Consumer Automotive Financial Services in Canada

Consumer Automotive Financial Services in Canada investigates the market for automotive financial services linked to sales of new and used passenger cars to individual buyers in Canada. In addition to analysing the market for finance and leasing services, the study also covers creditor insurance, motor (auto) insurance, GAP insurance, road assistance, extended warranties (vehicle service contracts) and prepaid maintenance contracts, plus three niche protection products, namely excess wear and tear, scratch and dent, and tire and rim.

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 Canada is provided in terms of gross advances and assets leased for 2013 to 2017 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, GAP insurance, road assistance, extended warranties, prepaid maintenance contracts and the three niche protection products mentioned above are sized in terms of gross written premiums and other revenues sold through the automotive trade (i.e. via dealers and manufacturers) in 2017. These markets, estimated to be worth over CAD 2.8 billion in total in 2017, are broken down between new and used cars, and between new contracts sold during 2017 and in-force business sold in previous years but still being renewed in 2017.

The report draws on a survey of 75 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of 33 car manufacturer brands in Canada. 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.

In addition to captive finance companies owned by manufacturer brands, organisations covered by the report include Allstate, BMO, Carfinco, Club Auto Roadside Services, Co-operators Life, Desjardins, First Canadian, General Bank of Canada, iA-SAL, LGM, Lubrico, RBC, Safe-Guard, Scotiabank, SSQ, Sykes Assistance Services, Sym-Tech, TD Canada Trust, Tricor and Walkaway. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in Canada.

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].

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