Marktanalyse - Consumer Automotive Financial Services in Emerging Global Markets
Finaccord
2 / 2012
469 Seiten
| Typ: | Marktanalyse |
| Sprache: | deutsch |
| Regionen: | Europa, Asien / Pazifik, Mittlerer Osten / Afrika, Nordamerika / USA, Australien, Mittel- / Südamerika |
| Verfügbarkeit: | verfügbar |
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Marktanalyse - 'Consumer Automotive Financial Services in Emerging Global Markets'
Consumer Automotive Financial Services in Emerging Global Markets investigates the market for automotive financial services linked to sales of new and used passenger cars in ten important global markets. In addition to analysing the USD 182 billion market for finance and leasing services, the study also covers ancillary automotive financial services markets namely creditor insurance, motor insurance, road assistance, extended warranties and GAP insurance. The revenues generated from high margin ancillary products, which Finaccord quantifies for the first time in any published study, are crucial to enhancing the profits of a variety of market participants including dealers, manufacturers and independent finance providers. The report draws on a survey of 765 leading car dealerships in ten countries, namely Argentina, Brazil, China, India, Indonesia, Mexico, South Africa, South Korea, Taiwan and Thailand, as well as an analysis of the approach to consumer automotive financial services of leading manufacturer groups typically representing around 30 automotive brands, in the same countries. The PartnerBASE™ database that accompanies the report details each of the marketing initiatives for consumer automotive financial services traced by Finaccord for both dealers and manufacturers. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in ten emerging global markets. Key findings from the executive summary include:
- across the ten countries in question, the total value of the consumer automotive finance and leasing market in 2011 broke down between USD 123.4 billion in gross advances and assets leased attributable to new cars and USD 58.7 billion attributable to used vehicles;
- revenues available to the automotive trade from the ancillary consumer automotive financial services investigated totalled approximately USD 22.1 billion in 2011, almost 90% of which was attributable to motor insurance;
- the automotive trade was responsible for distributing more than 70% of the value of personal motor insurance for passenger cars in China, India and Indonesia in 2011;
- international protagonists such as Allianz, AXA, BNP Paribas Cardif, HSBC, MAPFRE, Santander and Zurich, among others, are building partnerships with manufacturer brands and local importers in order to consolidate their position in markets that are often fragmented.
Consumer Automotive Financial Services in Emerging Global Markets investigates the market for automotive financial services linked to sales of new and used passenger cars in ten important global markets. In addition to analysing the USD 182 billion market for finance and leasing services, the study also covers ancillary automotive financial services markets namely creditor insurance, motor insurance, road assistance, extended warranties and GAP insurance. The revenues generated from high margin ancillary products, which Finaccord quantifies for the first time in any published study, are crucial to enhancing the profits of a variety of market participants including dealers, manufacturers and independent finance providers. The report draws on a survey of 765 leading car dealerships in ten countries, namely Argentina, Brazil, China, India, Indonesia, Mexico, South Africa, South Korea, Taiwan and Thailand, as well as an analysis of the approach to consumer automotive financial services of leading manufacturer groups typically representing around 30 automotive brands, in the same countries. The PartnerBASE™ database that accompanies the report details each of the marketing initiatives for consumer automotive financial services traced by Finaccord for both dealers and manufacturers. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in ten emerging global markets. Key findings from the executive summary include:
- across the ten countries in question, the total value of the consumer automotive finance and leasing market in 2011 broke down between USD 123.4 billion in gross advances and assets leased attributable to new cars and USD 58.7 billion attributable to used vehicles;
- revenues available to the automotive trade from the ancillary consumer automotive financial services investigated totalled approximately USD 22.1 billion in 2011, almost 90% of which was attributable to motor insurance;
- the automotive trade was responsible for distributing more than 70% of the value of personal motor insurance for passenger cars in China, India and Indonesia in 2011;
- international protagonists such as Allianz, AXA, BNP Paribas Cardif, HSBC, MAPFRE, Santander and Zurich, among others, are building partnerships with manufacturer brands and local importers in order to consolidate their position in markets that are often fragmented.
Inhaltsverzeichnis Marktanalyse - "Consumer Automotive Financial Services in Emerging Global Markets"
0.0 EXECUTIVE SUMMARY
New car finance contracts soared between 2007 and 2011, as the new car market boomed...
... while cash sales of used cars have grown faster than sales financed either at the point of sale or directly
The finance and leasing markets of China and India have performed best...
...while some economies have experienced greater volatility because of the global financial crisis...
...and Brazil has remained the largest market for car finance and leasing by value
Tied providers are most important to dealers in Argentina, and least important to them in China
The automotive channel is responsible for half of motor insurance premiums across these ten countries
1.0 INTRODUCTION
What is this report about?
The focus of the report is on financial services related to the sale of passenger cars to individuals
Rationale
The provision of financial services is essential to support both car sales and profitability...
… with huge diversity in these services between countries and products…
… which have yet to be explored in detail
Methodology
Dealer survey
Manufacturer survey
Market data
Computation of market data is based on a complex set of assumptions and variables…
…in order to provide market segmentations in unrivalled detail
External sources
Definitions
Finance and leasing products
Insurance, warranty and assistance products
Captive, internal and tied providers
Abbreviations and exchange rates
PartnerBASE™
Finaccord
2.0 OVERVIEW
Introduction
Passenger vehicle data
The passenger car parc of these ten countries grew by 60 million vehicles between 2007 and 2011
New car sales fell in Mexico and South Africa over the same time frame
Brazil has the largest used car market...
... while South Korea has the second-largest market for used cars sold through dealers
The number of passenger cars per person is lowest in India and highest in Mexico
Toyota features in the ‘top ten’ in every country in this study
Finance and leasing
Market size and growth
Brazil’s auto finance market exceeds that of China…
…while Argentina and Mexico slip behind for point-of-sale finance and leasing contracts…
… and Mexico falls even further behind on the value of finance and lease contracts
South Africa has the fifth-largest market by value
Private car finance for new cars nearly doubled in value between 2007 and 2011
Point-of-sale finance is becoming more common in aggregate
New car finance and leasing made up two thirds of the market in 2011 by value
Survey results
China is the only country where the provision of finance and leasing by dealers is not virtually universal
Dealers are most likely to work with a high number of finance providers in Brazil, India and Indonesia
In Brazil and South Africa, dealers work with both tied and non-tied providers…
… while nearly two thirds of dealers in Argentina work with tied providers only
On average, half of all new cars are financed at the point of sale…
… and take-up rates for used cars are higher than for new cars in Brazil and South Africa
The low uptake of point-of-sale contracts in China and Taiwan reflects consumers’ use of cash to buy cars
Hire purchase and hypothecated loans provide greater security than unsecured loans
Simple loans make up the majority of the market in seven out of ten countries…
…while leasing contracts are popular in South Korea and Thailand
All manufacturer brands have their own finance and leasing schemes in Argentina and Mexico
Creditor insurance
Market size
Creditor insurance is compulsory in Argentina and effectively so in Mexico…
…but the largest markets have a full range of death, disability and unemployment cover
Survey results
Provision rates by dealers range from nil to 100%...
…and reach 52% of dealers on average
Half of customers take out creditor insurance where relevant and possible…
…with Brazil and India leading the way where this is not compulsory
... although higher dealer provision rates support overall take-up rates in Brazil and South Africa
All creditor policies found in Thailand offered full coverage for death, disability and unemployment
Only a small minority of manufacturers or importers offers creditor insurance in India…
… and these schemes are often organised on an indirect basis in Indonesia and South Africa
Motor insurance
Market size
Manufacturer-branded motor insurance generates revenue of nearly USD 20 billion...
... which is half of the personal passenger car motor insurance market across the ten countries…
… rising to three quarters or more in three countries
Survey results
Over 90% of dealers interviewed offer motor insurance in eight out of the ten territories
South Korean dealers worked with the smallest number of motor insurance providers
No dealers in China were found to rely solely on manufacturers’ or importers’ insurance schemes
Average take-up rates for new cars for the region as a whole exceed 60%
Overall take-up rates for used cars are highest in China, India, Taiwan and Thailand
Dealers in four countries only sell motor insurance policies that go beyond liability cover
Chinese manufacturers and importers lag behind for the provision of motor insurance
Road assistance
Market size
Long factory warranties in South Korea boost the size of its market for embedded road assistance
Survey results
The average dealer provision rate exceeds 90% across these countries
Dealers in Brazil, India, South Korea and Thailand only worked with one provider for road assistance…
… which was their car brand’s tied provider in South Korea and Thailand
The uptake of road assistance with used cars varies dramatically by country…
... falling close to zero in India when taking account of the low provision rate of road assistance for used cars
China is the only country where a minority of manufacturers and importers offers road assistance
Extended warranties
Market size
South Africa is the only country with a large market for used car extended waranties…
Survey results
…while the provision rate by dealers was at its highest in Mexico
The highest numbers of competitors were found in China and South Africa, for differing reasons
Dealerships rely on manufacturer or importer extended warranty programs in most countries
Take-up rates for new cars are highest in Brazil and for used cars in South Africa
Overall take-up rates are very low in east Asia
A majority of manufacturers provide extended warranties in just three countries out of ten
GAP insurance
Market size
Only three countries offer GAP insurance as a defined product in its own right…
Survey results
…though provision is nearly universal in two of them
Dealerships in India work with the highest number of providers for GAP insurance
Non-tied providers of GAP insurance are used by a majority of dealers
Average acquisition rates for GAP insurance are around 40% in South Africa...
...while overall take-up rates fall most sharply in India
One manufacturer brand offers GAP insurance in Indonesia
3.0 ARGENTINA
Introduction
Passenger vehicle data
New car sales showed strong, fresh gains after a brief period of decline...
...while both dealer-intermediated and private used car sales maintained steady growth as well
European manufacturers make up most of the top ten brands in Argentina…
…with Volkswagen continuing to lead the passenger car market
Consumer automotive finance and leasing market
Market size and growth
Sales involving finance just edge out cash-only sales...
...as the finance market made strong gains in a decade of growth
Types of finance and leasing product
Simple unsecured loans form the largest share of financing…
…while communal ‘savings plans’ remain a popular form of lending
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance makes up the overwhelming majority of the market...
Types of creditor insurance policy
Simple credit life insurance is an automatic feature of finance in Argentina
Types of motor insurance policy
Third party liability dominates the motor insurance market by a four to one margin
Automotive dealer survey
Provision of consumer automotive financial services
Finance and motor insurance are universal offerings among dealers
Number and nature of schemes
Manufacturer-tied financing remains the most popular source for dealers
Consumer uptake of automotive financial services
Take-up rates indicate a reluctance to invest in additional products for used vehicles
Competitor dynamics: dealer partnerships
Finance and leasing: point-of-sale financing for new cars is taken up by less than half of customers
Creditor insurance: obligatory cover boosts take-up rates to 100%
Motor insurance: take-up rates correlate to financing rates
Extended warranties: these are unavailable for used cars, and are seldom purchased for new ones
Road assistance: a high take up rate is linked to automatic inclusion with new vehicle purchases
Automotive manufacturer brand survey
Provision of consumer automotive financial services
All manufacturers surveyed offer financing, creditor insurance and motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: nearly 40% of the manufacturers surveyed use captive finance providers…
…with the top three finance firms sharing half the total market
Creditor insurance: Cardif Seguros dominates this market
Motor insurance: La Caja and Meridional lead a fairly tight field
Extended warranties: these are the exclusive domain of the manufacturer brands (or their importers)
Road assistance: this is similarly available solely through manufacturers’ own provision
4.0 BRAZIL
Introduction
Passenger vehicle data
The number of new passenger cars sold in Brazil is rising at more than 8% per annum...
...whilst the numerically significant used car market also remains positive
Fiat, Volkswagen and Chevrolet each hold a large segment of the Brazilian market
Consumer automotive finance and leasing market
Market size and growth
The volume of finance and leasing contracts is growing at around 6% per annum…
…and used car loans issued at the point of sale are an important part of this picture
The value of all types of finance and leasing contracts is increasing…
…but the quickest growth relates to direct lending for new car purchases
Types of finance and leasing product
‘Consortium loans’ are an interesting feature of the Brazilian market
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor policies and creditor insurance together account for more than 90% of all revenues
Policyholders are able to choose, and vary, the amount of GAP coverage they require
Extended warranties are popular in Brazil, but they generate much less revenue than creditor insurance
Types of creditor insurance policy
Virtually all creditor policies intermediated by dealers cover a broad range of risks
Types of motor insurance policy
In Brazil, hardly any dealers distribute third-party liability-only policies
Automotive dealer survey
Provision of consumer automotive financial services
Several products are universally available, but less than half of dealers offer extended warranties
Number and nature of schemes
Consumer uptake of automotive financial services
Uptake of motor insurance at the point of sale is relatively low, in spite of universal availability
Brazil has the highest uptake of extended warranties among new car purchasers
Nearly half of finance and leasing customers also acquire creditor insurance at the point of sale
Competitor dynamics: dealer partnerships
Finance and leasing: widespread multiple partnerships create a market with several key players
Creditor insurance: underwriters partner directly with lenders rather than with car dealers
Motor and GAP insurance: in-house brokers (both captive and external) account for all dealer provision
Extended warranties: around 40% of Brazilian dealers offer extended warranty schemes
Road assistance: only a small proportion of dealers operate their own assistance scheme
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Manufacturer-based provision of motor insurance is markedly lower than that of dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: captive providers play a key role in Brazil’s auto finance market
Creditor insurance: Cardif do Brasil and Indiana Seguros are the leading external underwriters
Motor and GAP insurance: captive and external brokers jointly account for around a quarter of schemes
Extended warranties: specialist provider The Warranty Group underwrites two brands’ schemes
Road assistance: virtually all manufacturer brands organise their own, internal programs
5.0 CHINA
Introduction
Passenger vehicle data
New passenger car sales have soared in recent years...
...while the market for used cars still has to catch up
A large number of brands compete in China
Consumer automotive finance and leasing market
Market size and growth
New car finance at the point of sale has grown especially fast since 2007…
...while the volume of financed used cars progresses from a lower base
The total value of point-of-sale finance is higher than direct lending
Types of finance and leasing product
Simple loans are the most common form of financing passenger cars in China
Consumer automotive insurance, warranty and assistance markets
Market sizes
Extended warranties are the second most important product sold at the point of sale
Types of motor insurance policy
A limited form of third-party liability was made compulsory in 2006
Automotive dealer survey
Provision of consumer automotive financial services
Nearly all dealers offer motor insurance...
... but creditor insurance for car loans has a mixed history in China
Number and nature of schemes
Dealers prefer to work with external partners for the provision of finance and leasing and motor insurance
Consumer uptake of automotive financial services
The majority of drivers in China take out motor insurance through dealers
Competitor dynamics: dealer partnerships
Finance and leasing: more than four in five dealers offer finance and / or leasing to their customers
Motor insurance: the leading three insurers account for almost 80% of all partnerships with dealers
Extended warranties: customers are more likely to take out extended warranties for used than for new cars
Road assistance: there are high take-up rates for road assistance where the product is available
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Provision rates by manufacturer brands tend to be lower than for dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: several manufacturer brands in China use captive finance providers
Motor insurance: about one in five manufacturers have partnerships with insurance companies
Extended warranties: extended warranties are normally offered through internal provision
Road assistance: Allianz Global Assistance has established several important partnerships
6.0 INDIA
Introduction
Passenger vehicle data
Sales of new passenger cars are rising at around 16% per year...
...with this rapid growth being more than matched by the increase in used car sales
In India’s concentrated market, Maruti Suzuki accounts for almost half of new car registrations
Consumer automotive finance and leasing market
Market size and growth
The number of finance contracts (and indeed cash purchases) is growing quickly…
…with new car loans issued at the point of sale representing the majority of finance distribution
The value of new finance and leasing contracts is rising more quickly than their volume...
…and direct lending for new car purchases stands at nearly USD 6 billion
Types of finance and leasing product
Simple loans, typically secured on the vehicle itself, are the mainstay of Indian auto finance
Consumer automotive insurance, warranty and assistance markets
Market sizes
Regular motor policies account for more than three quarters of estimated revenues…
…although extended warranties also make a significant contribution in this market
GAP cover is widely available, and currently accounts for around USD 100 million in GWP
In India, creditor insurance is typically cross-sold with the underlying finance or leasing contract…
…and road assistance policies almost always form part of a standard warranty
Types of creditor insurance policy
The majority of creditor policies sold by car dealers cover a broad range of risks
Types of motor insurance policy
Virtually all motor policies sold by car dealers are of the comprehensive variety
Automotive dealer survey
Provision of consumer automotive financial services
Seemingly all dealers can provide motor insurance, whereas only around 45% offer GAP cover
Number and nature of schemes
Consumer uptake of automotive financial services
In India, road assistance is often included within standard vehicle warranties…
…and the uptake of motor insurance at the point of sale is very high by international standards
Around 70% of new car purchasers also acquire an extended warranty via the dealer…
…and nearly half of used car buyers take out an auto loan at the point of sale
Competitor dynamics: dealer partnerships
Finance and leasing: leading providers include Axis Bank and Mahindra & Mahindra Financial Services
Creditor insurance: partnerships for this type of cover are determined by the lenders themselves
Motor insurance: this market is dominated by the joint-venture commercial insurers
GAP insurance: the top three providers jointly account for around 50% of partnerships
Extended warranties: virtually all extended warranty schemes are linked to manufacturers
Road assistance: specialist provider MyTVS partners with two Mahindra First Choice outlets
Automotive manufacturer brand survey
Provision of consumer automotive financial services
For most products, the level of manufacturer provision is similar to that of dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: HDFC Bank and ICICI Bank each partner with five manufacturer brands
Creditor insurance: Mahindra & Mahindra makes use of its captive broker for this type of cover
Motor insurance: two thirds of Indian manufacturers that offer this cover work with multiple underwriters
GAP insurance: Bajaj Allianz is the leading underwriter in this field
Extended warranties: Tata Motors’ scheme involves a specialist warranty administrator
Road assistance: Allianz Global Assistance and MyTVS are the active partners in the area
7.0 INDONESIA
Introduction
Passenger vehicle data
New car sales have displayed very strong growth in recent years...
...with used car sales only slightly behind
Japan-based manufacturer brands account for over 90% of new car registrations...
...with Toyota continuing to lead the passenger car market
Consumer automotive finance and leasing market
Market size and growth
Sales involving finance are less significant than cash sales...
...but have grown rapidly over the last few years
Types of finance and leasing product
Hire purchase was the only type of finance found to be used in Indonesia
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance makes up the overwhelming majority of the market
Creditor insurance was found to be mandatory for certain finance products
Types of creditor insurance policy
The majority of creditor insurance policies cover only life and permanent disability
Types of motor insurance policy
Comprehensive policies dominate the motor insurance market
Automotive dealer survey
Provision of consumer automotive financial services
All dealers covered by the research offered finance and motor insurance...
…whilst none offered GAP insurance
Number and nature of schemes
Dealers were found to work mainly with external partners
Consumer uptake of automotive financial services
Nearly all drivers in Indonesia take out road assistance through dealers…
...and a majority also acquire finance and motor insurance at the point of sale
Competitor dynamics: dealer partnerships
Finance and leasing: all dealers offer finance to their customers
Creditor insurance: this is automatically bundled within a number of finance products
Motor insurance: most dealers had a large number of schemes in place
Extended warranties: only a couple of dealers offer extended warranties
Road assistance: dealers tend to offer road assistance directly themselves
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Provision rates by manufacturer brands tend to be lower than for dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: several manufacturer brands in Indonesia use captive finance providers
Creditor insurance: around one fifth of manufacturer brands offer creditor insurance
Motor insurance: Astra Buana accounts for nearly half of the weighted share of partnerships
GAP insurance: this product was only offered by one manufacturer brand
Extended warranties: only two manufacturer brands promote extended warranties in Indonesia
Road assistance: three out of four manufacturer brands used internal assistance providers
8.0 MEXICO
Introduction
Passenger vehicle data
New car sales show a steep decline from which they have not yet recovered...
.. while used car sales through dealers are only just showing signs of life after a calamitous decade…
…as legal and illegal ‘chocolate’ cars imported from the US continue to have a dramatic effect on sales
Nissan continues to hold the top position among individual brands…
…while US-based manufacturers continue to struggle
Market shares overall remain fairly steady against declining sales
Consumer automotive finance and leasing market
Market size and growth
Some type of financing is found in one third of private automotive sales...
…while all types of financing have shown modest growth or slow decline since 2007
Point-of-sale finance, especially for new vehicles, remains the core of the market…
…while direct lenders are especially important for used cars
Types of finance and leasing product
The vast majority of finance involves simple loans…
…with only limited markets for finance or operating leases
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance accounts for the lion’s share of the combined market value...
...with other forms of insurance and assistance combining to form only 15% of the market
Types of creditor insurance policy
Almost all creditor insurance includes cover for unemployment, disability or both
Types of motor insurance policy
A lack of federal requirements for insurance means limited coverage for the national parc
Automotive dealer survey
Provision of consumer automotive financial services
All dealers surveyed offer finance, motor insurance and road assistance...
Number and nature of schemes
Manufacturers’ policies dominate warranties and assistance market, but not motor insurance
Consumer uptake of automotive financial services
Take-up rates for new vehicles substantially outstrip those for used vehicles
Competitor dynamics: dealer partnerships
Finance and leasing: BBVA Bancomer is the largest external lender by a significant margin
Creditor insurance: packaged with finance, this has a 100% take-up rate where offered
Motor insurance: this is purchased from dealers with almost 60% of new cars
Extended warranties: only one in ten new car owners buys this cover at the point of sale
Road assistance: free government aid impacts the sale of assistance packages
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Finance, motor insurance and road assistance are provided by all manufacturers surveyed
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: over half of manufacturers use external finance providers…
…while captive NR Finance is the single largest finance provider by weighted share
Creditor insurance: one quarter of manufacturers use external partners
Motor insurance: the top three insurers hold 50% of the weighted partnerships…
…with Inbursa potentially poised to make substantial inroads
Extended warranties: almost all manufacturers provide these themselves...
Road assistance: again, manufacturers tend to organise this themselves
9.0 SOUTH AFRICA
Introduction
Passenger vehicle data
New car sales plunged from 2007 to 2009 then recovered strongly...
... while used car sales increased steadily
Premium German brands are strong sellers in South Africa, alongside Korean models
Consumer automotive finance and leasing market
Market size and growth
Consumers use the maximum amount of credit allowed under the National Credit Act
Used car finance volumes rose for both direct lending and point of sale lending, 2007 to 2011
The value of new lending rose faster than volumes...
...and used car point-of-sale finance became the largest segment by value from 2008 onwards
Types of finance and leasing product
Hire purchase is the standard type of loan in South Africa
Consumer automotive insurance, warranty and assistance markets
Market sizes
Used car sales generate a higher value of ancillary financial services revenue than new car sales
...while road assistance is only sold bundled with warranties
Types of creditor insurance policy
‘Retrenchment’ cover is common in South Africa
Types of motor insurance policy
Dealers nearly always sell comprehensive motor insurance only
Automotive dealer survey
Provision of consumer automotive financial services
Only one type of financial product was not offered by at least 90% of dealers interviewed...
Number and nature of schemes
Most dealers use all four of the main South African lenders
Consumer uptake of automotive financial services
Dealerships provide finance for new and used car customers at almost exactly the same rate...
... because of structural features of the South African consumer finance market
The uptake of GAP insurance in South Africa is one of the highest rates recorded in the world
Competitor dynamics: dealer partnerships
Finance and leasing: just one dealer used the manufacturer’s captive provider only
Creditor insurance: three dealers had arranged their own partnerships, aside from their finance providers
Motor insurance: McCarthy Insurance Services is the provider for Bidvest dealerships
GAP insurance: two underwriters hold more than half the non-tied partnerships between them
Extended warranties: SA Warranties leads, but multiple providers split the rest of this market between them
Road assistance: specialist partners are required where cover is not available through extended warranties
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Dealer provision of motor insurance lags behind that of manufacturer brands
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: WesBank dominates among tied providers...
...while captives take 17% of the weighted share of partnerships
Creditor insurance: three underwriters share manufacturers’ direct partnerships between them
Motor insurance: LiquidCover is the only broker used by manufacturer brands
GAP insurance: WesBank is active in this field as a broker, while Hollard is the leading underwriter
Extended warranties: Innovation Group’s partnership with Toyota gives it a leading position
Road assistance: the AA works with 11 manufacturer brands
10.0 SOUTH KOREA
Introduction
Passenger vehicle data
The South Korean market for new car sales is still growing at a good pace…
…while used car sales are increasing even faster
Hyundai and Kia account for about four in five new car registrations
Consumer automotive finance and leasing market
Market size and growth
More cars are financed than paid for in cash…
...with both point-of-sale finance and direct lending gaining in importance
Point-of-sale finance is dominated by the new car segment
Types of finance and leasing product
A relatively large number of customers opt for operating leases in South Korea
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance is by far the most important product sold by dealers in South Korea
Types of motor insurance policy
Most customers who take out motor insurance at the point of sale buy more than liability cover only
Automotive dealer survey
Provision of consumer automotive financial services
Nearly all South Korean car dealers offer finance and / or leasing
Number and nature of schemes
South Korean car dealers tend to work with a limited number of both tied and non-tied partners
Consumer uptake of automotive financial services
Take-up rates for finance and leasing for both new and used cars are comparatively high
Competitor dynamics
Finance and leasing: dealers are an important distribution channel for finance and leasing in South Korea
Motor insurance: Samsung, Hyundai and LIG have established strong partnerships with dealers
Extended warranties: only a minority of dealers was found to offer extended warranties
Road assistance: new car buyers often obtain road assistance through the manufacturer’s warranty
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Dealer provision rates are lower than manufacturer provision rates for motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: one provider accounts for the bulk of weighted partnerships
Motor insurance: a relatively high number of manufacturers do not offer motor insurance
Extended warranties: only a minority of manufacturers offer extended warranties
Road assistance: all the major brands in South Korea offer road assistance
11.0 TAIWAN
Introduction
Passenger vehicle data
New car sales bounced back after being hit during the global economic crisis…
…as did used car sales
Japanese brands manufactured in Taiwan dominate the market for new car registrations
Consumer automotive finance and leasing market
Market size and growth
Point-of-sale finance for both new and used cars has gained in importance in recent years…
...while car sales paid for in cash have registered slower growth
The value of finance and leasing contracts reached a new high in 2011
Types of finance and leasing product
A relatively large number of customers use hire purchase agreements
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance clearly leads the market for automotive, warranty and assistance products in Taiwan
Types of motor insurance policy
Taiwanese drivers frequently take out more than liability cover
Automotive dealer survey
Provision of consumer automotive financial services
All dealers interviewed offer finance or leasing…
… but none sell creditor insurance as Taiwanese borrowers are unlikely to default on their car loans
Number and nature of schemes
Finance / leasing and motor insurance are more frequently offered through tied than non-tied providers
Consumer uptake of automotive financial services
A high proportion of new car buyers in Taiwan takes out motor insurance from their dealers
Competitor dynamics: dealer partnerships
Finance and leasing: no finance provider accounts for more than 20% of partnerships with dealers
Motor insurance: Fubon Insurance is the most frequently used non-tied provider
Extended warranties: more than one in every five dealers are offering extended warranties
Road assistance: nearly all dealers offer road assistance in one form or another
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Weighted provision rates for manufacturers tend to be very high for finance / leasing and motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: most manufacturer brands in Taiwan offer finance and leasing
Motor insurance: most manufacturer brands work with multiple partners
Extended warranties: several manufacturer brands promote extended warranties in Taiwan
Road assistance: 24TMS is a major provider of road assistance in Taiwan
12.0 THAILAND
Introduction
Passenger vehicle data
New car sales have grown much faster than the overall car parc…
…while used cars are still mostly sold outside the dealer channel
Toyota and Honda jointly account for more than 60% of the market in new car registrations
Consumer automotive finance and leasing market
Market size and growth
Slightly more passenger cars were paid for in cash rather than financed in 2011
The total value of car finance and leasing has more than doubled since 2007
Types of finance and leasing product
Finance leasing is the most common product at the point of sale
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance accounts for the bulk of revenue…
…with a comparatively small role for creditor insurance, road assistance and extended warranties
Types of creditor insurance policy
Creditor insurance policies sold in Thailand go beyond death and permanent disability
Types of motor insurance policy
Those buying motor insurance through dealers often take out more than liability cover
Automotive dealer survey
Provision of consumer automotive financial services
It is extremely common for car dealers in Thailand to offer both finance / leasing and motor insurance
Number and nature of schemes
Finance / leasing and motor insurance are frequently offered in collaboration with non-tied partners
Consumer uptake of automotive financial services
More than half of Thai new car buyers take out some form of auto finance
Competitor dynamics: dealer partnerships
Finance and leasing: Thanachart and Tisco have established themselves as important partners for dealers
Creditor insurance: several dealers were found to offer creditor insurance
Motor insurance: the majority of dealers co-operate with non-tied providers
GAP insurance: this product exists but is not well-known in Thailand
Extended warranties: more than a third of dealers promote extended warranties
Road assistance: this product is frequently distributed with new cars
Automotive manufacturer brand survey
Provision of consumer automotive financial services
The weighted provision rates for manufacturers are especially high for motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: several manufacturer brands work with captive finance providers
Creditor insurance: ten manufacturer brands provide creditor insurance through an indirect relationship
Motor insurance: over three quarters of manufacturer brands sell motor insurance
Extended warranties: manufacturers normally offer extended warranties on an internal basis
Road assistance: almost all manufacturer brands distribute road assistance
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
New car finance contracts nearly doubled between 2007 and 2011
The value of contracts to buy cars rose fastest in China and India, followed by Argentina, Indonesia and Thailand, 2007 to 2011
Manufacturers’ and importers’ tied finance providers are most important to dealers in Argentina, Mexico, South Korea and Taiwan
The automotive channel distributes more than 70% of motor insurance premiums in three countries
1.0 INTRODUCTION
Dealers contacted by Finaccord, segmented by country and manufacturer group affiliation
Manufacturer brands contacted by Finaccord
Manufacturer brands contacted by Finaccord (contd.)
2.0 OVERVIEW
Overview of the passenger car parc segmented by country, 2007 to 2011
Overview of new passenger car sales segmented by country, 2006-2011
Overview of used passenger car sales segmented by country, 2007-2011
Passenger car density by country, 2007 and 2011
Passenger car density by country, 2007 to 2011 (data)
Presence of manufacturer brands in the ‘top ten’ by country, by new car registrations, 2010
Share of passenger cars financed by country by volume, segmented by new / used sales and by distribution channel, 2011
Volume of passenger cars financed by country, segmented by new / used and by distribution channel, 2010 (data)
Share of passenger cars financed by country by value, segmented by new / used sales and by distribution channel, 2011
Value of passenger cars financed by country, segmented by new / used and by distribution channel, 2010 (data)
Key data points for the passenger car finance market in segmented by distribution channel: volumes and values, 2007 to 2011
Total passenger car finance market segmented by distribution channel: volumes, 2007 to 2011
Total passenger car finance market segmented by distribution channel: values, 2007 to 2011
Comparison of % of dealers offering finance / leasing at the point of sale, 2011
Comparison of average number of providers used by dealers offering finance / leasing at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering finance / leasing at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering finance / leasing at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers contracting finance / leasing services at the point of sale, 2011 (data)
% of split of consumer automotive finance at the point of sale by type of product, 2011
% of split of consumer automotive finance at the point of sale by type of product, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded finance / leasing services, 2011
Approximate size of the market for creditor insurance linked to consumer automotive finance and leasing, 2011
Comparison of % of dealers offering creditor insurance at the point of sale, 2011
Comparison of average % of new and used car purchasers with finance or leasing contracts acquiring creditor insurance at the point of sale, 2011
Comparison of overall % of new and used car purchasers with finance or leasing contracts acquiring creditor insurance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers with finance or leasing contracts acquiring creditor insurance at the point of sale, 2011 (data)
% split between the different types of creditor insurance policy acquired at the point of sale, 2011
% split between the different types of creditor insurance policy acquired at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded creditor insurance, 2011
Approximate size of the manufacturer-branded and dealer-intermediated motor insurance market, 2011
Approximate size of the manufacturer-branded and dealer-intermediated motor insurance market as a % of the total personal motor insurance market, 2011
Comparison of % of dealers offering motor insurance at the point of sale, 2011
Comparison of average number of providers used by dealers offering motor insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering motor insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering motor insurance at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring motor insurance at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring motor insurance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring motor insurance at the point of sale, 2011 (data)
% split between the different types of motor insurance policy acquired at the point of sale, 2011
% split between the different types of motor insurance policy acquired at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded motor insurance, 2011
Approximate size of the manufacturer-branded and dealer-intermediated road assistance market, 2011
Comparison of % of dealers offering road assistance at the point of sale, 2011
Comparison of average number of providers used by dealers offering road assistance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering road assistance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering road assistance at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring road assistance at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring road assistance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring road assistance at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded road assistance, 2011
Approximate size of the market for extended warranties for new and used cars, 2011
Comparison of % of dealers offering extended warranties at the point of sale, 2011
Comparison of average number of providers used by dealers offering extended warranties at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering extended warranties at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering extended warranties at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring extended warranties at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring extended warranties at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring extended warranties at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded extended warranties, 2011
Approximate size of the market for GAP insurance for new and used cars, 2011
Comparison of % of dealers offering GAP insurance at the point of sale, 2011
Comparison of average number of providers used by dealers offering GAP insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering GAP insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering GAP insurance at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring GAP insurance at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring GAP insurance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring GAP insurance at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for GAP insurance, 2011
3.0 ARGENTINA
Passenger car parc and new / used passenger car sales in Argentina, 2007 to 2011
Passenger car parc and new / used passenger car sales in Argentina, 2007 to 2011 (data)
New car registrations in Argentina, segmented by manufacturer brand, 2010
New / used passenger car finance market in Argentina, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Argentina, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Argentina, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Argentina, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Argentina, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Argentina, 2011 (data)
% split between the different types of motor insurance policy sold at the point of sale in Argentina, 2011
% of dealers in Argentina offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Argentina for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Argentina for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in Argentina acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in Argentina, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in Argentina, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in Argentina, 2011: provision rate and product sources
Provision of road assistance by dealers in Argentina, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in Argentina, 2011
Provision of finance and leasing by manufacturer brands in Argentina, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in Argentina, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in Argentina, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in Argentina, 2011: provision rate and operating models
Provision of road assistance by manufacturer brands in Argentina, 2011: provision rate and operating models
4.0 BRAZIL
Passenger car parc and new / used passenger car sales in Brazil, 2007 to 2011
Passenger car parc and new / used passenger car sales in Brazil, 2007 to 2011 (data)
New car registrations in Brazil, segmented by manufacturer brand, 2010
New / used passenger car finance market in Brazil, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Brazil, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Brazil, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Brazil, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Brazil, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Brazil, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in Brazil, 2011
% split between the different types of motor insurance policy sold at the point of sale in Brazil, 2011
% of dealers in Brazil offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Brazil for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Brazil for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in Brazil acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor and GAP insurance by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in Brazil, 2011
Provision of finance and leasing by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor and GAP insurance by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
5.0 CHINA
Passenger car parc and new / used passenger car sales in China, 2007 to 2011
Passenger car parc and new / used passenger car sales in China, 2007 to 2011 (data)
New car registrations in China, segmented by manufacturer brand, 2010
New / used passenger car finance market in China, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in China, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in China, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in China, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in China, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in China, 2011 (data)
% split between the different types of motor insurance policy sold at the point of sale in China, 2011
% of dealers in China offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in China for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in China for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in China acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in China, 2011
Provision of finance and leasing by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
6.0 INDIA
Passenger car parc and new / used passenger car sales in India, 2007 to 2011
Passenger car parc and new / used passenger car sales in India, 2007 to 2011 (data)
New car registrations in India, segmented by manufacturer brand, 2010
New / used passenger car finance market in India, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in India, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in India, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in India, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in India, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in India, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in India, 2011
% split between the different types of motor insurance policy sold at the point of sale in India, 2011
% of dealers in India offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in India for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in India for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in India acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of GAP insurance by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in India, 2011
Provision of finance and leasing by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of GAP insurance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
7.0 INDONESIA
Passenger car parc and new / used passenger car sales in Indonesia, 2007 to 2011
Passenger car parc and new / used passenger car sales in Indonesia, 2007 to 2011 (data)
New car registrations in Indonesia, segmented by manufacturer brand, 2010
New / used passenger car finance market in Indonesia, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Indonesia, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Indonesia, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Indonesia, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Indonesia, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Indonesia, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in Indonesia, 2011
% split between the different types of motor insurance policy sold at the point of sale in Indonesia, 2011
% of dealers in Indonesia offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Indonesia for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Indonesia for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in Indonesia acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in Indonesia, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in Indonesia, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in Indonesia, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in Indonesia, 2011
Provision of finance and leasing by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of GAP insurance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
8.0 MEXICO
Passenger car parc and new / used passenger car sales in Mexico, 2007 to 2011
Passenger car parc and new / used passenger car sales in Mexico, 2007 to 2011 (data)
New car registrations in Mexico, segmented by manufacturer brand, 2010
New / used passenger car finance market in Mexico, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Mexico, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Mexico, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Mexico, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Mexico, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Mexico, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in Mexico, 2011
% split between the different types of motor insurance policy sold at the point of sale in Mexico, 2011
% of dealers in Mexico offering each typ
0.0 EXECUTIVE SUMMARY
New car finance contracts soared between 2007 and 2011, as the new car market boomed...
... while cash sales of used cars have grown faster than sales financed either at the point of sale or directly
The finance and leasing markets of China and India have performed best...
...while some economies have experienced greater volatility because of the global financial crisis...
...and Brazil has remained the largest market for car finance and leasing by value
Tied providers are most important to dealers in Argentina, and least important to them in China
The automotive channel is responsible for half of motor insurance premiums across these ten countries
1.0 INTRODUCTION
What is this report about?
The focus of the report is on financial services related to the sale of passenger cars to individuals
Rationale
The provision of financial services is essential to support both car sales and profitability...
… with huge diversity in these services between countries and products…
… which have yet to be explored in detail
Methodology
Dealer survey
Manufacturer survey
Market data
Computation of market data is based on a complex set of assumptions and variables…
…in order to provide market segmentations in unrivalled detail
External sources
Definitions
Finance and leasing products
Insurance, warranty and assistance products
Captive, internal and tied providers
Abbreviations and exchange rates
PartnerBASE™
Finaccord
2.0 OVERVIEW
Introduction
Passenger vehicle data
The passenger car parc of these ten countries grew by 60 million vehicles between 2007 and 2011
New car sales fell in Mexico and South Africa over the same time frame
Brazil has the largest used car market...
... while South Korea has the second-largest market for used cars sold through dealers
The number of passenger cars per person is lowest in India and highest in Mexico
Toyota features in the ‘top ten’ in every country in this study
Finance and leasing
Market size and growth
Brazil’s auto finance market exceeds that of China…
…while Argentina and Mexico slip behind for point-of-sale finance and leasing contracts…
… and Mexico falls even further behind on the value of finance and lease contracts
South Africa has the fifth-largest market by value
Private car finance for new cars nearly doubled in value between 2007 and 2011
Point-of-sale finance is becoming more common in aggregate
New car finance and leasing made up two thirds of the market in 2011 by value
Survey results
China is the only country where the provision of finance and leasing by dealers is not virtually universal
Dealers are most likely to work with a high number of finance providers in Brazil, India and Indonesia
In Brazil and South Africa, dealers work with both tied and non-tied providers…
… while nearly two thirds of dealers in Argentina work with tied providers only
On average, half of all new cars are financed at the point of sale…
… and take-up rates for used cars are higher than for new cars in Brazil and South Africa
The low uptake of point-of-sale contracts in China and Taiwan reflects consumers’ use of cash to buy cars
Hire purchase and hypothecated loans provide greater security than unsecured loans
Simple loans make up the majority of the market in seven out of ten countries…
…while leasing contracts are popular in South Korea and Thailand
All manufacturer brands have their own finance and leasing schemes in Argentina and Mexico
Creditor insurance
Market size
Creditor insurance is compulsory in Argentina and effectively so in Mexico…
…but the largest markets have a full range of death, disability and unemployment cover
Survey results
Provision rates by dealers range from nil to 100%...
…and reach 52% of dealers on average
Half of customers take out creditor insurance where relevant and possible…
…with Brazil and India leading the way where this is not compulsory
... although higher dealer provision rates support overall take-up rates in Brazil and South Africa
All creditor policies found in Thailand offered full coverage for death, disability and unemployment
Only a small minority of manufacturers or importers offers creditor insurance in India…
… and these schemes are often organised on an indirect basis in Indonesia and South Africa
Motor insurance
Market size
Manufacturer-branded motor insurance generates revenue of nearly USD 20 billion...
... which is half of the personal passenger car motor insurance market across the ten countries…
… rising to three quarters or more in three countries
Survey results
Over 90% of dealers interviewed offer motor insurance in eight out of the ten territories
South Korean dealers worked with the smallest number of motor insurance providers
No dealers in China were found to rely solely on manufacturers’ or importers’ insurance schemes
Average take-up rates for new cars for the region as a whole exceed 60%
Overall take-up rates for used cars are highest in China, India, Taiwan and Thailand
Dealers in four countries only sell motor insurance policies that go beyond liability cover
Chinese manufacturers and importers lag behind for the provision of motor insurance
Road assistance
Market size
Long factory warranties in South Korea boost the size of its market for embedded road assistance
Survey results
The average dealer provision rate exceeds 90% across these countries
Dealers in Brazil, India, South Korea and Thailand only worked with one provider for road assistance…
… which was their car brand’s tied provider in South Korea and Thailand
The uptake of road assistance with used cars varies dramatically by country…
... falling close to zero in India when taking account of the low provision rate of road assistance for used cars
China is the only country where a minority of manufacturers and importers offers road assistance
Extended warranties
Market size
South Africa is the only country with a large market for used car extended waranties…
Survey results
…while the provision rate by dealers was at its highest in Mexico
The highest numbers of competitors were found in China and South Africa, for differing reasons
Dealerships rely on manufacturer or importer extended warranty programs in most countries
Take-up rates for new cars are highest in Brazil and for used cars in South Africa
Overall take-up rates are very low in east Asia
A majority of manufacturers provide extended warranties in just three countries out of ten
GAP insurance
Market size
Only three countries offer GAP insurance as a defined product in its own right…
Survey results
…though provision is nearly universal in two of them
Dealerships in India work with the highest number of providers for GAP insurance
Non-tied providers of GAP insurance are used by a majority of dealers
Average acquisition rates for GAP insurance are around 40% in South Africa...
...while overall take-up rates fall most sharply in India
One manufacturer brand offers GAP insurance in Indonesia
3.0 ARGENTINA
Introduction
Passenger vehicle data
New car sales showed strong, fresh gains after a brief period of decline...
...while both dealer-intermediated and private used car sales maintained steady growth as well
European manufacturers make up most of the top ten brands in Argentina…
…with Volkswagen continuing to lead the passenger car market
Consumer automotive finance and leasing market
Market size and growth
Sales involving finance just edge out cash-only sales...
...as the finance market made strong gains in a decade of growth
Types of finance and leasing product
Simple unsecured loans form the largest share of financing…
…while communal ‘savings plans’ remain a popular form of lending
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance makes up the overwhelming majority of the market...
Types of creditor insurance policy
Simple credit life insurance is an automatic feature of finance in Argentina
Types of motor insurance policy
Third party liability dominates the motor insurance market by a four to one margin
Automotive dealer survey
Provision of consumer automotive financial services
Finance and motor insurance are universal offerings among dealers
Number and nature of schemes
Manufacturer-tied financing remains the most popular source for dealers
Consumer uptake of automotive financial services
Take-up rates indicate a reluctance to invest in additional products for used vehicles
Competitor dynamics: dealer partnerships
Finance and leasing: point-of-sale financing for new cars is taken up by less than half of customers
Creditor insurance: obligatory cover boosts take-up rates to 100%
Motor insurance: take-up rates correlate to financing rates
Extended warranties: these are unavailable for used cars, and are seldom purchased for new ones
Road assistance: a high take up rate is linked to automatic inclusion with new vehicle purchases
Automotive manufacturer brand survey
Provision of consumer automotive financial services
All manufacturers surveyed offer financing, creditor insurance and motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: nearly 40% of the manufacturers surveyed use captive finance providers…
…with the top three finance firms sharing half the total market
Creditor insurance: Cardif Seguros dominates this market
Motor insurance: La Caja and Meridional lead a fairly tight field
Extended warranties: these are the exclusive domain of the manufacturer brands (or their importers)
Road assistance: this is similarly available solely through manufacturers’ own provision
4.0 BRAZIL
Introduction
Passenger vehicle data
The number of new passenger cars sold in Brazil is rising at more than 8% per annum...
...whilst the numerically significant used car market also remains positive
Fiat, Volkswagen and Chevrolet each hold a large segment of the Brazilian market
Consumer automotive finance and leasing market
Market size and growth
The volume of finance and leasing contracts is growing at around 6% per annum…
…and used car loans issued at the point of sale are an important part of this picture
The value of all types of finance and leasing contracts is increasing…
…but the quickest growth relates to direct lending for new car purchases
Types of finance and leasing product
‘Consortium loans’ are an interesting feature of the Brazilian market
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor policies and creditor insurance together account for more than 90% of all revenues
Policyholders are able to choose, and vary, the amount of GAP coverage they require
Extended warranties are popular in Brazil, but they generate much less revenue than creditor insurance
Types of creditor insurance policy
Virtually all creditor policies intermediated by dealers cover a broad range of risks
Types of motor insurance policy
In Brazil, hardly any dealers distribute third-party liability-only policies
Automotive dealer survey
Provision of consumer automotive financial services
Several products are universally available, but less than half of dealers offer extended warranties
Number and nature of schemes
Consumer uptake of automotive financial services
Uptake of motor insurance at the point of sale is relatively low, in spite of universal availability
Brazil has the highest uptake of extended warranties among new car purchasers
Nearly half of finance and leasing customers also acquire creditor insurance at the point of sale
Competitor dynamics: dealer partnerships
Finance and leasing: widespread multiple partnerships create a market with several key players
Creditor insurance: underwriters partner directly with lenders rather than with car dealers
Motor and GAP insurance: in-house brokers (both captive and external) account for all dealer provision
Extended warranties: around 40% of Brazilian dealers offer extended warranty schemes
Road assistance: only a small proportion of dealers operate their own assistance scheme
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Manufacturer-based provision of motor insurance is markedly lower than that of dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: captive providers play a key role in Brazil’s auto finance market
Creditor insurance: Cardif do Brasil and Indiana Seguros are the leading external underwriters
Motor and GAP insurance: captive and external brokers jointly account for around a quarter of schemes
Extended warranties: specialist provider The Warranty Group underwrites two brands’ schemes
Road assistance: virtually all manufacturer brands organise their own, internal programs
5.0 CHINA
Introduction
Passenger vehicle data
New passenger car sales have soared in recent years...
...while the market for used cars still has to catch up
A large number of brands compete in China
Consumer automotive finance and leasing market
Market size and growth
New car finance at the point of sale has grown especially fast since 2007…
...while the volume of financed used cars progresses from a lower base
The total value of point-of-sale finance is higher than direct lending
Types of finance and leasing product
Simple loans are the most common form of financing passenger cars in China
Consumer automotive insurance, warranty and assistance markets
Market sizes
Extended warranties are the second most important product sold at the point of sale
Types of motor insurance policy
A limited form of third-party liability was made compulsory in 2006
Automotive dealer survey
Provision of consumer automotive financial services
Nearly all dealers offer motor insurance...
... but creditor insurance for car loans has a mixed history in China
Number and nature of schemes
Dealers prefer to work with external partners for the provision of finance and leasing and motor insurance
Consumer uptake of automotive financial services
The majority of drivers in China take out motor insurance through dealers
Competitor dynamics: dealer partnerships
Finance and leasing: more than four in five dealers offer finance and / or leasing to their customers
Motor insurance: the leading three insurers account for almost 80% of all partnerships with dealers
Extended warranties: customers are more likely to take out extended warranties for used than for new cars
Road assistance: there are high take-up rates for road assistance where the product is available
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Provision rates by manufacturer brands tend to be lower than for dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: several manufacturer brands in China use captive finance providers
Motor insurance: about one in five manufacturers have partnerships with insurance companies
Extended warranties: extended warranties are normally offered through internal provision
Road assistance: Allianz Global Assistance has established several important partnerships
6.0 INDIA
Introduction
Passenger vehicle data
Sales of new passenger cars are rising at around 16% per year...
...with this rapid growth being more than matched by the increase in used car sales
In India’s concentrated market, Maruti Suzuki accounts for almost half of new car registrations
Consumer automotive finance and leasing market
Market size and growth
The number of finance contracts (and indeed cash purchases) is growing quickly…
…with new car loans issued at the point of sale representing the majority of finance distribution
The value of new finance and leasing contracts is rising more quickly than their volume...
…and direct lending for new car purchases stands at nearly USD 6 billion
Types of finance and leasing product
Simple loans, typically secured on the vehicle itself, are the mainstay of Indian auto finance
Consumer automotive insurance, warranty and assistance markets
Market sizes
Regular motor policies account for more than three quarters of estimated revenues…
…although extended warranties also make a significant contribution in this market
GAP cover is widely available, and currently accounts for around USD 100 million in GWP
In India, creditor insurance is typically cross-sold with the underlying finance or leasing contract…
…and road assistance policies almost always form part of a standard warranty
Types of creditor insurance policy
The majority of creditor policies sold by car dealers cover a broad range of risks
Types of motor insurance policy
Virtually all motor policies sold by car dealers are of the comprehensive variety
Automotive dealer survey
Provision of consumer automotive financial services
Seemingly all dealers can provide motor insurance, whereas only around 45% offer GAP cover
Number and nature of schemes
Consumer uptake of automotive financial services
In India, road assistance is often included within standard vehicle warranties…
…and the uptake of motor insurance at the point of sale is very high by international standards
Around 70% of new car purchasers also acquire an extended warranty via the dealer…
…and nearly half of used car buyers take out an auto loan at the point of sale
Competitor dynamics: dealer partnerships
Finance and leasing: leading providers include Axis Bank and Mahindra & Mahindra Financial Services
Creditor insurance: partnerships for this type of cover are determined by the lenders themselves
Motor insurance: this market is dominated by the joint-venture commercial insurers
GAP insurance: the top three providers jointly account for around 50% of partnerships
Extended warranties: virtually all extended warranty schemes are linked to manufacturers
Road assistance: specialist provider MyTVS partners with two Mahindra First Choice outlets
Automotive manufacturer brand survey
Provision of consumer automotive financial services
For most products, the level of manufacturer provision is similar to that of dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: HDFC Bank and ICICI Bank each partner with five manufacturer brands
Creditor insurance: Mahindra & Mahindra makes use of its captive broker for this type of cover
Motor insurance: two thirds of Indian manufacturers that offer this cover work with multiple underwriters
GAP insurance: Bajaj Allianz is the leading underwriter in this field
Extended warranties: Tata Motors’ scheme involves a specialist warranty administrator
Road assistance: Allianz Global Assistance and MyTVS are the active partners in the area
7.0 INDONESIA
Introduction
Passenger vehicle data
New car sales have displayed very strong growth in recent years...
...with used car sales only slightly behind
Japan-based manufacturer brands account for over 90% of new car registrations...
...with Toyota continuing to lead the passenger car market
Consumer automotive finance and leasing market
Market size and growth
Sales involving finance are less significant than cash sales...
...but have grown rapidly over the last few years
Types of finance and leasing product
Hire purchase was the only type of finance found to be used in Indonesia
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance makes up the overwhelming majority of the market
Creditor insurance was found to be mandatory for certain finance products
Types of creditor insurance policy
The majority of creditor insurance policies cover only life and permanent disability
Types of motor insurance policy
Comprehensive policies dominate the motor insurance market
Automotive dealer survey
Provision of consumer automotive financial services
All dealers covered by the research offered finance and motor insurance...
…whilst none offered GAP insurance
Number and nature of schemes
Dealers were found to work mainly with external partners
Consumer uptake of automotive financial services
Nearly all drivers in Indonesia take out road assistance through dealers…
...and a majority also acquire finance and motor insurance at the point of sale
Competitor dynamics: dealer partnerships
Finance and leasing: all dealers offer finance to their customers
Creditor insurance: this is automatically bundled within a number of finance products
Motor insurance: most dealers had a large number of schemes in place
Extended warranties: only a couple of dealers offer extended warranties
Road assistance: dealers tend to offer road assistance directly themselves
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Provision rates by manufacturer brands tend to be lower than for dealers
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: several manufacturer brands in Indonesia use captive finance providers
Creditor insurance: around one fifth of manufacturer brands offer creditor insurance
Motor insurance: Astra Buana accounts for nearly half of the weighted share of partnerships
GAP insurance: this product was only offered by one manufacturer brand
Extended warranties: only two manufacturer brands promote extended warranties in Indonesia
Road assistance: three out of four manufacturer brands used internal assistance providers
8.0 MEXICO
Introduction
Passenger vehicle data
New car sales show a steep decline from which they have not yet recovered...
.. while used car sales through dealers are only just showing signs of life after a calamitous decade…
…as legal and illegal ‘chocolate’ cars imported from the US continue to have a dramatic effect on sales
Nissan continues to hold the top position among individual brands…
…while US-based manufacturers continue to struggle
Market shares overall remain fairly steady against declining sales
Consumer automotive finance and leasing market
Market size and growth
Some type of financing is found in one third of private automotive sales...
…while all types of financing have shown modest growth or slow decline since 2007
Point-of-sale finance, especially for new vehicles, remains the core of the market…
…while direct lenders are especially important for used cars
Types of finance and leasing product
The vast majority of finance involves simple loans…
…with only limited markets for finance or operating leases
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance accounts for the lion’s share of the combined market value...
...with other forms of insurance and assistance combining to form only 15% of the market
Types of creditor insurance policy
Almost all creditor insurance includes cover for unemployment, disability or both
Types of motor insurance policy
A lack of federal requirements for insurance means limited coverage for the national parc
Automotive dealer survey
Provision of consumer automotive financial services
All dealers surveyed offer finance, motor insurance and road assistance...
Number and nature of schemes
Manufacturers’ policies dominate warranties and assistance market, but not motor insurance
Consumer uptake of automotive financial services
Take-up rates for new vehicles substantially outstrip those for used vehicles
Competitor dynamics: dealer partnerships
Finance and leasing: BBVA Bancomer is the largest external lender by a significant margin
Creditor insurance: packaged with finance, this has a 100% take-up rate where offered
Motor insurance: this is purchased from dealers with almost 60% of new cars
Extended warranties: only one in ten new car owners buys this cover at the point of sale
Road assistance: free government aid impacts the sale of assistance packages
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Finance, motor insurance and road assistance are provided by all manufacturers surveyed
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: over half of manufacturers use external finance providers…
…while captive NR Finance is the single largest finance provider by weighted share
Creditor insurance: one quarter of manufacturers use external partners
Motor insurance: the top three insurers hold 50% of the weighted partnerships…
…with Inbursa potentially poised to make substantial inroads
Extended warranties: almost all manufacturers provide these themselves...
Road assistance: again, manufacturers tend to organise this themselves
9.0 SOUTH AFRICA
Introduction
Passenger vehicle data
New car sales plunged from 2007 to 2009 then recovered strongly...
... while used car sales increased steadily
Premium German brands are strong sellers in South Africa, alongside Korean models
Consumer automotive finance and leasing market
Market size and growth
Consumers use the maximum amount of credit allowed under the National Credit Act
Used car finance volumes rose for both direct lending and point of sale lending, 2007 to 2011
The value of new lending rose faster than volumes...
...and used car point-of-sale finance became the largest segment by value from 2008 onwards
Types of finance and leasing product
Hire purchase is the standard type of loan in South Africa
Consumer automotive insurance, warranty and assistance markets
Market sizes
Used car sales generate a higher value of ancillary financial services revenue than new car sales
...while road assistance is only sold bundled with warranties
Types of creditor insurance policy
‘Retrenchment’ cover is common in South Africa
Types of motor insurance policy
Dealers nearly always sell comprehensive motor insurance only
Automotive dealer survey
Provision of consumer automotive financial services
Only one type of financial product was not offered by at least 90% of dealers interviewed...
Number and nature of schemes
Most dealers use all four of the main South African lenders
Consumer uptake of automotive financial services
Dealerships provide finance for new and used car customers at almost exactly the same rate...
... because of structural features of the South African consumer finance market
The uptake of GAP insurance in South Africa is one of the highest rates recorded in the world
Competitor dynamics: dealer partnerships
Finance and leasing: just one dealer used the manufacturer’s captive provider only
Creditor insurance: three dealers had arranged their own partnerships, aside from their finance providers
Motor insurance: McCarthy Insurance Services is the provider for Bidvest dealerships
GAP insurance: two underwriters hold more than half the non-tied partnerships between them
Extended warranties: SA Warranties leads, but multiple providers split the rest of this market between them
Road assistance: specialist partners are required where cover is not available through extended warranties
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Dealer provision of motor insurance lags behind that of manufacturer brands
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: WesBank dominates among tied providers...
...while captives take 17% of the weighted share of partnerships
Creditor insurance: three underwriters share manufacturers’ direct partnerships between them
Motor insurance: LiquidCover is the only broker used by manufacturer brands
GAP insurance: WesBank is active in this field as a broker, while Hollard is the leading underwriter
Extended warranties: Innovation Group’s partnership with Toyota gives it a leading position
Road assistance: the AA works with 11 manufacturer brands
10.0 SOUTH KOREA
Introduction
Passenger vehicle data
The South Korean market for new car sales is still growing at a good pace…
…while used car sales are increasing even faster
Hyundai and Kia account for about four in five new car registrations
Consumer automotive finance and leasing market
Market size and growth
More cars are financed than paid for in cash…
...with both point-of-sale finance and direct lending gaining in importance
Point-of-sale finance is dominated by the new car segment
Types of finance and leasing product
A relatively large number of customers opt for operating leases in South Korea
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance is by far the most important product sold by dealers in South Korea
Types of motor insurance policy
Most customers who take out motor insurance at the point of sale buy more than liability cover only
Automotive dealer survey
Provision of consumer automotive financial services
Nearly all South Korean car dealers offer finance and / or leasing
Number and nature of schemes
South Korean car dealers tend to work with a limited number of both tied and non-tied partners
Consumer uptake of automotive financial services
Take-up rates for finance and leasing for both new and used cars are comparatively high
Competitor dynamics
Finance and leasing: dealers are an important distribution channel for finance and leasing in South Korea
Motor insurance: Samsung, Hyundai and LIG have established strong partnerships with dealers
Extended warranties: only a minority of dealers was found to offer extended warranties
Road assistance: new car buyers often obtain road assistance through the manufacturer’s warranty
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Dealer provision rates are lower than manufacturer provision rates for motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: one provider accounts for the bulk of weighted partnerships
Motor insurance: a relatively high number of manufacturers do not offer motor insurance
Extended warranties: only a minority of manufacturers offer extended warranties
Road assistance: all the major brands in South Korea offer road assistance
11.0 TAIWAN
Introduction
Passenger vehicle data
New car sales bounced back after being hit during the global economic crisis…
…as did used car sales
Japanese brands manufactured in Taiwan dominate the market for new car registrations
Consumer automotive finance and leasing market
Market size and growth
Point-of-sale finance for both new and used cars has gained in importance in recent years…
...while car sales paid for in cash have registered slower growth
The value of finance and leasing contracts reached a new high in 2011
Types of finance and leasing product
A relatively large number of customers use hire purchase agreements
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance clearly leads the market for automotive, warranty and assistance products in Taiwan
Types of motor insurance policy
Taiwanese drivers frequently take out more than liability cover
Automotive dealer survey
Provision of consumer automotive financial services
All dealers interviewed offer finance or leasing…
… but none sell creditor insurance as Taiwanese borrowers are unlikely to default on their car loans
Number and nature of schemes
Finance / leasing and motor insurance are more frequently offered through tied than non-tied providers
Consumer uptake of automotive financial services
A high proportion of new car buyers in Taiwan takes out motor insurance from their dealers
Competitor dynamics: dealer partnerships
Finance and leasing: no finance provider accounts for more than 20% of partnerships with dealers
Motor insurance: Fubon Insurance is the most frequently used non-tied provider
Extended warranties: more than one in every five dealers are offering extended warranties
Road assistance: nearly all dealers offer road assistance in one form or another
Automotive manufacturer brand survey
Provision of consumer automotive financial services
Weighted provision rates for manufacturers tend to be very high for finance / leasing and motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: most manufacturer brands in Taiwan offer finance and leasing
Motor insurance: most manufacturer brands work with multiple partners
Extended warranties: several manufacturer brands promote extended warranties in Taiwan
Road assistance: 24TMS is a major provider of road assistance in Taiwan
12.0 THAILAND
Introduction
Passenger vehicle data
New car sales have grown much faster than the overall car parc…
…while used cars are still mostly sold outside the dealer channel
Toyota and Honda jointly account for more than 60% of the market in new car registrations
Consumer automotive finance and leasing market
Market size and growth
Slightly more passenger cars were paid for in cash rather than financed in 2011
The total value of car finance and leasing has more than doubled since 2007
Types of finance and leasing product
Finance leasing is the most common product at the point of sale
Consumer automotive insurance, warranty and assistance markets
Market sizes
Motor insurance accounts for the bulk of revenue…
…with a comparatively small role for creditor insurance, road assistance and extended warranties
Types of creditor insurance policy
Creditor insurance policies sold in Thailand go beyond death and permanent disability
Types of motor insurance policy
Those buying motor insurance through dealers often take out more than liability cover
Automotive dealer survey
Provision of consumer automotive financial services
It is extremely common for car dealers in Thailand to offer both finance / leasing and motor insurance
Number and nature of schemes
Finance / leasing and motor insurance are frequently offered in collaboration with non-tied partners
Consumer uptake of automotive financial services
More than half of Thai new car buyers take out some form of auto finance
Competitor dynamics: dealer partnerships
Finance and leasing: Thanachart and Tisco have established themselves as important partners for dealers
Creditor insurance: several dealers were found to offer creditor insurance
Motor insurance: the majority of dealers co-operate with non-tied providers
GAP insurance: this product exists but is not well-known in Thailand
Extended warranties: more than a third of dealers promote extended warranties
Road assistance: this product is frequently distributed with new cars
Automotive manufacturer brand survey
Provision of consumer automotive financial services
The weighted provision rates for manufacturers are especially high for motor insurance
Competitor dynamics: manufacturer brand partnerships
Finance and leasing: several manufacturer brands work with captive finance providers
Creditor insurance: ten manufacturer brands provide creditor insurance through an indirect relationship
Motor insurance: over three quarters of manufacturer brands sell motor insurance
Extended warranties: manufacturers normally offer extended warranties on an internal basis
Road assistance: almost all manufacturer brands distribute road assistance
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
New car finance contracts nearly doubled between 2007 and 2011
The value of contracts to buy cars rose fastest in China and India, followed by Argentina, Indonesia and Thailand, 2007 to 2011
Manufacturers’ and importers’ tied finance providers are most important to dealers in Argentina, Mexico, South Korea and Taiwan
The automotive channel distributes more than 70% of motor insurance premiums in three countries
1.0 INTRODUCTION
Dealers contacted by Finaccord, segmented by country and manufacturer group affiliation
Manufacturer brands contacted by Finaccord
Manufacturer brands contacted by Finaccord (contd.)
2.0 OVERVIEW
Overview of the passenger car parc segmented by country, 2007 to 2011
Overview of new passenger car sales segmented by country, 2006-2011
Overview of used passenger car sales segmented by country, 2007-2011
Passenger car density by country, 2007 and 2011
Passenger car density by country, 2007 to 2011 (data)
Presence of manufacturer brands in the ‘top ten’ by country, by new car registrations, 2010
Share of passenger cars financed by country by volume, segmented by new / used sales and by distribution channel, 2011
Volume of passenger cars financed by country, segmented by new / used and by distribution channel, 2010 (data)
Share of passenger cars financed by country by value, segmented by new / used sales and by distribution channel, 2011
Value of passenger cars financed by country, segmented by new / used and by distribution channel, 2010 (data)
Key data points for the passenger car finance market in segmented by distribution channel: volumes and values, 2007 to 2011
Total passenger car finance market segmented by distribution channel: volumes, 2007 to 2011
Total passenger car finance market segmented by distribution channel: values, 2007 to 2011
Comparison of % of dealers offering finance / leasing at the point of sale, 2011
Comparison of average number of providers used by dealers offering finance / leasing at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering finance / leasing at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering finance / leasing at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers contracting finance / leasing services at the point of sale, 2011 (data)
% of split of consumer automotive finance at the point of sale by type of product, 2011
% of split of consumer automotive finance at the point of sale by type of product, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded finance / leasing services, 2011
Approximate size of the market for creditor insurance linked to consumer automotive finance and leasing, 2011
Comparison of % of dealers offering creditor insurance at the point of sale, 2011
Comparison of average % of new and used car purchasers with finance or leasing contracts acquiring creditor insurance at the point of sale, 2011
Comparison of overall % of new and used car purchasers with finance or leasing contracts acquiring creditor insurance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers with finance or leasing contracts acquiring creditor insurance at the point of sale, 2011 (data)
% split between the different types of creditor insurance policy acquired at the point of sale, 2011
% split between the different types of creditor insurance policy acquired at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded creditor insurance, 2011
Approximate size of the manufacturer-branded and dealer-intermediated motor insurance market, 2011
Approximate size of the manufacturer-branded and dealer-intermediated motor insurance market as a % of the total personal motor insurance market, 2011
Comparison of % of dealers offering motor insurance at the point of sale, 2011
Comparison of average number of providers used by dealers offering motor insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering motor insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering motor insurance at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring motor insurance at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring motor insurance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring motor insurance at the point of sale, 2011 (data)
% split between the different types of motor insurance policy acquired at the point of sale, 2011
% split between the different types of motor insurance policy acquired at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded motor insurance, 2011
Approximate size of the manufacturer-branded and dealer-intermediated road assistance market, 2011
Comparison of % of dealers offering road assistance at the point of sale, 2011
Comparison of average number of providers used by dealers offering road assistance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering road assistance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering road assistance at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring road assistance at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring road assistance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring road assistance at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded road assistance, 2011
Approximate size of the market for extended warranties for new and used cars, 2011
Comparison of % of dealers offering extended warranties at the point of sale, 2011
Comparison of average number of providers used by dealers offering extended warranties at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering extended warranties at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering extended warranties at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring extended warranties at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring extended warranties at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring extended warranties at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for branded extended warranties, 2011
Approximate size of the market for GAP insurance for new and used cars, 2011
Comparison of % of dealers offering GAP insurance at the point of sale, 2011
Comparison of average number of providers used by dealers offering GAP insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering GAP insurance at the point of sale, 2011
Comparison of tied / non-tied operating models used by dealers offering GAP insurance at the point of sale, 2011 (data)
Comparison of average % of new and used car purchasers acquiring GAP insurance at the point of sale, 2011
Comparison of overall % of new and used car purchasers acquiring GAP insurance at the point of sale, 2011
Comparison of average and overall % of new and used car purchasers acquiring GAP insurance at the point of sale, 2011 (data)
Comparison of % of manufacturers / importers with arrangements for GAP insurance, 2011
3.0 ARGENTINA
Passenger car parc and new / used passenger car sales in Argentina, 2007 to 2011
Passenger car parc and new / used passenger car sales in Argentina, 2007 to 2011 (data)
New car registrations in Argentina, segmented by manufacturer brand, 2010
New / used passenger car finance market in Argentina, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Argentina, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Argentina, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Argentina, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Argentina, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Argentina, 2011 (data)
% split between the different types of motor insurance policy sold at the point of sale in Argentina, 2011
% of dealers in Argentina offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Argentina for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Argentina for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in Argentina acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in Argentina, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in Argentina, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in Argentina, 2011: provision rate and product sources
Provision of road assistance by dealers in Argentina, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in Argentina, 2011
Provision of finance and leasing by manufacturer brands in Argentina, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in Argentina, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in Argentina, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in Argentina, 2011: provision rate and operating models
Provision of road assistance by manufacturer brands in Argentina, 2011: provision rate and operating models
4.0 BRAZIL
Passenger car parc and new / used passenger car sales in Brazil, 2007 to 2011
Passenger car parc and new / used passenger car sales in Brazil, 2007 to 2011 (data)
New car registrations in Brazil, segmented by manufacturer brand, 2010
New / used passenger car finance market in Brazil, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Brazil, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Brazil, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Brazil, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Brazil, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Brazil, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in Brazil, 2011
% split between the different types of motor insurance policy sold at the point of sale in Brazil, 2011
% of dealers in Brazil offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Brazil for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Brazil for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in Brazil acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor and GAP insurance by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in Brazil, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in Brazil, 2011
Provision of finance and leasing by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor and GAP insurance by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in Brazil, 2011: provision rate, operating models and weighted provider share of partnerships
5.0 CHINA
Passenger car parc and new / used passenger car sales in China, 2007 to 2011
Passenger car parc and new / used passenger car sales in China, 2007 to 2011 (data)
New car registrations in China, segmented by manufacturer brand, 2010
New / used passenger car finance market in China, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in China, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in China, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in China, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in China, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in China, 2011 (data)
% split between the different types of motor insurance policy sold at the point of sale in China, 2011
% of dealers in China offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in China for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in China for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in China acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in China, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in China, 2011
Provision of finance and leasing by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in China, 2011: provision rate, operating models and weighted provider share of partnerships
6.0 INDIA
Passenger car parc and new / used passenger car sales in India, 2007 to 2011
Passenger car parc and new / used passenger car sales in India, 2007 to 2011 (data)
New car registrations in India, segmented by manufacturer brand, 2010
New / used passenger car finance market in India, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in India, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in India, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in India, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in India, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in India, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in India, 2011
% split between the different types of motor insurance policy sold at the point of sale in India, 2011
% of dealers in India offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in India for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in India for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in India acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of GAP insurance by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of extended warranties by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in India, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in India, 2011
Provision of finance and leasing by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of GAP insurance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in India, 2011: provision rate, operating models and weighted provider share of partnerships
7.0 INDONESIA
Passenger car parc and new / used passenger car sales in Indonesia, 2007 to 2011
Passenger car parc and new / used passenger car sales in Indonesia, 2007 to 2011 (data)
New car registrations in Indonesia, segmented by manufacturer brand, 2010
New / used passenger car finance market in Indonesia, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Indonesia, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Indonesia, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Indonesia, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Indonesia, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Indonesia, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in Indonesia, 2011
% split between the different types of motor insurance policy sold at the point of sale in Indonesia, 2011
% of dealers in Indonesia offering each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Indonesia for each type of automotive financial service, 2011
Average number of tied and non-tied schemes offered by dealers in Indonesia for each type of automotive financial service, 2011 (data)
% of new and used car purchasers in Indonesia acquiring each type of automotive financial service at the point of sale, 2011
Provision of finance and leasing by dealers in Indonesia, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of motor insurance by dealers in Indonesia, 2011: provision rate, product sources and provider share of non-tied partnerships
Provision of road assistance by dealers in Indonesia, 2011: provision rate, product sources and provider share of non-tied partnerships
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in Indonesia, 2011
Provision of finance and leasing by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of creditor insurance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of motor insurance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of GAP insurance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of extended warranties by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
Provision of road assistance by manufacturer brands in Indonesia, 2011: provision rate, operating models and weighted provider share of partnerships
8.0 MEXICO
Passenger car parc and new / used passenger car sales in Mexico, 2007 to 2011
Passenger car parc and new / used passenger car sales in Mexico, 2007 to 2011 (data)
New car registrations in Mexico, segmented by manufacturer brand, 2010
New / used passenger car finance market in Mexico, segmented by distribution channel: volumes, 2007 to 2011
New / used passenger car finance market in Mexico, segmented by distribution channel: values, 2007 to 2011
New / used passenger car finance market in Mexico, segmented by distribution channel: values and volumes, 2007 to 2011 (data)
% split between the different types of finance and leasing contract sold at the point of sale in Mexico, 2011
Total revenues from consumer automotive insurance, warranty and assistance markets in Mexico, 2011
Total revenues from consumer automotive insurance, warranty and assistance contracts in Mexico, 2011 (data)
% split between the different types of creditor insurance policy sold at the point of sale in Mexico, 2011
% split between the different types of motor insurance policy sold at the point of sale in Mexico, 2011
% of dealers in Mexico offering each typ
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