How does AI Revolutionize the Auto Lending Industry in 2024?
Although 2023 was riddled with strikes, low demand for EV cars, increasing material costs, and an impending atmosphere of recession, the turning of the calendar has brought respite for the auto industry. 2024 is promising better growth numbers than last year. America sold 3.12 million cars in 2023. And, dealers expect an even better number this year thanks to rising vehicular demand. Post the 2020 pandemic, the auto industry suffered major blows in the form of rising labor & material costs and lower consumer demand. However, the situation is improving. According to the Automotive Industry Portal, Markline, U.S. auto sales witnessed approximately 5% increase in March. A total of 1,455,030 units of vehicles were sold in March. It is a 15.5% rise from February 2024. If you look at the numbers from a year ago, there is an increase of 5.1%. What’s New with the U.S. Auto Lending Industry? There was a time before credit bureaus when the auto lending industry depended on the lenders’ expe...