AUTOMOTIVE FINANCE INSIGHT

Transcription

1 AUTOMOTIVE FINANCE INSIGHT The Distinctive Journeys of Men and Women 5th Edition - Australia 2016

2 VEHICLE VALUE 02 By Purchased New $7,500 $10,000 0% 0% By Purchased Used $7,500 $10,000 6% 13% $10,001 $20,000 8% 15% $10,001 $20,000 27% 44% $20,001 $30,000 18% 30% Male Female $20,001 $30,000 23% 24% $30,001 $50,000 33% 44% $30,001 $50,000 15% 27% $50,001 $70,000 19% 15% $50,001 $70,000 10% 3% >$70k 11% 7% >$70k 7% 1% Male Female Mean $45,106 $37,963 Median $35,000 $35,000 Men generally pay more for vehicles than woman (new and used) Male Female Mean $33,239 $21,776 Median $25,000 $17,500 Base: All respondents who financed their vehicle 2013 n=815; 2015 n=810; 2016 n=797 A2. Approximately how much did you pay for the vehicle?

3 CUSTOMER JOURNEY: TIMELINE 03 How Long Prior To Vehicle Purchase Did You Conduct The Following Activities? Weeks Before Purchase Mean Median Male Female Male Female Developing a shopping list of vehicle brands/models Considering / culling the shortlist Considering the need for finance Considering finance lenders Test driving selected vehicles Making final choice of finance lender Making final choice of vehicle Woman develop their shopping list of vehicle brands/models earlier than men. They also tend to look into finance options earlier than their male counterparts. Base: All respondents who financed their vehicle 2011 n=802; 2013 n=815; 2015 n=810 D5. How long prior to purchasing your vehicle did you conduct the following activities? Note: Results are not significantly different from previous years

4 4% 2% 5% 5% 7% 9% 17% 14% 32% 31% 33% 41% CUSTOMER JOURNEY: TIMELINE 04 At What Stage Did You Start Considering Finance? Before you started looking for a vehicle At the same time as you started looking for a vehicle Prior to test driving vehicles Once you had started test driving vehicles Once you had chosen the vehicle you wanted to buy When you were introduced to a finance specialist at dealership Females are more likely to look into finance options before test driving than men Base: All respondents; Financed: 2013 n=815, 2015 n=810; 2016 n=797

5 CUSTOMER JOURNEY: TIME SPENT RESEARCHING ONLINE 05 Spent Online RESEARCHING VEHICLES Before Purchasing Vehicle 17% 26% 12% 13% 22% 19% 16% 13% 15% 7% 7% 7% 11% 15% <3 3-<6 6-<9 9-<12 12-<24 24-< Male Female Male Female Mean Median 8 5 Men tend to spend more time researching vehicles and finance online than woman. Almost a quarter of females indicated not spending anytime researching finance online Base: All respondents who financed their vehicle 2016 n=797

6 CUSTOMER JOURNEY: TIME SPENT RESEARCHING ONLINE 06 Spent Online RESEARCHING FINANCE Before Purchasing Vehicle 14% 23% 8% 9% 22% 18% 19% 16% 21% 21% 3% 3% 5% 3% 5% 3% 3% 4% None <1 1-<2 2-<3 3-<6 6-<9 9-<12 12-< Male Female Male Female Mean Median Men tend to spend more time researching vehicles and finance online than woman. Almost a quarter of females indicated not spending anytime researching finance online D7. In total, how long do you spend researching vehicles online before purchasing your vehicle?

7 CUSTOMER JOURNEY: INFORMATION SOURCES 07 Information Sources Used When Searching For Vehicles 81% 77% Male 53% 63% Female 39% 33% Net: Online via websites Net: Recommendation Net: Other media When searching for a vehicle, men are more likely to look for information online while woman are more likely to rely on recommendations from dealership sales staff or friends and family - Not asked in previous years; * automotive magazines prior to 2016 was previously auto magazine articles and auto magazine advertising.

8 CUSTOMER JOURNEY: DEALERSHIP VISITS 08 Male Female Number Of Dealerships Visited While Vehicle Shopping Number Of Visits To Dealership Where Car Was Purchased Spent At Dealership Where Vehicle Was Purchased Average visits Average visits Average hours* Men visit dealership slightly more often both before and after they settle on a vehicle *Trimmed average = central 90% of responses (top and bottom 5% removed)

9 MONTHLY HOUSEHOLD VEHICLE(S) FINANCE COSTS 09 Monthly Vehicle Finance Costs Across All Financed Vehicles In The Household 25% 34% 22% 21% 16% 16% 14% 17% 12% 7% 5% 3% 6% 4% Upto $250 $251-$500 $501-$750 $751-$1000 $1001-$1500 $1501-$2000 >$2000 Average Monthly Finance Cost (Across All Vehicles In Household) M: $696 F: $579 *Trimmed average = central 90% of responses (top and bottom 5% removed) **Caution: small base size (n<30)

10 RESPONSE TO FINANCE ADVERTISING 10 Recalled Having Seen Finance Offers 66% Male 59% 57% 55% 55% 50% 58% 41% Female Over the last five years, there has been a steady decline in penetration of finance advertising particularly amongst woman Base: All respondents; Financed: 2011 n=802; 2013 n=815; 2015 n=810; 2016 n=797 F3. Before you made the decision on which lender to choose, do you remember seeing any offers or advertising for finance?

11 RESPONSE TO FINANCE ADVERTISING 11 Content Of Finance Offers Recalled 50% 44% 37% Male Female 34% 16% 19% 10% 15% 10% 6% Special low interest rate offer Pre-approved finance Repayment free period no repayments until December 2017 Debt Consolidation offer Automatic approval to a certain value of vehicle Men are more likely to recall ad content about low interest rate offers while woman recall debt consolidation offers more than men. Base: All respondents who saw finance advertising 2013 n=454, 2015 n=423; 2016 n=395 F3. Before you made the decision on which lender to choose, do you remember seeing any offers or advertising for finance?

12 CURRENT LENDER 12 13% Current Lender By Gender 15 % Total 14 % 13 % 9 % 4 % 7 % 2 % 11 % 10 % 8 % 5 % 5 % 4 % 12 % 9 % 3 % CBA, ANZ and St George retain their top 3 positions for both men and woman. Interestingly, Esanda s market penetration within woman is double of men's. Base: All respondents; Financed: 2013 n=815, 2015 n=810; 2016 n=797 G4. Which lender currently provides your vehicle finance? Providers with n >= 25

13 LENDER PERFORMANCE: NET PROMOTER SCORE 13 Likelihood To Recommend [ Net Promoter Score (NPS) ] Total More woman would recommend the brands which they have had a positive experience with compared to men Base: All respondents; Financed: 2013 n=815, 2015 n=810,, 2016 n=797; Not reported for base size lower than n=25 L9 If a friend or relative were to ask, how likely would you be to recommend they do business with your current lender?

14 FOR MORE INFORMATION PLEASE CONTACT: JAMES ORGAN Managing Director ACA Research Tel: jorgan@acaresearch.com.au Level 6, 107 Mount Street North Sydney NSW 2060 ACA Research (the authors) and any other person involved in the preparation of this report make no representations or warranties as to the accuracy or completeness of the data, views, conclusions, comparisons or insights contained in this report. ACA Research expressly disclaim all responsibility and all liability (including liability for negligence) for any loss, damage, expense or cost howsoever arising in respect of this report, including any consequences arising from its use by any person acting upon the whole or part of this report. All rights reserved. No part of this publication may be reproduced, published, adapted, communicated or stored in a retrieval system without the permission of ACA Research.