Why Equifax is Vital For Your Dealership Business

In 2025, consumer finances have become a cause for concern, especially when looking at auto industry trends. The total outstanding balances for auto loans and leases account for $1.7 trillion, which marks a 2.3% increase from November 2023. Simultaneously, auto delinquencies have become more prevalent as well. Auto delinquencies, or auto loans and leases with payments due for 60 days or more, account for 1.5% of that $1.7 trillion. 

These financial factors have resulted in new auto loans and leases dropping by 1.6% since September 2024, estimated to be around $9.2 billion dollars lost compared to last year. Some customers, however, try to obscure their credit history and financial inquiries by using a synthetic identity (Syn ID). Loans and leases with these Syn IDs are much riskier, as they have a higher delinquency rate and likelihood of fraud.

Fortunately, companies like Equifax allow you to proactively approach customer verification. This technology allows you to get buying power insights into a customer while they are still in the shopping process. They even offer a streamlined buying experience once they have vetted the customer and ensured their authenticity. Regardless of what type of dealership you are, if you want to prevent fraud from your loans and leases, Equifax is the way to go.