumers alike. Understanding battery health is particularly crucial for dealers when assessing trade-ins, and for dealers or consumers purchasing a used EV. Oftentimes, battery health is a more informative metric than those traditionally looked to assess a vehicle, such as milage, or vehicle age. This information hasn’t been readily available for dealers or consumers, until now. To that end, Experian announced a strategic alliance with Recurrent, the battery range and analytics company, to offer Recurrent’s Battery Report alongside Experian’s AutoCheck® vehicle history report (VHR). The Recurrent Battery Report offers additional data and attributes on an EV’s battery health that no other VHR presently offers, including current and future range estimates, climate impact, remaining battery warranty, and more. Offering the Recurrent Battery Report with an AutoCheck vehicle report will bring a level of assurance dealers have been previously unable to attain when buying or selling used EVs, increasing transparency and easing range anxiety for consumers. Through this alliance, we’re doubling down on our commitment to helping dealers buy and sell used vehicles with confidence, and this commitment extends to used EVs, as well. The data shows that EVs have reached a tipping point, comprising more than 5% of new vehicle registrations in 2022, and growing. Dealers are going to see them come back to the showroom as trade-ins more frequently, and being able to quickly assess them, as well as sell them with transparency will be key to longevity in the market. Experian is on the forefront and has been leading the charge in EV data, leveraging vehicle registration data to help OEMs, lenders and dealers understand where EV market share is growing the fastest, model popularity, and more. Additionally, we have EV audiences, built with our extensive marketing resources, that help dealers find the most interested potential EV buyers. But this is just the beginning. As EVs continue to penetrate the market, Experian is committed to innovating and constantly pursuing new data sources to anticipate market needs and help inform strategic decision-making.

Dr. Martin Luther King, Jr. spoke often about “the beloved community.” To be of service to all and unite us in the act of giving back. This encapsulates what Experian stands for: to create a better tomorrow for all. We’re proud that today, across Experian North America, our teammates will be participating in volunteer opportunities in-person and virtually to address needs in their communities; everything from career development, recording audio books for children, and creating Martin Luther King, Jr. fact cards in braille. One project that we’re particularly looking forward to is helping to design free budget templates for consumers in underserved communities. Financial literacy and equitable access to financial tools and resources lead to economic empowerment. We’ve been able to bring our message to live events like the National Urban League, and support young athletes and their families at the Allen Iverson Roundball Classic as its exclusive financial literacy partner. To further our support of Dr. King’s mission, Experian has also made a donation to the King Center for Non-violent Social Change. We’re proud Experian supports today’s National Day of Service and hope you’re able to make an impact in your communities on this day, and every day.

There are topics that can be hard to talk about in general conversation. Money and how best to achieve financial health shouldn’t be one of those. That’s why we’re excited to announce our newest United for Financial Health partner, singer-actress Coco Jones. She may play a rich social media influencer on the hit show “Bel-Air” (Peacock), but her approach to her financial health is thoughtful, personal and relatable. She and content creator Freddie Ransome have launched their new video series with Experian, In My Bag, sharing how they manage balancing gift giving with financial health. The money series will give viewers a peek into their lives as they talk about the money strategies and resources that work for them. Coco has a passion for financial health and financial security. She is very transparent about telling her own story, and helping people thrive on financial health journey. By sharing her ideas and personal approach in a fun way, she gets others excited about their own journey. We hope watching the conversations on In My Bag spark real conversations with your friends and family about financial wellness. Check out the first episode of In My Bag on Coco’s TikTok, Twitter and Instagram and Freddie’s TikTok, Twitter and Instagram. #IMBExperian