Tag: auto
According to Experian’s State of Automotive Finance Market: Q3 2021 report, leasing comprised 24.03% of new vehicle financing in Q3 2021.
In Q3 2021, the average new vehicle loan amount increased 8.5% year-over-year, while the average used vehicle loan jumped more than 20% year-over year.
In Experian’s Automotive Market Trends Review: Q2 2021, we looked at the data to better understand EV and internal combustion engine registration trends.
Dealers and agencies should use this time to evaluate advertising strategies, continue to market to consumers and plan for life after the chip shortage.
Despite used vehicle prices rising, loan-to-value (LTVs) ratios are dropping. Ultimately, lower LTVs are a positive trend for consumers because it puts them into positive equity on their vehicle faster.
The automotive finance market is beginning to level out to pre-pandemic trends in Q2 2021.
I woke up early this morning to get my run in on the treadmill before starting my day. As I listened to music on my Pandora account, I saw an advertisement for my local Ford dealer. Later in the week, I was streaming my favorite show, and on came an advertisement suggesting I service my vehicle at the same local Ford dealer. When I checked my email on Tuesday, I remembered I wanted to schedule my service. Then came the letter with an option to check the appraisal for my vehicle. Now, I am fully shopping!!! Why you ask? Because the marketing message across so many channels set the stage for my interest. According to Google, multi-channel users will have a 30 percent higher lifetime value compared to single channel users. As contemporary society grows more attached to streaming services, social media and their cell phones, it is imperative to market to consumers where they spend time. Why then do so many automotive marketing companies only offer direct mail and email? Simple− those two forms of communication have been around for decades and can be the most cost effective to provide. While direct mail marketing is effective, utilizing the power of social media, streaming services and other digital platforms effectively puts your message in front of consumers. While I can toss the letter on my desk for later reading, the video commercial during my television streaming cannot be set aside. Multi-channel marketing combines various platforms to amplify your campaign’s frequency and reach, creating more effective messaging. One channel is often not enough for a robust marketing campaign since audiences tend to frequent many different channels. Experian’s Automotive Intelligence Engine with Marketing Creative & Fulfillment executes the strategic marketing plan created in AIE with true multi-channel messaging. This end-to-end solution utilizes Experian’s world-class data to create a powerful, brand-specific marketing strategy that resonates with your buyers by reaching their inbox, mailbox, screen and desktop −where they spend the most time.
Experian’s Q1 2021 Automotive Market Trends Review revealed that some of the once-consistent new registration generational trends have reversed.
In the Q1 2021 Market Trends Review, we explore the average age myth and highlight other ways to inform aftermarket strategy.
Expanded FCRA regulated data can help lenders extend more credit, and ensure consumers have access to affordable credit when they need it.
Experian's Q1 2021 State of the Automotive Finance Market report explores the benefits of leveraging both national and regional data when strategizing.
Trends can vary based on location. In the Q1 2021 State of the Automotive Finance Market report, we took a look at market share nationally and regionally.
Experian’s Q4 2020 Market Trends Review takes a closer look at aftermarket trends, including the growing sweet spot.
In 2020, new trends emerged, driven by a continued shift in consumer preferences. Let’s take a closer look at how the industry fared during the year.
Experian's Q4 2020 State of the Automotive Finance Market report gives insight into the current state of the leasing market.