Press release
Auto Finance Market Report 2024-2033: Analysis, Size, Share, Growth, Trends, Forecast, Outlook, Mergers and Acquisitions
The auto finance market size has grown rapidly in recent years. It will grow from $2.08 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to consumer credit expansion, introduction of installment plans, rise of leasing options, establishment of credit scoring systems, auto industry evolution.
The auto finance market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to digitalization in auto finance, shift to electric and shared mobility, alternative financing models, data privacy and security measures, economic trends impact. Major trends in the forecast period include contactless transactions, green financing incentives, usage-based insurance and financing, blockchain in auto finance, blockchain in auto finance..
Market Overview -
Auto finance refers to the variety of financing options that enable customers to purchase an automobile under any arrangement other than a single, full cash payment. Auto finance makes it easy for customers to buy vehicles without using their savings upfront, which provides convenience and saves them time.
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Soaring Vehicle Costs Propel Growth As Consumers Seek Affordable Payment Solutions Amidst Rising Car Prices
Rising vehicle costs are significantly contributing to the growth of the auto finance market going forward. Vehicle costs refer to the sum paid to a dealer in exchange for the vehicle. The increase in car prices is increasing loan amounts and lengths, making the larger loans seem more affordable, which increases the need for better auto financing. For instance, in May 2023, according to data released by the U.S. Bureau of Labor Statistics, a US-based fact-finding agency in the field of labor economics and statistics for the U.S. government, the consumer price index (CPI) of used cars and trucks increased from 184.997 in March 2023 to 193.394 in April 2023. Furthermore, in October 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, consumers spent $120 billion on electric car purchases in 2020, up 50% from the previous year, which translates to 41% more sales and 6% higher average costs. Therefore, rising vehicle costs are driving the growth of the auto finance market.
Competitive Landscape -
Major companies operating in the auto finance market report are Ford Motor Credit Company LLC, General Motors Financial Company Inc., JPMorgan Chase, Bank of America Corporation, Hitachi Capital Corp, Santander Bank NA, Wells Fargo & Co., HSBC Holdings PLC, Volkswagen Finance Services, Capital One Financial Corporation, PNC Bank, Westlake Financial, HDFC Bank Limited, Carvana Co, Mahindra & Mahindra Financial Services Limited, Ally Financial Inc., Toyota Financial Services, Infiniti Financial Services, Standard Bank Group Ltd., Huntington Bancshares Inc., Equifax Inc., LendingTree Inc., Exeter Finance Corp, Honda Financial Services, TD Auto Finance, Autopay, Mercedes-Benz Financial Services, CarsDirect, AutoFi, Caribou Auto Refinancing
Cutting-Edge Auto Finance Platform To Streamline Used Car Lending For Dealers And Consumers
Product innovations are the key trend gaining popularity in the auto finance market. Major companies operating in the auto finance market are developing new products or technologies to strengthen their position in the market. For instance, in March 2022, Solera Holdings LLC, a US-based vehicle lifecycle management company, launched Solera Auto Finance. This innovative used car lending solution offers rapid, adequate financing for independent and franchised used car dealers and their clients. The finance platform is fully integrated with Solera's Dealer Management Systems (DMS), which include Auto/Mate for franchise dealers and iDMS for independent dealers, providing a new competitive financing option. It uses Solera's established AI and data science expertise to produce a sophisticated, highly accurate financing instrument. It offers compelling advantages such as attracting new customers, providing a fast, simplified solution, improving accuracy, reducing friction, and cutting costs.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/auto-finance-global-market-report
Key Segments -
The auto finance market covered in this report is segmented -
1) By Finance: Direct, Indirect
2) By Vehicle Age: New Vehicles, Used Vehicles
3) By Loan Provider: Banks, Original Equipment Manufacturer (OEM), Credit Unions, Other Loan Providers
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
The auto finance market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to digitalization in auto finance, shift to electric and shared mobility, alternative financing models, data privacy and security measures, economic trends impact. Major trends in the forecast period include contactless transactions, green financing incentives, usage-based insurance and financing, blockchain in auto finance, blockchain in auto finance..
Market Overview -
Auto finance refers to the variety of financing options that enable customers to purchase an automobile under any arrangement other than a single, full cash payment. Auto finance makes it easy for customers to buy vehicles without using their savings upfront, which provides convenience and saves them time.
Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=11963&type=smp
Soaring Vehicle Costs Propel Growth As Consumers Seek Affordable Payment Solutions Amidst Rising Car Prices
Rising vehicle costs are significantly contributing to the growth of the auto finance market going forward. Vehicle costs refer to the sum paid to a dealer in exchange for the vehicle. The increase in car prices is increasing loan amounts and lengths, making the larger loans seem more affordable, which increases the need for better auto financing. For instance, in May 2023, according to data released by the U.S. Bureau of Labor Statistics, a US-based fact-finding agency in the field of labor economics and statistics for the U.S. government, the consumer price index (CPI) of used cars and trucks increased from 184.997 in March 2023 to 193.394 in April 2023. Furthermore, in October 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, consumers spent $120 billion on electric car purchases in 2020, up 50% from the previous year, which translates to 41% more sales and 6% higher average costs. Therefore, rising vehicle costs are driving the growth of the auto finance market.
Competitive Landscape -
Major companies operating in the auto finance market report are Ford Motor Credit Company LLC, General Motors Financial Company Inc., JPMorgan Chase, Bank of America Corporation, Hitachi Capital Corp, Santander Bank NA, Wells Fargo & Co., HSBC Holdings PLC, Volkswagen Finance Services, Capital One Financial Corporation, PNC Bank, Westlake Financial, HDFC Bank Limited, Carvana Co, Mahindra & Mahindra Financial Services Limited, Ally Financial Inc., Toyota Financial Services, Infiniti Financial Services, Standard Bank Group Ltd., Huntington Bancshares Inc., Equifax Inc., LendingTree Inc., Exeter Finance Corp, Honda Financial Services, TD Auto Finance, Autopay, Mercedes-Benz Financial Services, CarsDirect, AutoFi, Caribou Auto Refinancing
Cutting-Edge Auto Finance Platform To Streamline Used Car Lending For Dealers And Consumers
Product innovations are the key trend gaining popularity in the auto finance market. Major companies operating in the auto finance market are developing new products or technologies to strengthen their position in the market. For instance, in March 2022, Solera Holdings LLC, a US-based vehicle lifecycle management company, launched Solera Auto Finance. This innovative used car lending solution offers rapid, adequate financing for independent and franchised used car dealers and their clients. The finance platform is fully integrated with Solera's Dealer Management Systems (DMS), which include Auto/Mate for franchise dealers and iDMS for independent dealers, providing a new competitive financing option. It uses Solera's established AI and data science expertise to produce a sophisticated, highly accurate financing instrument. It offers compelling advantages such as attracting new customers, providing a fast, simplified solution, improving accuracy, reducing friction, and cutting costs.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/auto-finance-global-market-report
Key Segments -
The auto finance market covered in this report is segmented -
1) By Finance: Direct, Indirect
2) By Vehicle Age: New Vehicles, Used Vehicles
3) By Loan Provider: Banks, Original Equipment Manufacturer (OEM), Credit Unions, Other Loan Providers
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx
Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
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