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Consumer Automotive Financial Services in Luxembourg

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Published Date: Oct, 2013
Format: PDF + Excel database
No of Pages: 59

 
 
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  • Abstract
  • Table of Contents

Consumer Automotive Financial Services in Luxembourg investigates the market for automotive financial services linked to sales of new and used passenger cars to individual buyers in Luxembourg. In addition to analysing the market for finance and leasing services, the study also covers creditor insurance, motor insurance, road assistance, extended warranties, GAP insurance and prepaid service contracts.

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 Luxembourg is provided in terms of gross advances and assets leased for 2008 to 2012 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, GAP insurance and prepaid service contracts are sized in terms of gross written premiums and other revenues sold through the automotive trade (i.e. via dealers and manufacturers) in 2012. These markets, estimated to be worth EUR 21.4 million in total in 2012, are broken down between new and used cars, and between new contracts sold during 2012 and in-force business sold in previous years but still being renewed in 2012.

The report draws on a survey of 35 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of 34 car manufacturer brands in Luxembourg. The PartnerBASE™ dataset that accompanies the report details each of the marketing initiatives for consumer automotive financial services traced by Finaccord for both dealers and manufacturers; a market data annexe is also available in a convenient spreadsheet format so that there is no need to re-enter key data points from the report.

In addition to captive finance companies owned by manufacturer brands, organisations covered by the report include AlphaCredit, Automobile Club du Luxembourg, Autosdiffusion M. Losch Service Leasing, Banque Internationale à Luxembourg, BGL BNP Paribas, Buy Way Personal Finance, CarGarantie, IMA Benelux, La Luxembourgeoise and Record Bank. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in Luxembourg. 

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables

0.0 EXECUTIVE SUMMARY

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

This report offers a ground-breaking analysis of the subject in Luxembourg based on primary research

Methodology

Survey of dealers and manufacturers

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

Operating models

Tied and non-tied providers

Abbreviations

PartnerBASE and market data annexe

Finaccord

2.0 MARKET ANALYSIS

Introduction

Passenger vehicle data

There was a fall in the volume of sales of both new and used cars between 2008 and 2012

German and French manufacturer groups share over 70% of new car registrations between them

Consumer automotive finance and leasing market

Market size and growth

The volume of cars financed fell in 2012 as a result of the sharp decline in used car sales...

...although the contraction was less pronounced when measured by value

Types of finance and leasing product

Nearly three quarters of private car finance takes the form of simple loans with no option to return the car

Consumer automotive insurance, warranty and assistance markets

Market sizes

In total, the automotive trade is likely to have sold policies worth over EUR 20 million in 2012

Survey of automotive dealers and manufacturer brands - overview

Introduction

Provision of consumer automotive financial services

Finance and leasing, extended warranties and road assistance are the core services offered by dealers...

... with interest in selling motor insurance limited by local regulations

Number and nature of dealer schemes

On average, dealers are slightly more likely to used tied partners for finance and leasing

Types of creditor insurance policy sold by dealers

The majority of dealers offer creditor insurance policies giving comprehensive protection

Types of motor insurance policy sold by dealers

Not all dealers selling motor insurance policies offer comprehensive cover

Sources of road assistance distributed by dealers

Road assistance is sometimes available from sources other than manufacturers' factory warranties

Consumer uptake of automotive financial services through dealers

Take-up rates for point-of-sale finance are very similar for new and used car sales...

...but car buyers from outside Luxembourg cannot take out certain automotive financial services

Survey of automotive dealers and manufacturer brands - partnerships

Introduction

Finance and leasing

AlphaCredit claims the largest share of partnerships as a non-tied provider...

... in a sector in which seven non-tied competitors are visible in total

The same company is also the leading non-captive partner for manufacturer brands

...although captive providers account for 70% of the weighted share of partnerships

Across all types of provider, the leading firm has an implied market share of new business of 31.0%

Creditor insurance

Only two providers enjoy direct ties with manufacturer brands

Motor insurance

Comparatively few dealers intermediate motor insurance

La Luxembourgeoise is the leading partner among manufacturer brands

Extended warranties

CarGarantie is the external non-tied provider that is most frequently used among dealers...

...while Allianz takes the lead among manufacturers' partners thanks to its relationship with the VW group

A combined analysis assigns an implied 24.6% market share to the leading competitor

Road assistance

Tied schemes dominate the provision of road assistance

Automobile Club du Luxembourg is the dominant local assistance provider....

...although not all manufacturer brands use it for their own assistance programs

GAP insurance

A small proportion of dealers offer finance GAP policies...

... with penetration also limited among manufacturer brands

Prepaid service contracts

Arval and Axus offer prepaid service contracts through dealers...

...albeit the majority of manufacturer brands have configured their own products in this sphere

LIST OF GRAPHICS / TABLES

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY

Key market data for consumer automotive financial services in Luxembourg, 2012

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Passenger car parc and new / used passenger car sales in Luxembourg, 2008 to 2012

Passenger car parc and new / used passenger car sales in Luxembourg, 2008 to 2012 (data)

New car registrations in Luxembourg, segmented by manufacturer group, 2012

New and used passenger car finance market in Luxembourg, segmented by distribution channel: volumes, 2008 to 2012

New and used passenger car finance market in Luxembourg, segmented by distribution channel: values, 2008 to 2012

New and used passenger car finance market in Luxembourg, segmented by distribution channel: values and volumes, 2008 to 2012 (data)

% split between the different types of finance and leasing contract organised at the point of sale in Luxembourg, 2012

Total revenues from consumer automotive insurance, warranty, assistance and service contract markets in Luxembourg, 2012

Total revenues from consumer automotive insurance, warranty, assistance and service contract markets in Luxembourg, 2012 (data)

Comparison of the provision of each type of automotive financial service by dealers and manufacturer brands in Luxembourg, 2013

Average number of tied and non-tied schemes organised by dealers for each type of automotive financial service in Luxembourg, 2013

Average number of tied and non-tied schemes organised by dealers for each type of automotive financial service in Luxembourg, 2013 (data)

% split between the different types of creditor insurance policy sold at the point of sale in Luxembourg, 2013

% split between the different types of motor insurance policy sold at the point of sale in Luxembourg, 2013

% availability of road assistance through factory warranties, extended warranties, motor insurance, prepaid service contracts and as a stand-alone product in Luxembourg, 2013

% of new and used car purchasers acquiring each type of automotive financial service at the point of sale in Luxembourg, 2013

Provision of finance and leasing by dealers in Luxembourg, 2013: provision rate, product sources and provider share of non-tied partnerships

Provision of finance and leasing by manufacturer brands in Luxembourg, 2013: provision rate, operating models and weighted provider share of partnerships

Implied market shares of new business for finance and leasing in Luxembourg, 2013

Provision of creditor insurance by manufacturer brands in Luxembourg, 2013: provision rate, operating models and weighted provider share of partnerships

Provision of motor insurance by dealers in Luxembourg, 2013: provision rate and product sources

Provision of motor insurance by manufacturer brands in Luxembourg, 2013: provision rate, operating models and weighted provider share of partnerships

Provision of extended warranties by dealers in Luxembourg, 2013: provision rate, product sources and provider share of non-tied partnerships

Provision of extended warranties by manufacturer brands in Luxembourg, 2013: provision rate, operating models and weighted provider share of partnerships

Implied market shares of new business for extended warranties in Luxembourg, 2013

Provision of road assistance by dealers in Luxembourg, 2013: provision rate and product sources

Provision of road assistance by manufacturer brands in Luxembourg, 2013: provision rate, operating models and weighted provider share of partnerships

Provision of GAP insurance by dealers in Luxembourg, 2013: provision rate and operating models

Provision of GAP insurance by manufacturer brands in Luxembourg, 2013: provision rate and operating models

Provision of prepaid service contracts by dealers in Luxembourg, 2013: provision rate, operating models and provider share of non-tied partnerships

Provision of prepaid service contracts by manufacturer brands in Luxembourg, 2013: provision rate, operating models and weighted provider share of partnerships  

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