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Consumer Automotive Financial Services in Poland

  • March 2016
  • -
  • Finaccord
  • -
  • 54 pages

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

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 Poland 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, prepaid service contracts and GAP insurance 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 PLN 2.65 billion in total in 2015 (about EUR 615 million), 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 55 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of 36 car manufacturer brands in Poland. 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 Allianz, AutoProtect, ERGO Hestia, Europ Assistance, Genworth Financial, Getin Bank, MetLife Amplico, PZU, Raiffeisen Bank, Santander Consumer Bank, Starter24 and WAGAS. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in Poland.

Table Of Contents

Consumer Automotive Financial Services in Poland
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
The focus of the report is on financial services related to the sale of passenger cars to individuals 3
Rationale 3
The provision of financial services is essential to support both car sales and profitability 3
This report offers a detailed updated analysis of the subject in Poland based on primary research 3
Methodology 3
Survey of dealers and manufacturers 3
Market data 4
Computation of market data is based on a complex set of assumptions and variables… 4
…in order to provide market segmentations in unrivalled detail 5
External sources 6
Definitions 6
Finance and leasing products 6
Insurance, warranty and assistance products 7
Operating models 7
Tied and non-tied providers 8
Abbreviations 8
Exchange rate 8
PartnerBASE and market data annexe 8
Finaccord 9
20 MARKET ANALYSIS 10
Introduction 10
Passenger vehicle data 11
New car sales have been rising overall but to commercial and fleet buyers rather than to individuals… 11
… whose main focus is on used cars, including imports 11
VW, Renault Nissan and Toyota share over a half of the new car market between them 12
Consumer automotive finance and leasing market 13
Market size and growth 13
Point-of-sale car finance in Poland diminished between 2011 and 2015… 13
… with direct finance expanding rapidly, especially for used cars 14
Types of finance and leasing product 16
More than 60% of point-of-sale private car finance takes the form of financial leasing… 16
… with simple loans the next most popular choice for finance organised via dealers 16
Consumer automotive insurance, warranty and assistance markets 17
Market sizes 17
In total, the automotive trade is likely to have sold contracts worth more than PLN 25 billion in 2015 17
Survey of automotive dealers and manufacturer brands - overview 20
Introduction 20
Provision of consumer automotive financial services 20
All or the vast majority of dealerships intermediate all six of the product categories investigated 20
with dealer enthusiasm for prepaid service contracts having increased markedly 20
Number and nature of dealer schemes 22
Polish dealers work with non-tied providers for all six of the product types investigated… 22
… with an increasing number used for finance and leasing, in particular 22
Types of creditor insurance policy sold by dealers 24
The vast majority of dealers offer creditor insurance policies that encompass comprehensive protection 24
Types of motor insurance policy sold by dealers 25
Comprehensive motor insurance is on offer from all car dealers surveyed in Poland 25
Sources of road assistance distributed by dealers 26
Road assistance is most commonly packaged with manufacturer factory warranties and motor insurance 26
Consumer uptake of automotive financial services through dealers 27
Take-up rates for point-of-sale finance in Poland have fallen quite sharply in recent years… 27
albeit most new car buyers continue to acquire motor insurance through dealerships 27
Survey of automotive dealers and manufacturer brands - partnerships 29
Introduction 29
Finance and leasing 30
Santander Consumer Bank, Getin Bank and Raiffeisen Bank are the foremost non-tied competitors… 30
and other players include both banks and leasing firms 30
Three brands make use of both a captive finance arm plus a non-captive partner… 32
as a consequence of the need for different partners for lending and leasing 32
RCI Banque's business in Poland has expanded quite rapidly in recent years 32
In the combined analysis, Volkswagen Bank emerges as the likely market leader 34
Creditor insurance 35
Cardif is the most prominent partner to brands in this sphere by weighted share of partnerships 35
in a sector in which another five providers also hold relationships 35
Motor insurance 37
Most Polish dealerships intermediate both tied and non-tied motor insurance policies 37
Through a combination of exclusive and shared partnerships, Allianz is the dominant provider… 39
… although it is followed closely by PZU in the combined analysis 41
Extended warranties 42
There are at least six non-tied providers of extended warranties serving Polish dealers… 42
and a few of these also benefit from partnership with manufacturer brands… 44
most notably the duo of WAGAS and Hiscox 44
A combined analysis assigns an implied 21% market share to the leading provider 46
Road assistance 47
Road assistance is available from the vast majority of dealers in one form or another 47
Starter24 claims the highest weighted share of partnerships with manufacturer brands 47
GAP insurance 49
WAGAS is comfortably the leading player among non-tied providers of GAP insurance 49
The vast majority of manufacturer brands have an arrangement for selling GAP insurance 51
with Cardif and Genworth LPI most prominent by weighted share of partnerships 51
albeit with several other providers also visible in this sphere 51
Prepaid service contracts 53
Manufacturer or importer tied propositions are almost entirely dominant in this arena 53
… with all products apparently managed on an internal basis 53

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for consumer automotive financial services in Poland, 2015 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 10
Passenger car parc and new / used passenger car sales in Poland, 2011 to 2015 11
Passenger car parc and new / used passenger car sales in Poland, 2011 to 2015 (table) 12
New passenger car registrations in Poland, segmented by manufacturer group, 2015 12
New and used passenger car finance market in Poland, segmented by distribution channel: volumes, 2011 to 2015 13
New and used passenger car finance market in Poland, segmented by distribution channel: values, 2011 to 2015 14
New and used passenger car finance market in Poland, segmented by distribution channel: values and volumes, 2011 to 2015 (table) 15
% split between the different types of finance and leasing contract organised at the point of sale in Poland, 2015 16
Total revenues from consumer automotive insurance, warranty, assistance and service contract markets in Poland, 2015 18
Total revenues from consumer automotive insurance, warranty assistance and service contracts in Poland, 2015 (table) 19
Comparison of the provision of each type of automotive financial service by dealers and manufacturer brands in Poland, 2015 21
Average number of tied and non-tied schemes organised by dealers for each type of automotive financial service in Poland, 2015 (table) 22
Average number of tied and non-tied schemes organised by dealers for each type of automotive financial service in Poland, 2015 23
% split between the different types of creditor insurance policy sold at the point of sale in Poland, 2015 24
% split between the different types of motor insurance policy sold at the point of sale in Poland, 2015 25
% availability of road assistance through factory warranties, annual service, extended warranties, motor insurance, prepaid service contracts and as a stand-alone product in Poland, 2015 26
% of new and used car purchasers acquiring each type of automotive financial service at the point of sale in Poland, 2015 28
Provision of finance and leasing by dealers in Poland, 2015: provision rate, product sources and provider share of non-tied partnerships 31
Provision of finance and leasing by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 33
Implied market shares of new business for finance and leasing at the point of sale in Poland, 2015 34
Provision of creditor insurance by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 36
Provision of motor insurance by dealers in Poland, 2015: provision rate, product sources and provider share of non-tied partnerships 38
Provision of motor insurance by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 40
Provision of extended warranties by dealers in Poland, 2015: provision rate, product sources and provider share of non-tied partnerships 43
Provision of extended warranties by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 45
Implied market shares of new business for extended warranties at the point of sale in Poland, 2015 46
Provision of road assistance by dealers in Poland, 2015: provision rate and product sources 47
Provision of road assistance by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 48
Provision of GAP insurance by dealers in Poland, 2015: provision rate, product sources and provider share of non-tied partnerships 50
Provision of GAP insurance by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 52
Provision of prepaid service contracts by dealers in Poland, 2015: provision rate and product sources 53
Provision of prepaid service contracts by manufacturer brands in Poland, 2015: provision rate, operating models and weighted provider share of partnerships 54

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