As the nation is emerging from the pandemic, Equifax is reporting that Americans are borrowing at higher levels than in 2019. Demand for auto loans and leases, credit cards, and personal loans have risen 39% in April 2021 compared to April of 2020, and 11% higher than in April 2019.

Lenders have extended a record number of auto loans and leases inn March. The trends indicate a shift of course from 2020 where consumers avoided personal loans and other debt. Now, with the pandemic behind them, Americans are shopping at unprecedented levels. Increased prices on new and used vehicles are also boosting loan demand.

Many lenders are extending increased credit to consumers with lower credit scores. Lenders approved over 600,000 subprime automotive loans and leases. Lenders report balances on these totaled $11.7 billion, the highest ever.

Americans are buying cars at unprecedented levels. Ensure that your dealership has the tools you need to greet the growing demand. Recon+ will help decrease your time to market, and point out any bottlenecks by measuring your process every step of the way. You won’t be needing any more spreadsheets or manual repair orders!

Acquisition Plus will help you restock your dealer inventory. Are you losing money on auction purchase units, rising costs of vehicles, auction fees, inspection, transportation, or holding costs? As a dealer, connect with private sellers with the fastest moving vehicles, through an automated texting campaign.

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