According to Experian’s latest State of the Automotive Finance Market report, auto loan balances reached an all-time high of $987 billion in Q4 2015 — an increase of 11.5% over Q4 2014.
The growth in balances was fueled primarily by finance companies and credit unions, which had increases of 22.5% and 15.9%, respectively, over Q4 2014.
Lenders can capitalize on this growth by using analytics to design more effective strategies and target the right customers.
