Consumer Automotive Financial Services in Norway
investigates the market for automotive financial services linked to sales of new and used passenger cars to individual buyers in Norway. In addition to analysing the market for finance and leasing services, the study also covers creditor insurance, motor insurance, road assistance, extended warranties 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 Norway is provided in terms of gross advances and assets leased for 2014 to 2018 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 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 2018. These markets, estimated to be worth NOK 6.12 billion in total in 2018, are broken down between new and used cars, and between new contracts sold during 2018 and in-force business sold in previous years but still being renewed in 2018.
Further metrics drawn from the same survey concern the credit quality of applicants for point-of-sale finance, the availability of digital applications and the average time taken for finance contract approvals / rejections plus a segmentation of the types of motor insurance offered between drive-away / temporary, telematics and pay-on-demand cover.
The report draws on a survey of 45 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of 33 car manufacturer brands in Norway. 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 AS Financiering, AS Norsk Bilgaranti, AutoConcept, DNB, Enter Forsikring, Falck, Gjensidige, If Skadeforsikring, Nordea, Santander Consumer Bank and Viking. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in Norway.
For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links to the left-hand side of this page, or e-mail [email protected]