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 2011 to 2015 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 2015. These markets, estimated to be worth NOK 4.83 billion in total in 2015, are broken down between new and used cars, and between new contracts sold during 2015 and in-force business sold in previous years but still being renewed in 2015.
The report draws on a survey of 40 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of 29 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 AutoConcept, Car Protect, DNB, Falck, Gjensidige, If Skadeforsikring, Santander Consumer Bank, Tennant Forsikring, Tryg Forsikring 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.
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Finaccord is a market research, publishing and consulting company specialising in insurance and other financial services. Finaccord is part of Aon Global Operations, Singapore Branch.