Experian Automotive Extends the Way Vehicle History Information is Used in the Lending Market
Poster: SySAdmin
Posted on July 25, 2011 at 6:35:01 AM
Experian Automotive Extends the Way Vehicle History Information is Used in the Lending Market
AutoCheck Market Review(SM) combines AutoCheck® vehicle history information with AutoCount® market share insight, reducing a lender's risk of financing problem vehicles
SCHAUMBURG, Ill., July 25, 2011 /PRNewswire/ -- Experian Automotive today announced AutoCheck Market Review(SM), a new service that minimizes a lender's risk of financing vehicles with major title problems. The new service is the first to combine vehicle history report information with automotive finance market share data to provide lenders with an unprecedented view of the vehicle landscape. This information allows lenders to gain insights on a full view of the used vehicle finance market, develop strategies to reduce the number of problem vehicles financed and identify the lowest-risk market opportunities.
"Vehicles with title brands can create significant losses for lenders if they haven't identified vehicle history problems when the loan is originated," said Melinda Zabritski, director of automotive credit for Experian Automotive. "By leveraging information within AutoCheck Market Review, lenders can identify the markets and dealers generating the greatest number of these loans. This enables them to adjust lending programs, mitigating potential losses."
Each year consumers purchase more than 40 million used vehicles, and approximately 20 million of those are financed. Recent Experian Automotive research has shown that on average approximately 7 percent of those vehicles have a major problem. Additionally, Experian research has shown that vehicles with a negative history event have a higher percentage of charge-offs for lending institutions. The average charge-off amount for vehicles with clean titles is 47.1 percent of the loan value, compared with 61.2 percent for vehicles with frame damage.
With AutoCheck Market Review, lenders can view the overall number of vehicles financed with major problems, analyze their market down to the ZIP Code(TM) level and understand their exposure to financing problem vehicles. AutoCheck Market Review consists of a standard set of reports available through AutoCount.com and includes customizable options that allow lenders to view reports by lender, geography or dealer.
For more information about AutoCheck Market Review, visit http://www.autocount.com. To learn more about Experian Automotive's other leading products and services, visit http://www.experian.com/automotive.
About Experian Automotive
Experian Automotive is a leader in providing information services and market intelligence to manufacturers, dealers, finance, insurance and aftermarket companies, helping them increase customer loyalty; target and win new business; and make better lending, purchasing and production decisions. Experian's AutoCheck® reports provide customers with in-depth vehicle history information to confidently understand, compare and select the right vehicle. Its North American Vehicle Database(SM) houses more than 650 million vehicles and, when combined with Experian's credit, consumer and business information assets, meets the industry's growing demand for an integrated information source. Experian technology supports top automotive businesses, including eBay Motors, O'Reilly Auto Parts, Affinia, CarMax and NADAguides.com. For more information on Experian Automotive and its suite of services, visit our Website at http://www.experianautomotive.com.
About Experian
Experian® is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was $4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
Experian is a nonexclusive full-service provider licensee of the United States Postal Service®. The following trademark is owned by the United States Postal Service®: ZIP Code. The price for Experian's services is not established, controlled or approved by the United States Postal Service.
Contact:
Jordan Takeyama
Experian Public Relations
1 714 830 7561
jordan.takeyama@experian.com
SOURCE Experian Automotive
Experian Automotive
Web Site: http://www.experianplc.com
AutoCheck Market Review(SM) combines AutoCheck® vehicle history information with AutoCount® market share insight, reducing a lender's risk of financing problem vehicles
SCHAUMBURG, Ill., July 25, 2011 /PRNewswire/ -- Experian Automotive today announced AutoCheck Market Review(SM), a new service that minimizes a lender's risk of financing vehicles with major title problems. The new service is the first to combine vehicle history report information with automotive finance market share data to provide lenders with an unprecedented view of the vehicle landscape. This information allows lenders to gain insights on a full view of the used vehicle finance market, develop strategies to reduce the number of problem vehicles financed and identify the lowest-risk market opportunities.
"Vehicles with title brands can create significant losses for lenders if they haven't identified vehicle history problems when the loan is originated," said Melinda Zabritski, director of automotive credit for Experian Automotive. "By leveraging information within AutoCheck Market Review, lenders can identify the markets and dealers generating the greatest number of these loans. This enables them to adjust lending programs, mitigating potential losses."
Each year consumers purchase more than 40 million used vehicles, and approximately 20 million of those are financed. Recent Experian Automotive research has shown that on average approximately 7 percent of those vehicles have a major problem. Additionally, Experian research has shown that vehicles with a negative history event have a higher percentage of charge-offs for lending institutions. The average charge-off amount for vehicles with clean titles is 47.1 percent of the loan value, compared with 61.2 percent for vehicles with frame damage.
With AutoCheck Market Review, lenders can view the overall number of vehicles financed with major problems, analyze their market down to the ZIP Code(TM) level and understand their exposure to financing problem vehicles. AutoCheck Market Review consists of a standard set of reports available through AutoCount.com and includes customizable options that allow lenders to view reports by lender, geography or dealer.
For more information about AutoCheck Market Review, visit http://www.autocount.com. To learn more about Experian Automotive's other leading products and services, visit http://www.experian.com/automotive.
About Experian Automotive
Experian Automotive is a leader in providing information services and market intelligence to manufacturers, dealers, finance, insurance and aftermarket companies, helping them increase customer loyalty; target and win new business; and make better lending, purchasing and production decisions. Experian's AutoCheck® reports provide customers with in-depth vehicle history information to confidently understand, compare and select the right vehicle. Its North American Vehicle Database(SM) houses more than 650 million vehicles and, when combined with Experian's credit, consumer and business information assets, meets the industry's growing demand for an integrated information source. Experian technology supports top automotive businesses, including eBay Motors, O'Reilly Auto Parts, Affinia, CarMax and NADAguides.com. For more information on Experian Automotive and its suite of services, visit our Website at http://www.experianautomotive.com.
About Experian
Experian® is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was $4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
Experian is a nonexclusive full-service provider licensee of the United States Postal Service®. The following trademark is owned by the United States Postal Service®: ZIP Code. The price for Experian's services is not established, controlled or approved by the United States Postal Service.
Contact:
Jordan Takeyama
Experian Public Relations
1 714 830 7561
jordan.takeyama@experian.com
SOURCE Experian Automotive
Experian Automotive
Web Site: http://www.experianplc.com