Auto Leasing, Loans & Sales Financing in Ohio
The Auto Leasing, Loans and Sales Financing industry in Ohio provides financing to businesses and consumers to purchase a variety of goods. Demand for financing provided by industry operators varies from state to state based on the long-term financial stability of consumers in each state. As disposable income levels in Ohio rise, consumers in the state feel more secure making the large financial commitment that is involved in purchasing a car or home. Furthermore, interest rates nationwide remained below their historic average over the five years to 2018. As a result of increased demand for industry services, profit margins expanded. Growing profitability also enticed new entrants to enter the market. Over the next five years, the industry is expected to grow at a slightly slower pace compared with the prior period. Over the five years to 2023, the Federal Reserve is expected to continue its gradual process of interest rate normalization. As interest rates rise, financing purchases will become increasingly more expensive for consumers and businesses in Ohio and nationwide.
This industry includes establishments that provide sales financing or sales financing in combination with leasing. Sales financing establishments are primarily engaged in lending money for the purpose of providing collateralized goods through a contractual-installment sales agreement, either directly from or through arrangements with dealers. Industry participants generate revenue through the interest and fees that are included in the installment payments of borrowers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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