Equifax Inc. is expanding its partnership with the National Independent Automotive Dealership Association (NIADA) to support independent and Buy-Here-Pay-Here (BHPH) dealerships. For the 2015 NIADA Used Car Industry Report, Equifax provided insight on subprime auto lending trends and partnered to conduct the latest edition of the NIADA Quarterly Business Confidence Survey, which presents independent dealers’ sentiment on the current state of the industry. The report is currently available at the 2015 NIADA Convention, where Equifax representatives will also host a training session to educate attendees on how to successfully report trade line data to Equifax.
A key statistic from the latest NIADA Quarterly Business Confidence Survey is that the number of dealers who expect their customer traffic to decline over the next quarter has more than doubled, from 8.3 percent to 17 percent, since the survey was last conducted. This spike reflects heightened competition in the used car market from large dealer groups. To help combat concerns around this decline, Equifax offers loan reporting for BHPH dealers.
BHPH dealers who are NIADA members can report their consumer auto loans and payments to Equifax without having to pass traditional barriers such as holding a certain number of accounts. Reporting trade lines not only improves the data available to dealers for qualifying future potential buyers, but it also encourages customers to make timely payments because their credit rating may be directly impacted by how they perform on their loan. In addition, dealer reporting will add trade lines to a consumer’s credit file to more accurately reflect their handling of debt, which may grant them even more opportunities to competitive terms based on their credit history.
The National Independent Automobile Dealers Association (NIADA), founded in 1946 has represented quality independent automobile dealers for over 65 years. NIADA assists its members in becoming more successful within the used motor vehicle industry. Through membership in NIADA, organizations and individuals join with over 20,000 other professional auto dealers who share the dream of financial prosperity for your business. NIADA is your legislative advocate — protecting your business interests. The association consistently brings you industry education, valuable information, services and benefits designed to prepare members for an ever-changing marketplace. For more information, please visit www.niada.com.
Source: Equifax Inc.