How Can Data Ignite Auto Finance Excellence? Elevate Your Lending Game - Part 1

Want to build deeper connections within your industry? 

It is important to learn how to use vast information to efficiently build your portfolio, while making it resilient to market volatility. This can be achieved through expert insights, analytics, and offerings like Equifax Ignite®. Get smart with our two-part blog series to not only build deep connections within your industry, but also gain a strategic advantage over the competition.

How’s your data, modeling, and analytics?

Auto lenders face a tough job balancing risk and opportunity, especially with the current challenges like high interest rates and high inflation. Lenders need better information to make smarter, faster decisions to stay competitive.

In today’s market, using alternative data to level up lending is a must. More data on more customers means more sales. To unlock the full potential of that data, lenders need to view their customers through an individualized lens. This is where alternative data shines. Alternative data gives lenders the most comprehensive picture of who’s borrowing and buying. 

Three Equifax offerings that make your job more efficient:

• Equifax Ignite®: Combines all the data, analytics, and technology you need into one cloud-based ecosystem so you can make fast, data-driven decisions.

• OneScore from Equifax: Offers a new way to find hidden risks and opportunities using alternative data.

• TradeSight®: A powerful resource available within Ignite® that gives you the ability to quickly find business opportunities and adjust your strategies accordingly.

Utilizing OneScore from Equifax means getting a multi-data credit score for more predictability. For auto lenders it  helps them make smarter decisions and increases approval rates. In fact, Equifax data and analytics show lenders using OneScore can realize:

• up to 21% more scorable applicants, 

• 10% KS lift in predictability, 

• and 15.5% more approvals without increasing bad rates.

All which can help uncover millions in revenue and help protect portfolios.

TradeSight® , which is also available within Ignite®, allows lenders to get an easy, flexible, direct, and more complete view of the market and the dealer landscape through data needed to fuel auto lending analytics. With data on more than 80 million individual auto loan tradelines, you can:

• better understand your dealer performance, 

• identify potential new dealers to work with, 

• and benchmark lending trends against your business and competitors. 

View a preview of TradeSight® in action on our YouTube channel. 

Light the fire with Tradesight® data within Equifax Ignite®

Where you can outshine the competition is through not only analyzing gain, but also loss. We are excited to share how Equifax Ignite®, a cloud-based analytics ecosystem, can help your business thrive. 

Equifax Ignite® helps auto lenders figure out why they lost sales while planning better offers. It’s a powerful tool that:

• Makes it easy to get detailed information about lost auto loans

• See how competitors are doing

• Use dashboards to get quick insights

• Turn complex data into useful information faster

• Find what you need without wasting precious resources

By combining your own data with Equifax Ignite® and other sources, you can get a clearer picture of consumers' finances. This gives you a more complete, anonymous view of individuals. You can use this information to:

•  improve how you attract new customers,

•  manage accounts, 

• and research consumer behavior.

The data includes credit scores, income, spending habits, property information, and more.

Advance your auto lending analytics with dynamic access to dealer performance insights by gaining fast, direct, online access to auto loan data across your dealer network to inform your auto lending strategies. 

You hold the power

Bottom line, you can have instant visibility into auto lending trends and data. Equifax can provide the market-level insights you need to what's happening in the market, make smarter business choices, and create better blueprints for agile and lucrative go-to-market strategies.