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Consumer Automotive Financial Services in Peru

  • March 2015
  • -
  • Finaccord
  • -
  • 43 pages

Consumer Automotive Financial Services in Peru investigates the market for automotive financial services linked to sales of new and used passenger cars to individual buyers in Peru. In addition to analysing the market for finance and leasing services, the study also covers motor insurance, road assistance, extended warranties and creditor insurance plus 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 Peru is provided in terms of gross advances and assets leased for 2010 to 2014 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.

Table Of Contents

Consumer Automotive Financial Services in Peru
Table of Contents

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 new and detailed analysis of the subject in Peru 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

Exchange rate

PartnerBASE and market data annexe

Finaccord

2.0 MARKET ANALYSIS

Introduction

Passenger vehicle data

Sales of new cars have outpaced used car sales in recent years

Two groups dominate the Peruvian market by new car registrations

Consumer automotive finance and leasing market

Market size and growth

By volume, point-of-sale finance for new cars and direct finance for used cars are the largest segments...

... with the former accounting for the majority of the total market by value

Types of finance and leasing product

The point-of-sale finance market in Peru is dominated by simple loans

Consumer automotive insurance, warranty and assistance markets

Market sizes

In total, the automotive trade is likely to have sold contracts worth over PEN 400 million in 2014

Survey of automotive dealers and manufacturer brands - overview

Introduction

Provision of consumer automotive financial services

Both dealers and manufacturer brands focus on four types of automotive financial service

Number and nature of dealer schemes

For finance and leasing, dealers are slightly more likely to use tied providers than non-tied ones

Types of creditor insurance policy sold by dealers

Creditor insurance sold with cars always covers one or both of temporary incapacity and unemployment

Types of motor insurance policy sold by dealers

Motor insurance policies sold at the point of sale are invariably comprehensive

Sources of road assistance distributed by dealers

Road assistance is commonly packaged with motor insurance in Peru

Consumer uptake of automotive financial services through dealers

More than half of new car buyers take out finance and leasing at the point of sale

Survey of automotive dealers and manufacturer brands - partnerships

Introduction

Finance and leasing

At least nine providers of finance and leasing work directly with dealers...

… led by BCP, Santander and Scotiabank

Among manufacturer brands, Mitsui Auto Finance holds the highest weighted share of partnerships…

… followed by BBVA Continental

Hyundai's partner Amicar operates as a broker

Three providers are likely to control over a half of Peru's point-of-sale finance market

Creditor insurance

Where finance contracts are available from manufacturer brands, creditor insurance is also present

Motor insurance

A majority of Peruvian dealers use tied partners for motor insurance

Manufacturer brands commonly work with multiple providers of motor insurance...

... among which La Positiva and Pacífico are most visible in the weighted analysis

Three underwriters are likely to account for over three quarters of new point-of-sale business

Road assistance

When sourced from non-tied providers, road assistance is always embedded in motor insurance

Manufacturer-branded road assistance is organised internally by the brands or their importers

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for consumer automotive financial services in Peru, 2014

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Passenger car parc and new / used passenger car sales in Peru, 2010 to 2014

Passenger car parc and new / used passenger car sales in Peru, 2010 to 2014 (table)

New car registrations in Peru, segmented by manufacturer group, 2013

New and used passenger car finance market in Peru, segmented by distribution channel: volumes, 2010 to 2014

New and used passenger car finance market in Peru, segmented by distribution channel: values, 2010 to 2014

New and used passenger car finance market in Peru, segmented by distribution channel: values and volumes, 2010 to 2014 (table)

% split between the different types of finance and leasing contract organised at the point of sale in Peru, 2014

Total revenues from consumer automotive insurance, warranty, assistance and service contract markets in Peru, 2014

Total revenues from consumer automotive insurance, warranty, assistance and service contracts in Peru, 2014 (table)

Comparison of the provision of each type of automotive financial service by dealers and manufacturer brands in Peru, 2014

Average number of tied and non-tied schemes organised by dealers for each type of automotive financial service in Peru, 2014 (table)

Average number of tied and non-tied schemes organised by dealers for each type of automotive financial service in Peru, 2014

% split between the different types of creditor insurance policy sold at the point of sale in Peru, 2014

% split between the different types of motor insurance policy sold at the point of sale in Peru, 2014

% availability of road assistance through factory warranties, annual services, extended warranties, motor insurance, prepaid service contracts and as a stand-alone product in Peru, 2014

% of new and used car purchasers acquiring each type of automotive financial service at the point of sale in Peru, 2014

Provision of finance and leasing by dealers in Peru, 2014: provision rate, product sources and provider share of non-tied partnerships

Provision of finance and leasing by manufacturer brands in Peru, 2014: provision rate, operating models and weighted provider share of partnerships

Implied market shares of new business for finance and leasing at the point of sale in Peru, 2014

Provision of creditor insurance by manufacturer brands in Peru, 2014: provision rate, operating models and weighted provider share of partnerships

Provision of motor insurance by dealers in Peru, 2014: provision rate, product sources and provider share of non-tied partnerships

Provision of motor insurance by manufacturer brands in Peru, 2014: provision rate, operating models and weighted provider share of partnerships

Implied market shares of new business for manufacturer-branded and dealer-intermediated motor insurance in Peru, 2014

Provision of road assistance by dealers in Peru, 2014: provision rate and product sources

Provision of road assistance by manufacturer brands in Peru, 2014: provision rate, operating models and weighted provider share of partnerships

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