In 2025, you have a plethora of options when it comes to buying a car. You'll want to check out the latest auto industry trends to know more about the market. Traditionally, you would go to a dealership, learn about a car, and complete all steps at the dealership. Nowadays, this only accounts for only half of all cars sold from a dealership. 43% of prospective buyers used a combination of online and in person steps. This means they either researched a car online and went in person to buy it, or they went to a dealership to ask questions about a car then purchased it online. 7% of all car buyers completed all the steps of buying a car entirely online.
With so many different ways to shop, it’s no surprise there are many different ways to pay as well. Financing with dealers has shot up by a whopping 19.2%, while financing with a bank has only grown by 1.6%. Financing by means of a credit union and all other methods of financing have decreased by over 11% each.
Regardless of the method, the risk of a fraudulent financing agreement is becoming exceedingly high. In fact, fraud using a synthetic identity (Syn ID) increased by 98% in 2023. This staggering statistic equates to $7.9 billion in losses. Fortunately, companies like Equifax make it easy to know who you’re doing business with. Their Know Your Customer (KYC) technology provides you insights on your customer during the shopping process, which can stop a fraudulent transaction before it begins. If you want to minimize the chance of fraud at your dealership, using Equifax is the way to go.
