In a recent survey conducted by Lantern Credit, only 18 percent of Americans indicated that they would consider ever doing business with a bank that turned them down for credit.
In the same survey, 70 percent of Americans said that they were confident that they understood their credit score and how it’s calculated. While they express confidence, they also express skepticism - fewer than one-third of respondents said that they felt that banks keep credit confusing so that they can charge higher rates.
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 2.77 percent month-over-month in September.
This brought the Manheim Used Vehicle Value Index to 134.9, which was a record high for the fifth consecutive month and a 6.3 percent increase from a year ago.
On a year-over-year basis, all major market segments saw gains, including midsize cars. Luxury cars, pickups, and vans outperformed the overall market.
The average price for rental risk units sold at auction in September was up 4 percent year-over-year. Rental risk prices were up 2 percent compared to August. Average mileage for rental risk units in September (at 42,200 miles) was 6 percent above a year ago.
The J.D. Power 2017 Seat Quality and Satisfaction Study provides automotive manufacturers and suppliers with quality and satisfaction information related to seating systems.
New-vehicle owners are asked to rate the quality of their vehicle’s seats and seat belts with respect to whether they have experienced defects/malfunctions or design problems during the first 90 days of ownership.
The study presents seven segment awards based on the J.D. Power vehicle segment designations: mass market compact car; mass market compact SUV/MPV; mass market midsize/large car; mass market midsize/large SUV; mass market truck/van; luxury car; and luxury SUV.
For each segment, the award for Highest Quality Seats is based exclusively on the total seat problems per 100 (PP100) score (seat quality within segment). Awards are presented to the seating system supplier.
The 2017 Seat Quality and Satisfaction Study is based on responses from more than 77,000 purchasers and lessees of new 2017 model-year cars and light trucks registered in November-December 2016 and January-February 2017. The study was fielded from February through May.
Magna earned the most honors, leading the categories with seats for the Audi A3, Ford Escape and Ford Edge.
Tapad recently revealed findings from a campaign conducted with Autotrader that showed Autotrader's premium audience, combined with the Tapad Device Graph, delivered significant audience extension across desktop, mobile, and tablet to drive awareness and maximize both reach and delivery across screens.
To help analyze shopping behaviors across multiple devices, the global automotive brand for this campaign turned to Autotrader and Tapad, who created a cross-device pre-roll video strategy with a focus on viewability, concentrating on potential customers already searching for vehicles. By using a one-to-one connection, instead of look-alike modeling, Tapad also ensured that the automotive brand discovered only new consumers across all of their devices.
This approach discovered a new potential audience of more than 14 million consumers, eliminated communication waste and the risk of duplicates, increased overall performance, and ensured more of the campaign dollars reached meaningful audiences. Overall, this case study represents a leap forward in terms of audience-based targeting and the highly sought-after multi-touch attribution modeling.
More than three-quarters of workers (78 percent) are living paycheck-to-paycheck to make ends meet - up from 75 percent last year and a trait more common in women than men - 81 vs. 75 percent, according to new CareerBuilder research.
Thirty-eight percent of employees said they sometimes live paycheck-to-paycheck, 17 percent said they usually do and 23 percent said they always do.
The national survey, which was conducted online by Harris Poll on behalf of CareerBuilder from May 24 to June 16, included representative samples of 2,369 full-time employers and 3,462 full-time U.S. workers across industries and company sizes in the private sector.
A quarter of workers (25 percent) have not been able to make ends meet every month in the last year, and 20 percent have missed payment on some smaller bills. Further, 71 percent of all workers say they're in debt - up from 68 percent last year. While 46 percent say their debt is manageable, more than half of those in debt (56 percent) say they feel they will always be in debt.
The Conference Board Consumer Confidence Index, which had declined marginally in June, improved in July.
The Index now stands at 121.1, up from 117.3 in June.
Consumers’ outlook for the labor market improved. The proportion expecting more jobs in the months ahead was unchanged at 19.2 percent, but those anticipating fewer jobs decreased to 13.3 percent from 14.6 percent.
Consumers, however, were not as upbeat about their income prospects as in June. The percentage of consumers expecting an improvement in their income declined moderately to 20 percent from 20.9 percent, while the proportion expecting a decline increased to 10 percent from 9.3 percent.
A new study by WalletHub shows how credit data affects the cost of insurance policies in each of the 50 states and the District of Columbia.
WalletHub compared the cost of policies from five of the country’s largest auto insurance companies for a pair of hypothetical applicants who are identical save for their credit standing. One has excellent credit, and the other has no credit.
The five insurers were: Geico, Progressive, State Farm, Allstate and Farmers Insurance.
People with no credit pay 65 percent more on average for car insurance than people with excellent credit. Drivers with no credit pay at least twice as much in Pennsylvania, New Jersey and Michigan.
Farmers Insurance seems most reliant on credit data, with credit newcomers paying over twice as much as excellent-credit customers. Even Geico (least reliant) has a 40 percent penalty.
The five major auto insurance companies use credit data in 90% of the states in which they operate, on average. Only Progressive uses credit data in all of the states it serves.
Most used car shoppers search for their next vehicle within their local area. But new research from CarGurus shows that for adventurous deal-seekers, there are opportunities to save significantly by planning a "Fly to Buy" car shopping getaway.
Company analysts say that prices on comparable used cars can vary significantly city to city so it's possible to fly to another city to buy a used car at a much lower price, drive it home, and still save substantially after travel costs.
For example, data shows that a car shopper living in Albany, N.Y., could save more than $2,000 on a 2015 Ford Mustang if they "Fly to Buy" in Miami versus buying the comparable car in their home town – including the cost to fly to Miami and the cost of gas for the car ride home. A shopper living in Albuquerque, N.M., can save almost $1,900 on a 2007 BMW 3 Series by flying to buy the car in Dallas – again, flight and gas costs included.
To find the optimal Fly to Buy cars and destinations, CarGurus analysts studied millions of car listings nationwide, comparing local market prices on comparable vehicles to identify the most significant regional price differences. They also factored the average cost of both a plane ticket and the gasoline needed for the ride home.
Jumpstart Automotive Media released its seventh annual Insights Book.
This yearlong analysis looks at shopping patterns across Jumpstart’s portfolio of automotive websites that represent more than 25 million in-market shoppers.
About 60 percent of shoppers who enter Jumpstart’s portfolio through the homepage end up viewing a vehicle detail page (VDP) within the first three clicks (interactions).
Among visitors who enter Jumpstart’s sites directly on listings pages, nearly 50 percent return to the homepage to reset their search criteria before moving to a VDP to conduct more research.
Vehicle rankings often drive shoppers to a VDP (64 percent) to allow for more comprehensive research, and then on to photo galleries to validate the vehicle they’re focused on.
Advancements such as connectivity, big data, autonomous vehicles and artificial intelligence are driving new economic models for automakers, and most see tremendous revenue potential and consumer value in leveraging driver and vehicle data to offer mobility services, according to the 2017 KPMG Global Automotive Executive Study.
The KPMG research, which polled nearly 1,000 executives with the world’s leading automotive companies, found that 76 percent say one connected car generates more revenue streams than 10 conventional cars. In fact, expectations for data-driven revenue are so great that 71 percent say measuring OEM market share based on units sold is outdated.
“The game has changed for automakers, as cars have evolved into rolling computers and consumers have been quick to embrace autonomy, connectivity and mobility-on-demand,” said Gary Silberg, KPMG’s automotive sector leader. “A car is no longer defined by its utility, it is defined by the experience it provides to the driver and passenger – and that opens a tremendous pipeline for new revenue streams and business services that KPMG projects could top $1 trillion in the next decade or so.”
Eighty percent of executives in the KPMG study agree that data will be the fuel for future business models, and 83 percent believe they will make money off of that data. In order to create value and consequently monetize data, 82 percent of the executives agree that a car needs its very own ecosystem/operating system (OS) as otherwise the valuable consumer and/or vehicle data will be most likely routed through third parties. In this case many valuable revenue streams would be lost.
In conjunction with the executive survey, KPMG surveyed 2,400 consumers from 42 countries, to compare their perspective against the opinion of the world’s leading auto executives. KPMG found that consumers agree. Sixty percent of consumers say that as we move toward autonomous driving, they’ll only care about what they can do with the time they’re in the car, rather than the attributes of the car. However, both executives and consumers agree that data security and privacy is the top purchasing criteria in the self-driving age where passengers are interacting with the car’s digital platform.
Executives and consumers don’t see eye-to-eye regarding who should own that consumer and vehicle data. Auto execs are split between thinking OEMs (31 percent) and consumers (27 percent) should own the data, while consumers overwhelmingly believe only they should own it.