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Equifax analysts say U.S. auto loan and lease originations declined 0.6% and 3.9% year-over-year in the first half of 2019, but balances for new vehicle loans were up 2.6%.
An Equifax review of auto finance data from the first four months of 2019 found subprime’s percentage of total originations fell to 22.7% for all purchases and 9.2% of new-vehicle leases.
A survey of U.S. dealers by Equifax finds the majority of respondents grasp the importance of digital sales and F&I but few are realizing the benefits of reduced transaction times, failing to keep pace with car buyers’ expectations.
A new solution from CoreLogic Credco was designed to help auto dealers efficiently prequalify potential customers via soft-pull credit reports and scores from all three national credit bureaus.
Dealer software expert identifies targeted marketing as a space to watch in 2019 as retailers and finance sources seek out and invest in new ways to engage down-funnel shoppers.
CDK Global announced on Tuesday that AutoFi has agreed to consume digital retailing APIs from the Fortellis Automotive Consumer Exchange Platform. Equifax, one of the platform’s inaugural publishers, also said on Tuesday it will publish new APIs for the platform.
Total outstanding auto portfolio balances reached $1.27 trillion through May, the first time balances have surpassed $1.25 trillion.
Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.
Equifax’s TradeSight allows finance sources to analyze originations, current and future dealer partners, and performance of finance contracts booked through dealer partners. The platform works by combining Equifax’s consumer credit information with dealer and vehicle data from third-party data sources.