New Vehicle Inventory Bounces Back, Reshaping the Automotive Finance Market During the First Quarter of 2024
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.
- 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.
- “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.
- The average loan amount for a new vehicle was $40,634 in Q1 2024, down $481 from the previous year.
- Captives comprised 31.39% of total vehicle finance market share this quarter, up from 25.93% last year.