Automotive Financial Services in Southern and Western Europe : Market Research Report

Automotive Financial Services in Southern and Western Europe

Published: May. 1, 2007 - 330 Pages

0.0 EXECUTIVE SUMMARY: Finance and leasing: a market worth €145.7 billion in gross advances and assets leased in 2006; … with point-of-sale finance claiming a share of around 45.6% of the total market value; Average point-of-sale customer take-up rates are highest in Italy and weakest in the Netherlands; In a majority of markets, dealers are expanding the number of providers with which they work…; … although the dominance of a leading duo in Spain apparently produces the opposite effect; Motor insurance: dealer-intermediated pols. make up around 6.0% of the total consumer market; … although the effectiveness of dealerships in this arena varies greatly from country to country; Creditor insurance: average take-up rates peak in France, Italy, Portugal and Spain; Extended warranties: policies sold along side used cars make up almost 50% of the total value; GAP insurance: a strong tradition for stand-alone policies exists only in France and the UK; Road assistance: manufacturer-branded breakdown recovery is dominated by a trio of providers; In many ways, consolidation among dealers improves the prospects for auto. financial services; The sale of a 51% stake in GMAC by GM alters the landscape for captive financial services; Entities dependent upon point-of-sale automotive financial services can defend their position…; … through pursuing a number of action points that will help them to realise their common vision
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; Financial services provision is crucial to the profitability of automotive entities…; … and extends to a range of insurance, warranty and assistance concepts…; … although published information on these markets remains at a premium; Changes in the structure of the dealer channel have implications for automotive financial services; Methodology; Dealer survey; Manufacturer survey; Market data; Computation of market data is based on a complex set of assumptions and variables…; … which Finaccord has compared against secondary information sources wherever possible; Definitions; Finaccord; PartnerBASE™; Other studies focused on automotive financial services in Europe; Errors, omissions and limit of liability
2.0 REGIONAL OVERVIEW: Introduction; Passenger vehicle data; The region’s passenger car parc is characterized by slow but predictable growth; Four of the eight markets reviewed experience a declining market for new passenger car sales; The used passenger car markets of Ireland and Spain chalk up the strongest rates of growth; New vehicle registrations are characterised by patriotic tendencies in several countries…; … although brands such as Honda, Hyundai, Suzuki and Toyota are all making steady progress..; Motor dealer data; The number of franchised dealers begins to grow following the low point reached in 2003…; … with the sale efficiency of Italy, Spain and the UK all now ahead of the regional average; Finance / leasing; Survey results; Provision of finance and leasing services is fundamental to the profitability of dealerships; Dealers are most likely to work with a high number of finance providers in Ireland and the UK; The average number of finance and leasing providers used by dealers rises in all markets…; … with the exception of Spain where many non-captive entities are struggling to advance; Captive finance providers exert the greatest control over dealerships in the Netherlands…; … with dealers most inclined to work with both captive and non-captive entities in the UK; Average customer take-up rates at the point of sale exceed 50% only in Italy and Portugal…; … although dealerships appear to be increasing their effectiveness in several markets…; … as a result of a number of factors related to development and marketing of finance products; Leasing accounts for more than 50% of all car finance deals for consumers only in Portugal; The vast majority of manufacturers and importers possess their own finance / leasing services; Market size and growth; In terms of the overall no. of credit agreements, the UK remains the region’s largest market…; … although Italy’s point-of-sale market is substantially larger than that of any other country…; … with a value well in excess of €20 billion in gross advances and assets leased in 2006; Private car finance in the region adds up to a market growing at an average annual rate of 2.3%; The strong performance of dealerships in Italy and Spain helps to offset weaknesses elsewhere; Total point-of-sale finance and leasing possessed a value of over €140 billion in 2006; In several countries, the dealership channel is competing effectively against direct lenders; Across the whole region, point-of-sale finance for new cars is still worth more than direct lending; The share of dealerships in finance provided for used car sales dwindles to 15.0% in 2006…; …although this still adds up to point-of-sale gross advances and assets leased of €29.8 billion; Motor insurance; Over a half of all dealers interviewed offer motor insurance in all territories other than Ireland; It is commonplace for dealerships on the Iberian peninsula to act as multi-tied agents…; … although elsewhere in Southern and Western Europe, captive propositions tend to dominate; Average take-up rates for new cars lie between one in four and one in five vehicles sold…; … although a significant proportion of this average may be due to bundling of ‘free’ insurance; Excluding Ireland, France appears to be the region’s least promising market for branded ins; Almost three quarters of the region’s manufacturers or importers operate branded schemes; Car dealerships: a viable motor insurance distribution channel for manufacturers and insurers?; Italy and the UK are the region’s largest markets for dealer-intermediated motor insurance…; … with the tougher conditions in France underlined by the much smaller estimated market value ..; Creditor insurance; Dealerships in the Netherlands continue to display little interest in selling creditor insurance; There is a dichotomy of experience when it comes to average take-up rates for creditor ins; Average cross-selling rates for creditor insurance in France continue to run at high levels; Manufacturer-branded creditor insurance programs are most widespread in Italy and the UK; Direct lenders account for the majority of creditor insurance sold in conjunction with car finance….; … with the value of the UK market likely to be in the region of five times that of its closest rival; Extended warranties; On average, close to 75% of dealers in the region are active in extended warranty sales; The average number of warranty providers used in France is high relative to other countries; Non-captive warranty prov. is developing as a result of the activity of several specialist firms…; … some of which operate internationally and some of which also run branded schemes; Average take-up rates for extended warranties vary significantly between different countries…; … although dealerships enjoy the advantage of being the natural channel for this type of cover; Overall take-up rates are lowest in Ireland as a result of limited provision on the part of dealers; Over 50% of brands considered run warranty programs in all countries other than Ireland; The market for used car warranties lags behind that for warranty extensions for new cars…; … in a total market worth around €1.17 billion in 2006 in terms of premiums written on new pols. ..; GAP insurance; Comprehensive pols. are only sold widely on a stand-alone basis in France, Ireland and the UK; The main non-captive finance and leasing providers in France also offer GAP insurance; Stand-alone GAP insurance is commonly sourced from non-captive providers; Stand-alone GAP insurance is a viable and well-developed market in both France and the UK; Overall take-up rates are significantly lower than average take-up rates only in Ireland; New initiatives for stand-alone GAP insurance may be introduced in Italy, Portugal and Spain; The market size for GAP insurance in France is almost identical to that for the UK; Road assistance; Breakdown recovery insurance is offered on a branded basis by virtually all manufacturers; A clutch of smaller national and international assist. firms are challenging the market leaders; Manufacturers’ captive finance operations; Financial services constitute a crucial source of profitability to major automotive groups…; … although the sale of a 51% stake in GMAC by General Motors is a significant development
3.0 BELGIUM: Introduction; Passenger vehicle data; Sales of both new cars and used cars rise strongly in 2006 following years of stagnation; The continuing popularity of the Citro�n brand makes Peugeot Citro�n the major group; Motor dealer data; The annual decline in dealer. sales outlets has continued almost uninterrupted in recent years…; … although by the standards of the region, dealers generate relatively low sales per outlet; Finance and leasing - market size and growth; Volumes in the finance and leasing market rise in 2006 in the wake of several years of decline…; … bringing average annual growth in private car finance in line with that for total cons. credit; Dealer survey - top level results; Provision rates for motor insurance, creditor insurance and ext. warranties have increased…; … although take-up rates among buyers of both new and used cars remain relatively modest; Belgian dealers are increasingly inclined to collaborate with a higher no. of finance providers; Over one third of finance agreements by volume are attributable to leasing-based contracts; Competitor dynamics; Finance / leasing: the competitive structure in Belgium is comparatively fragmented…; … with only three groups having achieved significant penetration among dealerships; Motor insurance: there is little scope for marketing non-captive policies through Belgian dealers.; Extended warranties: point-of-sale provision continues to be dominated by captive offerings; Manufacturer relationships; Finance / leasing: Alpha Credit provides finance on behalf of Toyota and several other brands; Motor insurance: P&V / Vivium Affinity lay claim to the highest number of manufacturer deals; Creditor insurance: almost two thirds of the brands maintain schemes for creditor insurance; Extended warranties: Real Garant and Car Garantie have both made significant progress; Road assistance: Touring Assistance and VTB VAB limit openings for the multi-nationals; Data bank
4.0 FRANCE: Introduction; Passenger vehicle data; France’s passenger car market is seemingly ossified in terms of its sales volume and value; The combined share of Peugeot Citro�n and Renault Nissan is declining gradually; Motor dealer data; The number of franchised outlets has stabilised since the 20.2% annual decline in 2002…; … with French dealerships displaying a degree of sales efficiency close to the regional average.; Finance and leasing - market size and growth; The car finance market stagnated between 2002 and 2006 in terms of number of contracts…; … although it expanded at an average rate per annum of 1.7% when measured by its value; Statistics published by the ASF are broadly in line with these figures; Dealer survey - top level results; France scores high dealer penetration rates for ancillary insurance and warranty products…; … but competition from other distribution channels blunts the efforts of dealers in motor ins.; Packaging with finance and leasing products produces impressively high take-up rates…; … with those recorded for GAP insurance standing well ahead of those in any other country; The average number of providers of finance and leasing used by dealers has barely changed; Lending-based products make up almost two thirds of total consumer finance agreements; Competitor dynamics; Finance / leasing: non-captive point-of-sale finance prov. remains largely a four-way battle…; … although the development of Crédit Mutuel’s Financo has accelerated in recent years; Motor insurance: dealers focus mainly on intermediation of manufacturer-branded policies…; … with the leading finance and leasing providers having made little headway in this sector; Extended warranties: the major non-captive provs. are the leading finance and leasing firms…; … although independent providers like Icare and Gras Savoye also compete in this channel; GAP insurance: almost 40% of dealerships promote non-captive GAP insurance policies; Manufacturer relationships; Finance / leasing: Cetelem and CGI claim four significant non-captive relationships each; Motor insurance: SATEC’s ODL emerges as a new competitor in the market for branded pols.…; … although numerous underwriters and brokers continue to compete for man. mandates; Altima continues to work with Peugeot and Renault, the leading two auto. brands in France; April Développement has been linked to BMW and Mini since 2005…; … with the objective of offering an insurance proposition that covers every risk profile…; … and with great effort having been put into improving the efficacy of the dealer sales channel; Creditor insurance: manufacturer relationships remain largely unchanged since 2004; Extended warranties: Icare and the RAC operate the majority of man. warranty schemes; GAP insurance: Covéa Fleet is by far the dominant underwriter of branded GAP insurance…; … with few other insurers having secured relationships with manufacturers in this field; Road assistance: Europ Assistance / Mondial Assistance dominate man. partnerships…; Data bank
5.0 IRELAND: Introduction; Passenger vehicle data; A boom in the volume of imported vehicles contributes to a buoyant market for used car sales; Toyota is Ireland’s highest selling brand although the Volkswagen grouping is the overall leader; Motor dealer data; The number of franchised sales outlets remains static during 2005 following a sharp reduction; Average sales per sales contract in Ireland are lower than for any other country in the region; Finance and leasing - market size and growth; Money released from the SSIA scheme boosts the number of consumers buying cars with cash; The aggregate value of the private car finance market breaks the €3 billion barrier in 2005; Dealer survey - top level results; Extended warranties and GAP insurance achieve limited penetration only among Irish dealers; Cross-selling rates for ancillary automotive financial services are comparatively weak; On average, Irish dealers maintain links with between four and five provs. of finance and leasing; Lending-based contracts dominate point-of-sale finance in Ireland; Competitor dynamics; Finance / leasing: eight companies compete in the dealership distribution channel; Motor insurance: car dealerships are not perceived to be a viable distribution option; Extended warranties: where marketed, both captive and non-captive products are in evidence; GAP insurance: strong average take-up rates attract a clutch of non-captive providers; AUTOMOTIVE FINANCIAL SERVICES IN SOUTHERN AND WESTERN EUROPE; © FINACCORD (05/2007) VI; Manufacturer relationships; Finance / leasing: manufacturer schemes are dominated by a trio of external finance providers; Motor insurance: few branded motor insurance schemes have been established in Ireland; Creditor insurance: the absence of man. captives means that all relationships are indirect; Extended warranties: only one manufacturer brand operates its own extended warranty scheme; GAP insurance: only BMW possesses a stand-alone GAP insurance program; Road assistance: the AA currently holds the highest number of manufacturer relationships; Data bank
6.0 ITALY: Introduction; Passenger vehicle data; Sales of used cars breach the 3.0 million threshold in 2006 for the first time since 2003…; … with dealers now accounting for a share of around 36.0% of used car sales; The Fiat grouping continues to command a share of almost one third of passenger car sales; Motor dealer data; The long decline in the number of dealership outlets reaches a trough at the end of 2004…; … and Italian dealerships now rank alongside those in the UK in terms of sales efficiency; Finance and leasing - market size and growth; Used car finance benefits from an increase in the share of dealers of sales of second hand cars; In value terms, finance granted at the point of sale makes up almost two thirds of the mkt. total; Dealer survey - top level results; Over 80% of dealers intermediate motor insurance, creditor insurance and extended warranties; Italian dealerships achieve relatively high take-up rates for automotive financial services…; … and there is scope for more dealers to offer extended warranties to buyers of used cars; Dealers have increased the number of finance and leasing provs. with which they collaborate; Lending-based conts. account for over 80% of car finance agreements for consumers in Italy; Competitor dynamics; Finance / leasing: over two thirds of dealerships now use non-captive finance providers…; … with a fragmented group of around 15 companies making life difficult for captive firms; The leading non-captive entities have achieved rapid growth in gross advs. in recent years…; … with many controlled wholly or in part by foreign banks seeking to expand in the Italian mkt; Motor insurance: Identicar, through I.Car, and other non-captive insurers have made progress; Extended warranties: extended warranty provision is still dominated by manufacturers…; … although Car Garantie, Full Assistance Car and Mapfre Warranty are making inroads; Manufacturer relationships; Finance / leasing: Agos, Fiditalia and Findomestic each claim a handful of manufacturer deals; Motor insurance: the three Fiat Group brands offer policies underwritten by two partners…; … although the vast maj. of brands prefer to work on an exclusive basis with a single insurer; Creditor insurance: Cardif Assicurazioni controls around a half of direct man. relationships; Extended warranties: Icare challenges Mondial Assistance and RAS for man. mandates; Road assistance: Europ Assistance and ACI Global hold Mondial Assistance at bay; Data bank
7.0 NETHERLANDS: Introduction; Passenger vehicle data; The Dutch market for both new and used car sales has stagnated in recent years; The strong performance of Daihatsu, Kia and Mitsubishi boosts the share of smaller brands; Motor dealer data; The number of franchised dealership outlets seems likely to dip below 3,000 during 2007…; … given that the sales efficiency of Dutch dealerships lags behind the regional average; Finance and leasing - market size and growth; Dealerships suffer most from the declining volumes for new and used car finance contracts; The fastest-growing seg. within the Dutch car finance market is direct lending for used cars…; … but the value of the total market slipped at an annual ave. of -0.6% between 2002 and 2006; Dealer survey - top level results; Only around a quarter of Dutch dealers attempt to cross-sell creditor insurance with car finance .; Dealers. appear to have weakened as a distribution conduit, especially for finance and leasing; Dealerships are relatively unpromiscuous when it comes to partners for finance and leasing; By the standards of the region, use of leasing-based contracts by consumers is fairly popular; Competitor dynamics; Finance / leasing: around two thirds of dealerships remain loyal to captive finance providers…; … although DTC, among others, is achieving some penetration with its integrated proposition; Motor insurance: non-captive motor insurance provision appears to occur on an ad hoc basis; Ext. warranties: BOVAG’s own Dealergarant is used by some dealers on a non-captive basis; Manufacturer relationships; Finance / leasing: Alcredis, Ribank and Santander Consumer Finance all claim imp.partners; Motor insurance: Generali is linked to the brands within the Fiat and Volkswagen groupings; Creditor insurance: The Warranty Group accounts for the vast majority of direct partnerships; Ext. warranties: Car Garantie has picked up several mandates since market entry in 2000…; … while BOVAG’s own insurance company is used for warranty extensions by Toyota; Road assistance: the ANWB accounts for over a half of relationships for breakdown recovery; Data bank
8.0 PORTUGAL: Introduction; Passenger vehicle data; The volume of used car sales in Portugal exceeds 500,000 in each of 2005 and 2006; The Volkswagen grouping claims a position of leadership in the Portuguese market; Motor dealer data; The number of franchised dealership outlets has begun to increase following years of decline…; … in spite of the fact that they are the region’s least productive in terms of ave. sales per outlet; Finance and leasing - market size and growth; Volumes in the car finance and leasing market continue to recover from the low point of 2002…; … with the total market rising at an annual ave. of 4.8% in value terms for the period reviewed; Dealer survey - top level results; GAP insurance is never offered on a stand-alone basis by Portuguese car dealerships; Average take-up rates for finance and leasing remain strong if compared to the regional ave.; High customer take-up rates for used car warranties are due mainly to automatic packaging; Dealers. have expanded greatly their number of finance and leasing partners in recent years; Over 50% of car finance agreements concluded with consumers are leasing-based contracts; Competitor dynamics; Finance / leasing: captive finance providers risk being squeezed out by a host of competitors….; … among which Santander Consumer Finance appears to have emerged as a market leader; Motor insurance: captive propositions still struggle to usurp independent dealer relationships; Extended warranties: several providers are active in Portugal’s non-captive warranty sector; Manufacturer relationships; Finance / leasing: Interbanco provides fin. for Mitsubishi as well as the four Volkswagen brands.; Motor insurance: a majority of auto. brands work with single partners for motor insurance…; Creditor insurance: Alico, Cardif and Genworth Financial are the dominant external partners; Extended warranties: suppliers include the ACP, Europ Assistance and Mondial Assistance; Road assistance: the ACP currently claims well over a half of manufacturer relationships; Data bank
9.0 SPAIN: Introduction; Passenger vehicle data; The volume of used car sales finally overtakes the number of new car sales in 2005; The comparative popularity of Seat makes Volkswagen the leading manufacturer group; Motor dealer data; Following a low point reached at the start of 2004, the no. of franchised outlets has stabilised….; … with average sales per sales contract in Spain behind only the value recorded for Italy; Finance and leasing - market size and growth; The robust rate of growth of private car fin. contracts in Spain is due largely to used car sales; … with the combined point-of-sale and direct mkt. for used car finance worth some €7.42 billion.; Dealer survey - top level results; Provision rates by dealers are high for all auto. financial services other than GAP insurance; Dealerships have increased their effectiveness as intermediaries of finance and leasing…; … with strong average take-up rates also recorded for creditor insurance and ext. warranties; Captive finance entities and the leading independent providers have strengthened their position; Around four out of every five finance agreements can be described as lending-based contracts; Competitor dynamics; Finance / leasing: captives stage a fight back against independent finance providers…; … although Santander Consumer Finance continues to dominate non-captive provision; … and has also carved out a strong position for itself in international car finance markets; Santander Consumer Finance is seeking to optimise its expertise in dist. through dealers…; … and considers that the point of sale can combat successfully threat posed by direct lenders; Motor insurance: manufacturer-branded insurance is impeded by the agency status of dealers; Extended warranties: specialised brokers, such as Esegea and RSM Seguros, begin to emerge; GAP insurance: the stand-alone market in Spain has yet to develop to any significant extent; Manufacturer relationships; Finance / leasing: Santander’s influence extends to the finance of Porsche and Suzuki vehicles.; Motor insurance: major brands lacking a branded prop. include Chevrolet, Honda and Toyota; Creditor insurance: most major manufacturer brands in Spain offer branded creditor insurance; Extended warranties: Aon Gil y Carvajal’s Pluralia remains the dominant external player; GAP insurance: the waters are being tested for the introduction of further stand-alone policies; Road assistance: RACE and Europ Assistance claim the lion’s share of man. mandates; Data bank
10 UNITED KINDOM: Introduction; Passenger vehicle data; Falling sales of new cars to consumers bring about a contraction in the overall market…; … with used car sales also having diminished at an average annual rate of -0.4% since 2002; Solid sales of brands within the Ford grouping help to preserve its market leader status; Motor dealer data; The shrinkage in franchised dealership sales outlets in the UK is comparatively modest…; … as the sector continues to achieve average sales per outlet far in excess of the regional ave; Finance and leasing - market size and growth; In terms of its number of contracts, the UK’s private car finance has declined in recent years…; … a finding that is corroborated by statistics depicting the experience of the FLA’s members; In terms of its aggregate value, the market’s decline has been less precipitous…; … although the broader consumer credit sector continues to outperform motor finance; Dealer survey - top level results; Virtually all UK dealerships promote creditor insurance, ext. warranties and GAP insurance; Dealerships appear to have held their ground in the car finance market since the 2004 survey; Cross-selling rates for GAP insurance dwarf those for creditor insurance and ext. warranties; The average number of providers is boosted by the high proportion of multi-brand dealerships; Point-of-sale finance for cons. in the UK is oriented strongly towards lending-based contracts; Competitor dynamics; Finance / leasing: only 15% of dealers work exclusively with captive finance providers; A variety of non-captive finance and leasing firms provide competition to the leading trio; Motor insurance: Norwich Union is targeting the dealership channel as a non-captive provider…; … with its focus on seven-day insurance policies that can be bundled automatically by dealers; Extended warranties: a variety of non-captive schemes compete in the dealer channel…; … with Car Care Plan having rolled out several important initiatives to grow its business; GAP insurance: strong average take-up rates attract a clutch of non-captive providers; Abraxas, purchased in 2005 by Mapfre, is clearly a leader in the GAP insurance market; Manufacturer relationships; Finance / leasing: several joint ventures have been discontinued or are being wound down; Motor insurance: manufacturer-branded insurance is almost ubiquitous…; … although there have been a number of changes in underwriting rels. since mid-2006; Creditor insurance: manufacturer enthusiasm for creditor ins. schemes is highest in the UK; Extended warranties: Mondial Assistance and Car Care Plan remain the foremost suppliers; GAP insurance: in many cases, the partnerships are identical to those for creditor insurance; Road assistance: AA, Mondial Assistance and RAC still hold the major relationships; Data bank
GRAPHICS / TABLES: Dealers contacted for the research, segmented by country and manufacturer group affiliation; Manufacturer groups and brands contacted for the research; Overview of the passenger car parc in Southern and Western Europe, 2002-6; Overview of new passenger car sales in Southern and Western Europe, 2002-6; Overview of used passenger car sales in Southern and Western Europe, 2002-6; New car registrations in Southern and Western Europe segmented by manufacturer group, 2005/6; Number of franchised automotive dealership sales outlets in Southern and Western Europe, 2001-5; Average sales volume per franchised automotive dealership sales outlet in S/W. Europe, 2005; Comparison of % of dealers offering finance / leasing at the point of sale in S/W. Europe, 2007; Comparison of average number of providers used by dealers offering finance / leasing in S/W. Europe, 2007; Comp. of ave. number of provs. used by dealers offering fin. / leas. at the pos. in S/W. Europe, 2004-7 (data); Comp. of captive / non-captive op. mods. used by dealers offering fin. / leas. at the pos. in S/W. Europe, 2007; Comp. of captive / non-cap. op. mods. used by dealers off. fin. / leas. at the pos. in S/W. Europe, 2007 (data); Comp. of ave. % of new and used car purchasers contracting fin. / leas. at the pos. in S/W. Europe, 2007; Comp. of % of new and used car purchasers contracting fin. / leas. at the pos. in S/W. Europe, 2004-7 (data); % of split of auto. finance at the pos. between lending-based and leasing-based conts. in S/W. Europe, 2007; Comp. of % of manufacturers / importers with arrangements for branded fin. / leas. in S/W. Europe, 2007; Comp. of volume of passenger cars financed in S/W. Europe seg. by new / used and by dist. channel, 2006; Comp. of vol. of pass. cars financed in S/W. Europe seg. by new / used and by dist. channel, 2006 (data); Comp. of value of passenger cars financed in S/W. Europe seg. by new / used and by dist. channel, 2006; Comp. of value of pass. cars financed in S/W. Europe seg. by new / used and by distr. channel, 2006 (data); Key data points for the pass. car fin. mkt. in S/W. Europe seg. by dist. channel: vols. and values, 2002-6; Total passenger car finance market in S/W. Europe segmented by distribution channel: volumes, 2002-6; Total passenger car finance market in S/W. Europe segmented by distribution channel: values, 2002-6; New passenger car finance market in S/W. Europe segmented by distribution channel: volumes, 2002-6; New passenger car finance market in S/W. Europe segmented by distribution channel: values, 2002-6; Used passenger car finance market in S/W. Europe segmented by distribution channel: volumes, 2002-6; Used passenger car finance market in S/W. Europe segmented by distribution channel: values, 2002-6; Comparison of % of dealers offering motor insurance at the point of sale in S/W. Europe, 2007; Comparison of average number of providers used by dealers offering motor insurance in S/W. Europe, 2007; Comp. of captive / non-captive op. models used by dealers off. motor ins. at the pos. in S/W. Europe, 2007; Comp. of captive / non-capt. op. mods. used by dealers off. motor ins. at the pos. in S/W. Europe, 2007 (data); Comp. of ave. % of new and used car purchasers contracting motor ins. at the pos. in S/W. Europe, 2007; Comp. of overall % of new and used car purchasers contracting motor ins. at the pos. in S/W. Europe, 2007; Comp. of ave. and overall % of new / used car purch. acq. motor ins. at the pos. in S/W. Europe, 2007 (data); Comp. of % of manufacturers / importers with arrangements for branded motor ins. in S/W. Europe, 2007; Approximate size of the dealer-intermediated motor ins. market in Southern and Western Europe, 2006; Comp. of % of dealers offering creditor insurance at the point of sale in S/W. Europe, 2007; Comp. of ave. % of new and used car purchasers acq. creditor ins. services at the pos. in S/W. Europe, 2007; Comp. of ove. % cross-sell rates at the pos. among new / used car purch. for cred. ins. in S/W. Europe, 2007; Comp. ave. and ove. % crs.-sell rates at the pos. new / used car purch. for cred. ins. in S/W. Eu., 2007 (data); Comp. of % of manufacturers / importers with arrangements for branded creditor ins. in S/W. Europe, 2007; Approximate size of the creditor ins. market linked to passenger car finance in S/W. Europe, 2006; Comp. of % of dealers offering extended warranties at the point of sale in S/W. Europe, 2007; Comp. of ave. number of providers used by dealers offering extended warranties in S/W. Europe, 2007; Comp. of captive / non-captive op. models used by dealers offering ext. wts. at the pos. in S/W. Europe, 2007; Comp. of captive / non-capt. op. mods. used by dealers off. ext. wts. at the pos. in S/W. Europe, 2007 (data); Comp. of ave. % of new and used car purch. contracting ext. wts. at the pos. in S/W. Europe, 2007; Comp. of overall % of new and used car purchasers contracting ext. wts. at the pos. in S/W. Europe, 2007; Comp. of ave. / overall % of new and used car purch. acq. ext. wts. at the pos. in S/W. Europe, 2007 (data); Comp. of % of manufacturers / imps. with arrangements for branded ext. warranties in S/W. Europe, 2007; Approximate size of the market for extended warranties for new and used cars in S/W. Europe, 2006; Comp. of % of dealers offering GAP insurance at the point of sale in S/W. Europe, 2007; Comp. of ave. number of providers used by dealers offering GAP ins. in S/W. Europe, 2007; Comp. of captive / non-captive op. mods. used by dealers offering GAP ins. at the pos. in S/W. Europe, 2007; Comp. of captive / non-captive op. mods. used by dealers off. GAP ins. at the pos. in S/W. Eu., 2007 (data); Comp. of ave. % of new and used car purchasers contracting GAP ins. at the pos. in S/W. Europe, 2007; Comp. of overall % of new and used car purchasers contract. GAP ins. at the pos. in S/W. Europe, 2007; Comp. of ave. and ove. % of new and used car purch. contract. GAP ins. at the pos. in S/W. Europe, 2007; Comp. of % of manufacturers / importers with arrangements for branded GAP ins. in S/W. Europe, 2007; Approximate size of the market for GAP ins. for new and used cars in S/W. Europe, 2006; Comp. of % of manufacturers / imps. with arrangements for branded road assistance in S/W. Europe, 2007; Partner market shares for manufacturer-branded road assistance in Southern and Western Europe, 2007; Partner market shares for manufacturer-branded road assistance in S/W. Europe, 2007 (data); Global financial services revenues and pre-tax profits of major automotive manufacturer groups, 2005-6; Passenger car parc and new / used passenger car sales in Belgium, 2002-6; New car registrations in Belgium segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in Belgium, 2001-5; Key data points for the franchised automotive dealership distribution channel in Belgium, 2005; New / used passenger car finance market in Belgium segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in Belgium segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in Belgium, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in Belgium, 2007; Average number of various automotive financial services providers used by dealers in Belgium, 2007; % of split of automotive finance at the point of sale in Belgium between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Belgium, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Belgium, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Belgium, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Belgium, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in Belgium, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in Belgium, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in Belgium, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in Belgium, 2007; Key data points for automotive financial services in Belgium, 2002-6; Passenger car parc and new / used passenger car sales in France, 2002-6; New car registrations in France segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in France, 2001-5; Key data points for the franchised automotive dealership distribution channel in France, 2005; New / used passenger car finance market in France segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in France segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in France, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in France, 2007; Average number of various automotive financial services providers used by dealers in France, 2007; % of split of automotive finance at the point of sale in France between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in France, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in France, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in France, 2007; Pen., op. mods. and non-captive part. mkt. shares for GAP insurance mktd. by dealers in France, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in France, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in France, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in France, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in France, 2007; Pen., op. models and partner market shares for manufacturer-branded GAP insurance in France, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in France, 2007; Key data points for automotive financial services in France, 2002-6; Passenger car parc and new / used passenger car sales in Ireland, 2002-6; New car registrations in Ireland segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in Ireland, 2001-5; Key data points for the franchised automotive dealership distribution channel in Ireland, 2005; New / used passenger car finance market in Ireland segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in Ireland segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in Ireland, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in Ireland, 2007; Average number of various automotive financial services providers used by dealers in Ireland, 2007; % of split of automotive finance at the point of sale in Ireland between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Ireland, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Ireland, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Ireland, 2007; Pen., op. mods. and non-captive part. mkt. shares for GAP insurance mktd. by dealers in Ireland, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Ireland, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in Ireland, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in Ireland, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in Ireland, 2007; Pen., op. models and partner market shares for manufacturer-branded GAP insurance in Ireland, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in Ireland, 2007; Key data points for automotive financial services in Ireland, 2002-6; Passenger car parc and new / used passenger car sales in Italy, 2002-6; New car registrations in Italy segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in Italy, 2001-5; Key data points for the franchised automotive dealership distribution channel in Italy, 2005; New / used passenger car finance market in Italy segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in Italy segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in Italy, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in Italy, 2007; Average number of various automotive financial services providers used by dealers in Italy, 2007; % of split of automotive finance at the point of sale in Italy between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Italy, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Italy, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Italy, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Italy, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in Italy, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in Italy, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in Italy, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in Italy, 2007; Key data points for automotive financial services in Italy, 2002-6; Passenger car parc and new / used passenger car sales in the Netherlands, 2002-6; New car registrations in the Netherlands segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in the Netherlands, 2001-5; Key data points for the franchised automotive dealership distribution channel in the Netherlands, 2005; New / used passenger car finance market in the Netherlands segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in the Netherlands segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in the Netherlands, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in the N’lands, 2007; Average number of various automotive financial services providers used by dealers in the N’lands, 2007; % of split of automotive finance at the point of sale in N’lands between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in N’lands, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in N’lands, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in N’lands, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in N’lands, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in N’lands, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in the N’lands, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in N’lands, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in N’lands, 2007; Key data points for automotive financial services in the Netherlands, 2002-6; Passenger car parc and new / used passenger car sales in Portugal, 2002-6; New car registrations in Portugal segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in Portugal, 2001-5; Key data points for the franchised automotive dealership distribution channel in Portugal, 2005; New / used passenger car finance market in Portugal segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in Portugal segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in Portugal, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in Portugal, 2007; Average number of various automotive financial services providers used by dealers in Portugal, 2007; % of split of automotive finance at the point of sale in Portugal between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Portugal, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Portugal, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Portugal, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Portugal, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in Portugal, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in Portugal, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in Portugal, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in Portugal, 2007; Key data points for automotive financial services in Portugal, 2002-6; Passenger car parc and new / used passenger car sales in Spain, 2002-6; New car registrations in Spain segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in Spain, 2001-5; Key data points for the franchised automotive dealership distribution channel in Spain, 2005; New / used passenger car finance market in Spain segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in Spain segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in Spain, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in Spain, 2007; Average number of various automotive financial services providers used by dealers in Spain, 2007; % of split of automotive finance at the point of sale in Spain between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Spain, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Spain, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Spain, 2007; Pen., op. mods. and non-captive part. mkt. shares for GAP insurance mktd. by dealers in Spain, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Spain, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in Spain, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in Spain, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in Spain, 2007; Pen., op. models and partner market shares for manufacturer-branded GAP insurance in Spain, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in Spain, 2007; Key data points for automotive financial services in Spain, 2002-6; Passenger car parc and new / used passenger car sales in the UK, 2002-6; New car registrations in the UK segmented by manufacturer group, 2006; Number of franchised automotive dealership sales outlets in the UK, 2001-5; Key data points for the franchised automotive dealership distribution channel in the UK, 2005; New / used passenger car finance market in the UK segmented by dist. channel: volumes, 2002-6; New / used passenger car finance market in the UK segmented by dist. channel: values, 2002-6; % of dealers offering various automotive financial services in the UK, 2007; % of new and used car purchasers contracting auto. fin. services at the point of sale in the UK, 2007; Average number of various automotive financial services providers used by dealers in the UK, 2007; % of split of automotive finance at the point of sale in the UK between lending and leasing contracts, 2007; Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in the UK, 2007; Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in the UK, 2007; Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in the UK, 2007; Pen., op. mods. and non-captive part. mkt. shares for GAP insurance mktd. by dealers in the UK, 2007; Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in the UK, 2007; Pen., op. models and partner market shares for man.-branded motor insurance in the UK, 2007; Pen., op. models and direct partner market shares for man.-branded creditor ins. in the UK, 2007; Pen., op. models and partner market shares for man.-branded extd. warranties in the UK, 2007; Pen., op. models and partner market shares for manufacturer-branded GAP insurance in the UK, 2007; Pen., op. models and partner market shares for manufacturer-branded road assistance in the UK, 2007; Key data points for automotive financial services in the UK, 2002-6

Abstract

Finaccord’s report titled Automotive Financial Services in Southern and Western Europe is an updated and expanded research report investigating the market for automotive financial services, defined in broad terms, linked to sales of new and used passenger cars in Southern and Western Europe. In addition to analysing the €145.7 billion market for finance and leasing services, the study also offers detailed coverage of ancillary automotive financial services markets including motor insurance, creditor insurance, extended warranties, GAP / shortfall protection insurance and road assistance. In the light of the increasing maturity of finance and leasing markets, the revenues generated from high margin ancillary products are crucial to enhancing the profits of a variety of market participants including dealers, manufacturers and independent finance providers. The report draws on the results of a survey of 500 leading car dealerships in eight countries in Southern and Western Europe - Belgium, France, Ireland, Italy, the Netherlands, Portugal, Spain and the UK - as well as an analysis of the approach to automotive financial services of 20 leading manufacturer groups, representing up to 37 automotive brands, in the same countries. The PartnerBASE™ database that accompanies the report details each of the marketing initiatives for automotive financial services traced by Finaccord for both dealer groups and manufacturers. Together, the report and database will provide you with the definitive guide to current and future opportunities in automotive financial services in Southern and Western Europe. Key features of this report include: coverage of the six distinct sectors within automotive financial services, namely finance / leasing, motor insurance, creditor insurance, extended warranties, GAP / shortfall protection insurance and road assistance; provision of hitherto unpublished market size and segmentation data for these markets generated from Finaccord’s proprietary European Automotive Financial Services Model; clear analysis of the market for finance and leasing services related to new and used car sales by distribution channel, differentiating between the point of sale and direct lenders; presentation of unique data from the survey of dealerships illustrating average customer take-up rates for automotive financial services at the point of sale in each country; identification of the partners used for automotive financial services by both dealerships and manufacturers with contextual commentary concerning key players such as ARC Europe, Car Garantie, Cardif, Covéa Fleet, Santander Consumer Finance and Zurich.

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Automotive Financial Services in Southern and Western Europe

Table of Contents

Abstract