Market Scan Teams with Experian to Help Automotive Lenders Understand Local Finance Market

Market Scan Teams with Experian to Help Automotive Lenders Understand Local Finance Market

Through the collaboration, Experian and Market Scan will offer mGauge, a state-of-the-art analysis tool, to automotive lenders hoping to gain more insight into the interest rates that competitors offer based on geography, vehicle and credit risk tier.

Collaborative effort aims to provide automotive lenders with unique insight into competitive pricing programs based on local markets, vehicle type and risk tier 

Market Scan Information Systems, Inc., an automotive data and solutions provider, recently announced a joint effort with Experian to help automotive lenders gain insight into competitors’ ever-changing rate and programs pricing. Through the collaboration, Experian and Market Scan will offer mGauge, a state-of-the-art analysis tool, to automotive lenders hoping to gain more insight into the interest rates that competitors offer based on geography, vehicle and credit risk tier. 

“We are excited and proud to join with Experian to evolve automotive commerce,” said Market Scan President and Co-Founder Rusty West. “With Experian’s extensive industry relationships and Market Scan’s unique software, data and calculation technologies, this joint effort builds on the natural synergies between our two companies. Together, we will offer one-of-a-kind solutions that empower automotive lenders and OEMs to create compelling and competitive programs for their clients and specific offers directed at consumers.” 

Powered by Market Scan’s proprietary technology, analytics and data, mGauge, analyzes competitors’ published lease and loan finance programs. This enables lenders to create and offer competitive finance options for in-market car buyers and automotive dealers — ultimately leading to an increased bottom line and improved customer loyalty. For example, a lender could see that a competitor will offer a subprime car shopper a specific rate on a full-sized pickup truck — opening the door to offer a better interest rate or match the loan terms. 

“In an overly competitive marketplace, lenders need to find ways to attract and retain car shoppers — comparable loans terms are a keen way to accomplish that goal,” said John Gray, Experian’s president of automotive. “Unique insight into how competitors are pricing vehicles can level the playing field across the lender spectrum. More importantly, consumers can access favorable loan terms that can make vehicles more affordable and improve their financial health down the road.” 

Links:
Market Scan

You May Also Like

U.S. Automobile Dealer Sentiment: Dealers Remain Pessimistic, Cautious

Cox economists note that dealer sentiment is likely worse than actual market conditions, stating that while profits are down from all-time highs, they still believe the dealer business is healthy.

The latest Cox Automotive Dealer Sentiment Index (CADSI) remained stable from Q1 to Q2 2024 despite dealer uncertainty in the market and economy. The Q2 current market index score of 42 indicates most U.S. auto dealers see the market as weak. One year ago, the index was 45, also below the 50 threshold. The last time current market sentiment was above 50 — suggesting the market was strong, not weak — was Q2 2022.

Benchmark Data Suite Unveils Benchmark Alert System

This innovative system delivers real-time, actionable insights to enhance dealership performance and accountability.

Reynolds and Reynolds Donates $5 Million to Northwood University

The donation will help fund the construction of the new Center for Automotive & Mobility Studies at Northwood University.

Alan Jay Wildstein Donates $5 Million for Historic Project

The new facility at Northwood University will house a new Center for Automotive & Mobility Studies (CAMS).

Manheim Launches 4 Star Auto Auction in Alabama with TR Group

Manheim’s new fixed mobile site offers local dealers convenient access to needed inventory in Valley, Alabama.

Other Posts

FrogData Unveils Major AI Factory Upgrade

The upgrade aims to revolutionize automotive retail operations in used car pricing, service management, and negotiation strategies.

Babcox Media Appoints Tom Pecka as Director of Strategic Partnerships

Tom Pecka will lead the development of strategic media partnerships and sponsorships, enhancing media activations across diverse channels.

Reynolds and Reynolds, DealerOn Team Up

The partnership seeks to help dealers drive more engagement, increase conversions and speed up time to decision.

Auto Dealers Donate $25,000 to American Red Cross

Members of the Greater New York Automobile Dealers Association donated money to outfit an emergency response vehicle.