Number of vehicles on the road reaches highest level on record

2015 Chevrolet TahoeA recent Experian Automotive analysis of new auto loan and leases show the number of vehicles on the road has reached the highest level on record since Q3 2008.

The increase is attributed primarily to a recent uptick in new vehicle sales and a greater number of aging vehicles on the road.

According to Experian, the number of newly opened auto loans and leases also increased by 53 percent, with 7.5 million new auto loans and leases opened in Q3 2013 versus 4.9 million opened in Q3 2008. The upward trend is expected to continue, creating more opportunities for lenders to entice consumers with pre-approved offers and invitations to apply.