April data sheds light into how the industry was impacted during the early stages of COVID-19.
Experian analysts say buyers of pre-owned vehicles accounted for 55.15% of all U.S. auto loan originations in the third quarter, a 2.4% year-over-year increase.
The Experian Automotive Intelligence Engine was designed to offer auto dealers new data and analytical capabilities designed to find in-market car buyers within a 15-mile radius.
Experian’s Q2 auto finance report consumers continue to uncover ways to manage monthly payments. For a record percentage of prime borrowers, that meant passing on a $32,000-plus new-vehicle loan in favor of a pre-owned unit.
Experian’s Ascend platform now includes a loan portfolio modeling tool built in collaboration with Oliver Wyman and designed to help finance sources comply with new current expected credit loss standards.
The auto finance segment is growing at a healthy rate, but average new-vehicle loan amounts are outpacing the market, driving an increasing number of car buyers — including those with prime and superprime credit scores — out of the showroom and onto the used-car lot.
TransUnion analysts report more consumers in the prime and superprime credit tiers are choosing to buy used as off-lease units continue to flood the market, offering a budget-friendly alternative to increasingly expensive new cars.
Sagent Lending Technologies announced an enhancement of its identity-management and fraud-detection capabilities credited to a new collaboration with Experian.
More consumers in the prime and superprime credit tiers opted for used vehicles as concerns around affordability grew in the first quarter, according to the latest report from Experian.
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.