New Vehicle Inventory Bounces Back, Reshaping the Automotive Finance Market During the First Quarter of 2024
EXPERIAN PLC S/ADR (EXPGY)
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Source: Business Wire
Experian’s new report found captives accounted for the largest new vehicle market share since 2010 SCHAUMBURG, Ill.--(BUSINESS WIRE)--With new vehicle inventory rebounding and some manufacturers continuing to offer incentives, consumers are shifting back into the new vehicle market—resulting in a notable impact on lender market share. According to Experian’s State of the Automotive Finance Market Report: Q1 2024, captives’ market share for new vehicle financing jumped to 61.75%, its highest level since 2010. Meanwhile, banks declined from 23.36% to 20.65% year-over-year and credit unions went from 17.02% to 9.69% over the same period.“The return of new vehicle inventory has had a ripple effect across the automotive finance market,” said Melinda Zabritski, Experian’s head of automotive financial insights. “Not only are we seeing in-market shoppers transition away from the used vehicle market but we’re starting to see the resurgence of leasing.”Largely driven by the availability of n
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