Naperville, IL -- (SBWIRE) -- 12/24/2012 -- 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 insurance, road assistance, extended warranties, prepaid service contracts, plus four niche protection products, namely excess wear and tear, GAP, 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 2008 to 2012 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 the four 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 2012. These markets, estimated to be worth USD 1.44 billion (about CAD 1.41 billion) in total in 2012, are broken down between new and used cars, and between new contracts sold during 2012 and in-force business sold in previous years but still being renewed in 2012.
The report draws on a survey of 60 leading car dealerships as well as an analysis of the approach to consumer automotive financial services of 33 car manufacturer brands in Canada.
In addition to captive finance companies owned by manufacturer brands, organisations covered by the report include BMO Financial Group, First Canadian, Groupe PPP, Industrial Alliance, LGM, Motors Insurance Corporation, Royal Bank of Canada, Scotiabank, SSQ Financial Group, Sykes Assistance Services, Sym-Tech and TD Canada Trust. Together, the report and database will provide you with the definitive guide to current and future opportunities in consumer automotive financial services in Canada.
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