Tag: automotive industry

In an ever-evolving automotive landscape, where shifting consumer behavior meets fluctuating market dynamics, Experian’s State of the Automotive Finance Market Report: Q2 2025 delivers key insights into how both consumers and professionals are adapting to the changes. This quarter’s report revealed a sharp increase in vehicle refinancing—up nearly 70% from Q2 2024—as consumers capitalized on the more stable rate environment. In fact, after refinancing, the average interest rate went from 10.45% to 8.45%. That shift resulted in their monthly payment dropping by an average of $71. Interestingly, credit unions played a significant role in the refinance surge, increasing their market share from 63.22% last year to 68.33% this quarter, and borrowers who refinanced through credit unions saw their monthly payments decrease by $87 on average. Banks saw a slight dip in their share of the refinancing market year-over-year, going from 22.71% to 21.45%, and borrowers who refinanced through them saved an average of $46 a month. New leaders emerge as the lender market share continues to evolve Taking a deeper dive into the automotive finance market share, banks reclaimed their leading position for total vehicle financing, rising to 27.50% in Q2 2025, from 24.50% in Q2 2024. Meanwhile, captives declined from 30.17% to 26.63% year-over-year, and credit unions slightly increased from 20.35% to 21.04% during the same period. For new vehicles, captives continued to lead at 52.39% this quarter, though it was a drop from 60.74% last year. On the other hand, banks grew from 21.12% to 25.91% and credit unions went from 9.99% to 12.24% in the same time frame. On the used side, banks edged ahead, increasing their share to 28.59% in Q2 2025, from 26.80% last year. Credit unions saw slight growth from 27.59% to 27.63%, while captives declined from 7.83% to 6.40% year-over-year. As affordability remains a key priority, consumers seem to be exploring financing options that offer more favorable terms. While Experian Automotive’s report continues to illustrate the evolving dynamics, these data-driven insights can empower both consumers and industry professionals to make smarter financial decisions. To learn more about automotive finance trends, view the full State of the Automotive Finance Market Report: Q2 2025 presentation on demand.

In a recent episode of the Used Car Dealer Podcast, host Zach Klempf, sat down with Jim Maguire, Experian’s senior director of product marketing for automotive, to discuss the prevalence of fraud in the automotive industry. During their conversation, Jim highlighted the findings in Experian’s 2023 Identity and Fraud Report, giving listeners a deeper understanding into the evolving dynamics of fraud, with data and insights on the current landscape and what actionable strategies dealers can take to prevent it. The episode is now available across all major podcast platforms, click the link below to watch: YouTube For more information on the Used Car Dealer Podcast, visit - https://www.sellyautomotive.com/podcast Facebook - @SellyAutomotive Twitter - @SellyAutomotive LinkedIn - @SellyAutomotive

Experian’s State of the Automotive Finance Market Report: Q4 2022 found that the year-over-year (YOY) average new loan amount increased 4.04%, a smaller growth rate compared to 12.46% YOY in Q4 2021

Pickup trucks have long been a staple of the automotive industry, and the data show this is still the case—even seeing some growth in the third quarter of 2022. Experian’s Automotive Consumer Trends Report: Q3 2022 took a deeper dive into pickup trucks and found they accounted for 20.4% of new retail vehicle registrations, increasing from 16% in Q3 2021 and surpassing sedans (16.5%) and SUVs (11.4%). The growth in pickup truck popularity is partially due to their functionality and towing capabilities, among other features that smaller vehicles may not offer. As more consumers continue to be drawn to pickup trucks, it’s important for automotive professionals to not oversimplify by grouping potential shoppers together, but instead, dive into the data to understand the current trends, such as who is buying and the type of truck segments they may be interested in. Breaking down pickup truck registration trends by generation When looking at who is in the market for a pickup truck, data shows Gen X made up the largest percentage of buyers in Q3 2022, comprising 34.6%, with Baby Boomers coming in at 28.3%, and Millennials not too far behind at 25.2% this quarter. Knowing who is making up majority of the pickup truck registrations and the types of trucks they are looking for goes hand-in-hand when automotive professionals are searching for ways to market strategically and ensure they are reaching the right audience. For instance, in Q3 2022, 43.1% of Gen X buyers opted for a full-size luxury truck, such as the Rivian R1T, while 35.7% preferred a full-size truck, such as the Ford F-150, and 32.9% bought a midsize truck, such as the Toyota Tacoma. By comparison, 20.4% of Baby Boomers bought a full-size luxury truck in Q3 2022, 27% chose a full-size truck, and 30.7% opted for a midsize truck. Data shows Millennials preferred a full-size luxury truck over any other type—coming in at 30.6%, while 26% opted for a full-size truck, and 23.3% bought a midsize truck. As consumer preference continues to shift throughout the automotive industry, analyzing and leveraging data will allow professionals to properly assist consumers when looking for a vehicle that fits their needs, as well as stay up-to-date on the current trends. To learn more about pickup trucks and other consumer trends, watch the entire Automotive Consumer Trends Report: Q3 2022 webinar.

According to Experian’s Automotive Market Trends Report: Q3 2022, new vehicle registrations were down 16.4%, going from 12.2 million through Q3 2021 to 10.2 million this quarter. Used vehicles experienced a 12.6% decline, coming in at 29.8 million through Q3 2022, from 34.1 million the previous year.

According to Experian’s Automotive Market Trends Report: Q1 2022, new vehicle registrations were down 19% from the prior year—declining to 3.4 million. Used registrations went from 11.4 million to 9.9 million year-over-year, decreasing 13.2%.

Experian's Q4 2020 State of the Automotive Finance Market report gives insight into the current state of the leasing market.

Millennials and Gen Z consumers have proven to be future trend shapers for the auto industry.

The early assessment for the automotive industry is that despite significant challenges at the onset of the pandemic, the industry continues to rebound.