Marktanalyse - Consumer Automotive Financial Services in South Africa
Finaccord
2 / 2012
32 Seiten
| Typ: | Marktanalyse |
| Sprache: | Englisch |
| Regionen: | South Africa |
| Verfügbarkeit: | verfügbar |
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Marktanalyse - 'Consumer Automotive Financial Services in South Africa'
Consumer Automotive Financial Services in South Africa investigates the market for automotive financial services linked to sales of new and used passenger cars in South Africa. In addition to analysing the market for finance and leasing services, the study also covers creditor insurance, motor insurance and road assistance, and demonstrates the extent to which a market exists for extended warranties and GAP insurance. Using survey results for average take-up rates for finance and leasing propositions at the point of sale, data for the size and growth of the automotive finance and leasing market for consumers in South Africa is provided in terms of gross advances and assets leased for 2007 to 2011 with splits between finance for new and used cars and between finance organised through dealerships at the point of sale and directly with banks or other lending institutions. Moreover, also by means of data for average take-up rates, the markets for creditor insurance, motor insurance, road assistance, extended warranties and GAP insurance are sized in terms of gross written premiums and other revenues sold through the automotive trade (i.e. via dealers and manufacturers) in 2011. These are broken down between new and used cars and between new contracts sold during 2011 and in-force business sold in previous years but still being renewed in 2011. The report draws on a survey of 60 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of over 30 automotive brands in South Africa. 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 South Africa.
Consumer Automotive Financial Services in South Africa investigates the market for automotive financial services linked to sales of new and used passenger cars in South Africa. In addition to analysing the market for finance and leasing services, the study also covers creditor insurance, motor insurance and road assistance, and demonstrates the extent to which a market exists for extended warranties and GAP insurance. Using survey results for average take-up rates for finance and leasing propositions at the point of sale, data for the size and growth of the automotive finance and leasing market for consumers in South Africa is provided in terms of gross advances and assets leased for 2007 to 2011 with splits between finance for new and used cars and between finance organised through dealerships at the point of sale and directly with banks or other lending institutions. Moreover, also by means of data for average take-up rates, the markets for creditor insurance, motor insurance, road assistance, extended warranties and GAP insurance are sized in terms of gross written premiums and other revenues sold through the automotive trade (i.e. via dealers and manufacturers) in 2011. These are broken down between new and used cars and between new contracts sold during 2011 and in-force business sold in previous years but still being renewed in 2011. The report draws on a survey of 60 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of over 30 automotive brands in South Africa. 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 South Africa.
Inhaltsverzeichnis Marktanalyse 'Consumer Automotive Financial Services in South Africa'
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY .. 1
1.0 INTRODUCTION 3
What is this report about? .... 3
The focus of the report is on financial services related to the sale of passenger cars to individuals . 3
Rationale . 3
The provision of financial services is essential to support both car sales and profitability... .... 3
… with huge diversity in these services between countries and products…... 3
… which have yet to be explored in detail . 3
Methodology 4
Survey of dealers and manufacturers ... 4
Market data ... 2
Computation of market data is based on a complex set of assumptions and variables… . 2
…in order to provide market segmentations in unrivalled detail .. 2
Definitions .... 2
Finance and leasing products 2
Insurance, warranty and assistance products 3
Captive, internal and tied providers . 3
Abbreviations 4
PartnerBASE™ 4
Finaccord 4
2.0 MARKET ANALYSIS .. 6
Introduction .. 6
Passenger vehicle data .. 7
New car sales plunged from 2007 to 2009 then recovered strongly... .. 7
... while used car sales increased steadily . 7
Premium German brands are strong sellers in South Africa, alongside Korean models ... 9
Consumer automotive finance and leasing market ... 10
Market size and growth .. 10
Consumers use the maximum amount of credit allowed under the National Credit Act .. 10
Used car finance volumes rose for both direct lending and point of sale lending, 2007 to 2011 10
The value of new lending rose faster than volumes... . 11
...and used car point-of-sale finance became the largest segment by value from 2008 onwards .. 11
Types of finance and leasing product . 14
Hire purchase is the standard type of loan in South Africa ... 14
Consumer automotive insurance, warranty and assistance markets .... 15
Market sizes 15
Used car sales generate a higher value of ancillary financial services revenue than new car sales ... 15
...while road assistance is only sold bundled with warranties .... 16
Types of creditor insurance policy . 17
‘Retrenchment’ cover is common in South Africa... 17
Types of motor insurance policy .... 19
Dealers nearly always sell comprehensive motor insurance only .. 19
Automotive dealer survey .. 20
Provision of consumer automotive financial services . 20
Only one type of financial product was not offered by at least 90% of dealers interviewed... .... 20
Number and nature of schemes .... 21
Most dealers use all four of the main South African lenders . 21
Consumer uptake of automotive financial services .... 23
Dealerships provide finance for new and used car customers at almost exactly the same rate... .. 23
... because of structural features of the South African consumer finance market ... 23
The uptake of GAP insurance in South Africa is one of the highest rates recorded in the world .... 23
Competitor dynamics: dealer partnerships ... 25
Finance and leasing: just one dealer used the manufacturer’s captive provider only .. 25
Creditor insurance: three dealers had arranged their own partnerships, aside from their finance providers . 27
Motor insurance: McCarthy Insurance Services is the provider for Bidvest dealerships .. 27
GAP insurance: two underwriters hold more than half the non-tied partnerships between them ... 29
Extended warranties: SA Warranties leads, but multiple providers split the rest of this market between them.. 31
Road assistance: specialist partners are required where cover is not available through extended warranties .. 33
Automotive manufacturer brand survey . 35
Provision of consumer automotive financial services . 35
Dealer provision of motor insurance lags behind that of manufacturer brands .. 35
Competitor dynamics: manufacturer brand partnerships 37
Finance and leasing: WesBank dominates among tied providers... .... 37
...while captives take 17% of the weighted share of partnerships .. 37
Creditor insurance: three underwriters share manufacturers’ direct partnerships between them ... 39
Motor insurance: LiquidCover is the only broker used by manufacturer brands 41
GAP insurance: WesBank is active in this field as a broker, while Hollard is the leading underwriter . 43
Extended warranties: Innovation Group’s partnership with Toyota gives it a leading position ... 45
Road assistance: the AA works with 11 manufacturer brands .. 47
Tabellenverzeichnis Marktanalyse 'Consumer Automotive Financial Services in South Africa'
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY .. 1
Key market data for consumer automotive financial services in South Africa, 2011 ... 2
1.0 INTRODUCTION 3
Dealers contacted by Finaccord, segmented by manufacturer group affiliation 4
2.0 MARKET ANALYSIS .. 6
Passenger car parc and new / used passenger car sales in South Africa, 2007 to 2011 .... 7
Passenger car parc and new / used passenger car sales in South Africa, 2007 to 2011 (data) .... 8
New car registrations in South Africa, segmented by manufacturer brand, 2011 .. 9
New / used passenger car finance market in South Africa, segmented by distribution channel: volumes, 2007 to 2011 ... 10
New / used passenger car finance market in South Africa, segmented by distribution channel: values, 2007 to 2011 ... 12
New / used passenger car finance market in South Africa, segmented by distribution channel: values and volumes, 2007 to 2011 (data) .. 13
% split between the different types of finance and leasing contract sold at the point of sale in South Africa, 2011 . 14
Total revenues from consumer automotive insurance, warranty and assistance markets in South Africa, 2011 . 16
Total revenues from consumer automotive insurance, warranty and assistance contracts in South Africa, 2011 (data) 17
% split between the different types of creditor insurance policy sold at the point of sale in South Africa, 2011 . 18
% split between the different types of motor insurance policy sold at the point of sale in South Africa, 2011 19
% of dealers in South Africa offering each type of automotive financial service, 2011 .. 20
Average number of tied and non-tied schemes offered by dealers in South Africa for each type of automotive financial service, 2011 .... 22
Average number of tied and non-tied schemes offered by dealers in South Africa for each type of automotive financial service, 2011 (data) ... 22
% of new and used car purchasers in South Africa acquiring each type of automotive financial service at the point of sale, 2011 ... 24
Provision of finance and leasing by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 26
Provision of motor insurance by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 28
Provision of GAP insurance by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 30
Provision of extended warranties by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 32
Provision of road assistance by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 34
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in South Africa, 2011 .. 36
Provision of finance and leasing by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 38
Provision of creditor insurance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 40
Provision of motor insurance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 42
Provision of GAP insurance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 44
Provision of extended warranties by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 46
Provision of road assistance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 48
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY .. 1
1.0 INTRODUCTION 3
What is this report about? .... 3
The focus of the report is on financial services related to the sale of passenger cars to individuals . 3
Rationale . 3
The provision of financial services is essential to support both car sales and profitability... .... 3
… with huge diversity in these services between countries and products…... 3
… which have yet to be explored in detail . 3
Methodology 4
Survey of dealers and manufacturers ... 4
Market data ... 2
Computation of market data is based on a complex set of assumptions and variables… . 2
…in order to provide market segmentations in unrivalled detail .. 2
Definitions .... 2
Finance and leasing products 2
Insurance, warranty and assistance products 3
Captive, internal and tied providers . 3
Abbreviations 4
PartnerBASE™ 4
Finaccord 4
2.0 MARKET ANALYSIS .. 6
Introduction .. 6
Passenger vehicle data .. 7
New car sales plunged from 2007 to 2009 then recovered strongly... .. 7
... while used car sales increased steadily . 7
Premium German brands are strong sellers in South Africa, alongside Korean models ... 9
Consumer automotive finance and leasing market ... 10
Market size and growth .. 10
Consumers use the maximum amount of credit allowed under the National Credit Act .. 10
Used car finance volumes rose for both direct lending and point of sale lending, 2007 to 2011 10
The value of new lending rose faster than volumes... . 11
...and used car point-of-sale finance became the largest segment by value from 2008 onwards .. 11
Types of finance and leasing product . 14
Hire purchase is the standard type of loan in South Africa ... 14
Consumer automotive insurance, warranty and assistance markets .... 15
Market sizes 15
Used car sales generate a higher value of ancillary financial services revenue than new car sales ... 15
...while road assistance is only sold bundled with warranties .... 16
Types of creditor insurance policy . 17
‘Retrenchment’ cover is common in South Africa... 17
Types of motor insurance policy .... 19
Dealers nearly always sell comprehensive motor insurance only .. 19
Automotive dealer survey .. 20
Provision of consumer automotive financial services . 20
Only one type of financial product was not offered by at least 90% of dealers interviewed... .... 20
Number and nature of schemes .... 21
Most dealers use all four of the main South African lenders . 21
Consumer uptake of automotive financial services .... 23
Dealerships provide finance for new and used car customers at almost exactly the same rate... .. 23
... because of structural features of the South African consumer finance market ... 23
The uptake of GAP insurance in South Africa is one of the highest rates recorded in the world .... 23
Competitor dynamics: dealer partnerships ... 25
Finance and leasing: just one dealer used the manufacturer’s captive provider only .. 25
Creditor insurance: three dealers had arranged their own partnerships, aside from their finance providers . 27
Motor insurance: McCarthy Insurance Services is the provider for Bidvest dealerships .. 27
GAP insurance: two underwriters hold more than half the non-tied partnerships between them ... 29
Extended warranties: SA Warranties leads, but multiple providers split the rest of this market between them.. 31
Road assistance: specialist partners are required where cover is not available through extended warranties .. 33
Automotive manufacturer brand survey . 35
Provision of consumer automotive financial services . 35
Dealer provision of motor insurance lags behind that of manufacturer brands .. 35
Competitor dynamics: manufacturer brand partnerships 37
Finance and leasing: WesBank dominates among tied providers... .... 37
...while captives take 17% of the weighted share of partnerships .. 37
Creditor insurance: three underwriters share manufacturers’ direct partnerships between them ... 39
Motor insurance: LiquidCover is the only broker used by manufacturer brands 41
GAP insurance: WesBank is active in this field as a broker, while Hollard is the leading underwriter . 43
Extended warranties: Innovation Group’s partnership with Toyota gives it a leading position ... 45
Road assistance: the AA works with 11 manufacturer brands .. 47
Tabellenverzeichnis Marktanalyse 'Consumer Automotive Financial Services in South Africa'
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY .. 1
Key market data for consumer automotive financial services in South Africa, 2011 ... 2
1.0 INTRODUCTION 3
Dealers contacted by Finaccord, segmented by manufacturer group affiliation 4
2.0 MARKET ANALYSIS .. 6
Passenger car parc and new / used passenger car sales in South Africa, 2007 to 2011 .... 7
Passenger car parc and new / used passenger car sales in South Africa, 2007 to 2011 (data) .... 8
New car registrations in South Africa, segmented by manufacturer brand, 2011 .. 9
New / used passenger car finance market in South Africa, segmented by distribution channel: volumes, 2007 to 2011 ... 10
New / used passenger car finance market in South Africa, segmented by distribution channel: values, 2007 to 2011 ... 12
New / used passenger car finance market in South Africa, segmented by distribution channel: values and volumes, 2007 to 2011 (data) .. 13
% split between the different types of finance and leasing contract sold at the point of sale in South Africa, 2011 . 14
Total revenues from consumer automotive insurance, warranty and assistance markets in South Africa, 2011 . 16
Total revenues from consumer automotive insurance, warranty and assistance contracts in South Africa, 2011 (data) 17
% split between the different types of creditor insurance policy sold at the point of sale in South Africa, 2011 . 18
% split between the different types of motor insurance policy sold at the point of sale in South Africa, 2011 19
% of dealers in South Africa offering each type of automotive financial service, 2011 .. 20
Average number of tied and non-tied schemes offered by dealers in South Africa for each type of automotive financial service, 2011 .... 22
Average number of tied and non-tied schemes offered by dealers in South Africa for each type of automotive financial service, 2011 (data) ... 22
% of new and used car purchasers in South Africa acquiring each type of automotive financial service at the point of sale, 2011 ... 24
Provision of finance and leasing by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 26
Provision of motor insurance by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 28
Provision of GAP insurance by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 30
Provision of extended warranties by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 32
Provision of road assistance by dealers in South Africa, 2011: provision rate, product sources and provider share of non-tied partnerships . 34
Comparison of the provision of each type of automotive financial service by manufacturer brands and dealers in South Africa, 2011 .. 36
Provision of finance and leasing by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 38
Provision of creditor insurance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 40
Provision of motor insurance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 42
Provision of GAP insurance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 44
Provision of extended warranties by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 46
Provision of road assistance by manufacturer brands in South Africa, 2011: provision rate, operating models and weighted provider share of partnerships .... 48
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