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Pre-owned vehicles for sale. Pre-owned vehicles for sale. (Source: Shutterstock)

More than a year and a half ago, the outlook for the automotive industry was a bit unclear. We weren’t sure how long factories would be shut down and showroom doors closed. But fast forward to present day, and we’re beginning to see some glimpses of pre-pandemic normalcy, at least in the finance market.

While the industry is still navigating the microchip shortage and subsequent inventory challenges, consumer financing behaviors are starting to level out from the anomaly that was 2020. According to Experian’s Q2 2021 State of the Automotive Finance Market, the breakdown of new and used vehicle financing has begun leveling off. New vehicle originations accounted for nearly 45% of total financing in Q2 2021, up from just over 38% a year ago. Additionally, with higher used vehicle prices and trade-in values, we’re seeing more prime borrowers shift back to the new vehicle market.

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