All posts by Ben Werner

Prior to role in Solution Marketing at FICO, Ben was the founder of a venture funded startup focused on customer insights, and before that held senior management roles at Microsoft and Oracle focused on product management, marketing and user experience with enterprise applications and CRM. He has a masters degree in Computer Science from the University of Minnesota and is the author or co-author on four technology patents.

Risk & Compliance The Current State of the Non-Prime Vehicle Finance Industry

2018 non-prime auto financing survey

For the past 22 years, the National Automotive Finance (NAF) Association has produced a report for the non-prime auto financing market which serves as a key source of benchmarking for those who participate in or support non-prime automotive financing. This year, FICO was pleased to coordinate the survey, market data, and generate the final analysis and report. The study collected survey data from 40 different non-prime financing sources that represent about $35 billion in portfolio value on topics like financial performance, competitive landscape, and investment priorities.  The data from the survey was then complemented with data from TransUnion and IHS Markit to show transactional loan data on how the larger market is performing. FICO looked at things like the number of non-prime loans completed, average FICO Auto Score, average amount financed, delinquency rate, and other performance metrics.  We also incorporated vehicle value data from Black Book and alternative data from FactorTrust... [Read More]

Leave a comment

Risk & Compliance Automotive Finance: 5 Surprising Findings About The Consumer Experience

Car on road

Today we have released the findings from our first ever global consumer survey on automotive finance perceptions. FICO’s independent research surveyed 2,200 adult consumers across nine countries including the US, Canada, Mexico, Chile, Australia, New Zealand, Germany, Spain, and the UK. The respondents were between the ages of 18-64 who acquired a loan on a new/used vehicle within the last 3 years. The findings cover the financing aspect of both new and used vehicles from the beginning of the journey where customers start to research, the middle where negotiation, ‘shopping around’ and the loan origination begins, and the end where the deal is formalized and the consumer walks away with their vehicle. 5 Surprising Findings in Automotive Finance (1) Americans love speed, right? The country that invented McDonalds should have the shortest wait times for auto finance. Wrong. It turns that the US is ahead of only Mexico in terms... [Read More]

Leave a comment