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Experian data shows Tesla captured six out of 10 EV sales, slowing deliveries of other automakers’ EVs.
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The lenders lost over one point of new-car loan and lease market share in 2022, finds Experian.
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Q1 numbers show they’re trying new tacks to combat the effect of high interest rates, still-high vehicle prices.
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Consumers financed more than 91,000 used electric vehicles (EVs) in 2022, up 45% from 2021, according to Experian data.
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New Experian report finds average loan terms extend for new and used vehicle loans as interest rates rise.
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As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
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Tesla faces new competition as new electric vehicle manufacturers come onto the scene.
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The automaker’s new vehicle registrations grew 61% in the first half of the year to take the top spot among luxury automakers.
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New Experian report shows ongoing impact of inventory shortage on automotive finance market, as average vehicle loan amounts and monthly payments continue to rise.
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While there are still uncertainties within the automotive space due to ongoing challenges like the microchip and inventory shortages, the data shows that the industry is continuing to move forward and evolve.
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