NAICS Code 522291-02 - Financing-Automobile

Marketing Level - NAICS 8-Digit

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NAICS CODE 522291-02
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NAICS Code 522291-02 Description (8-Digit)

Financing-Automobile is a subdivision of the Consumer Lending industry that specializes in providing loans to individuals or businesses for the purpose of purchasing automobiles. This industry involves a range of financial services related to automobile financing, including loan origination, underwriting, and servicing. Financing-Automobile companies work with borrowers to determine the appropriate loan amount, interest rate, and repayment terms based on their creditworthiness and the value of the vehicle being financed. These loans can be secured or unsecured, and may require a down payment or collateral.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522291 page

Tools

Tools commonly used in the Financing-Automobile industry for day-to-day tasks and operations.

  • Loan origination software
  • Credit scoring models
  • Loan servicing software
  • Vehicle valuation tools
  • Risk management software
  • Payment processing systems
  • Customer relationship management (CRM) software
  • Compliance management software
  • Fraud detection software
  • Loan underwriting software

Industry Examples of Financing-Automobile

Common products and services typical of NAICS Code 522291-02, illustrating the main business activities and contributions to the market.

  • Auto loans
  • Car financing
  • Vehicle loans
  • Truck financing
  • Motorcycle loans
  • RV financing
  • Commercial vehicle loans
  • Fleet financing
  • Lease buyouts
  • Refinancing

History

A concise historical narrative of NAICS Code 522291-02 covering global milestones and recent developments within the United States.

  • The Financing-Automobile industry has a long history dating back to the early 1900s when the first automobile loans were offered by banks. In the 1920s, General Motors Acceptance Corporation (GMAC) was established to provide financing for car buyers. The industry continued to grow throughout the 20th century, with the introduction of leasing options in the 1960s and the rise of subprime lending in the 1990s. In recent years, the industry has faced challenges such as increased regulation and competition from alternative financing options like peer-to-peer lending and ride-sharing services. In the United States, the Financing-Automobile industry has seen significant growth in recent years. According to the Federal Reserve Bank of New York, outstanding auto loan balances in the US reached a record high of $1.37 trillion in the fourth quarter of 2019. This growth has been driven by factors such as low interest rates, longer loan terms, and increased demand for new and used vehicles. However, the industry has also faced challenges such as rising delinquency rates and concerns about the impact of subprime lending on borrowers and the economy as a whole.