
April data sheds light into how the industry was impacted during the early stages of COVID-19.
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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.
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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.
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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.
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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.
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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.
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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.
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Sagent Lending Technologies announced an enhancement of its identity-management and fraud-detection capabilities credited to a new collaboration with Experian.
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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.
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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.
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