Subprime Vehicle Financing at a Seven-Year High

vehicle financing

SubPrime Auto Finance News recently published an article regarding the surge in subprime vehicle financing.  In fact, the numbers for March 2014 came in at $13.1 billion, higher than any single month for the past seven years.  But while the total dollar amount is at historic highs, the average amount per subprime loan came in [Read More...]

NIADA’s Scott Lilja on the Auto Dealer Challenges Facing Today’s Independents

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Today’s independent auto dealers are under pressure. Changes in financing, competition, inventory, regulatory issues and shifting buyer preferences are among the challenges that have left many members searching for answers. Jennifer Reid, Senior Director of Product Marketing at Equifax, recently caught up with Scott Lilja, Senior Vice President of Member Services at National Independent Automobile [Read More...]

Next Generation Showroom Shoppers: What You Need to Know about Millennialls

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Millennial vehicle shoppers (18 to 32 years old) comprise a huge market of new car buyers. They are more informed than previous generations. They are different from any other category of buyers.. Your dealership challenge is to inform, seduce and reward this new population of shoppers with exactly want they want. Image is everything Last [Read More...]

Auto Lending Sector Enjoying Boom Times and Record Credit Numbers

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Boom times are back, and the auto lending sector is still going strong in 2014, according to the most recent Equifax National Consumer Credit Trends Report. “Auto lending continues to lead the recovery,” said Amy Crews Cutts, Chief Economist at Equifax. According to the report, while new sales in the auto industry have driven the [Read More...]

Finally, a Sales Tool That Provides Instant 24-7 Access to Reliable Auto Financing Data

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Anyone who has ever been in Sales or Finance at a dealership knows the pain of the late night vehicle buyer who, hours after close, finally takes delivery of a vehicle. These deals regularily take place after lenders are closed for the day, and require vehicle delivery tools that are available anytime, day or night. [Read More...]

Deliver Vehicles Faster and Get it Right the First Time

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After nine years of a tough grind, vehicle sales and auto lending is back. But margins are under pressure, so dealers want more speed and efficiency —while staying price competitive and maintaining a good customer experience. To thrive in this market, dealers must move customers from being online shoppers, through to showrooms, and get vehicles [Read More...]

How Will You Outsmart the Fake Pay Stub?

payroll pay stub

Pay stubs are causing all sorts of pitfalls for automotive finance and insurance managers. There’s the issue with sending a potential customer home to retrieve their pay stub, only to never see him or her again. And what about those customers coming prepared, but with a potentially fraudulent pay stub that they’ve purchased online? I, [Read More...]

New Report Reveals 3 Fast-Growing Credit Growth Areas of 2014

Pink Piggy Bank On Top Of A Pile Of One Dollar Bills

Consumers are borrowing more money than they have in years, and they are making their payments on time, says a new report. Analytics show that credit growth remains strong in 2014, with bank-issued credit cards, home equity lines and auto loans proving particularly popular with borrowers. Analyzing the data generated by credit applications to study [Read More...]

Online Targeting for Auto: How Car-Buying Preferences Vary by City

Equifax Keys Auto

Auto manufacturers, auto ad agencies, lenders and dealers all face difficult challenges in online advertising. While brand advertising puts a make or model into the consumer’s mind, the ultimate goal is to sell cars. The most effective way to do this – as well as to extend loans – is to put the right message [Read More...]

Automotive Fraud: Income Misrepresentation

Income Misrepresentation

Automakers are back on top, showing their best sales in 8 years. Consumers who previously struggled to free up the capital for a car loan are able to qualify again. Still, just because some consumers are playing nice with the auto industry, doesn’t mean all are. In a recent research study, Equifax found that almost [Read More...]