Be the first to like this
New research from Finaccord, a market research consultancy specialising in financial services, reveals how the market for automotive finance and leasing for consumers is developing across Europe. While the global financial crisis affected nearly all countries in 2008 and 2009, this market has surged ahead in Russia and Turkey in more recent years while it has continued to fall in the worst-hit EU economies.
Sales of new cars in Russia have risen sharply since a slump in 2009, outpacing growth in any EU country, with the result that Russia has been the second-largest market for new cars in Europe since 2011, only trailing behind Germany. Since Russian car buyers rely on dealers for finance much more than in most EU countries, Russia is the largest market for new car finance and leasing taken out through dealerships, with an estimated EUR 20.48 billion in gross advances and new assets leased for 2012, or 26.4% of the whole European market in 2012.
Turkey has seen even faster growth than Russia: new car sales boomed after 2008, and again a large majority of customers take out finance and leasing at the point of sale (i.e. through dealers). As a result, the value of gross advances and new assets leased for new cars stood at an estimated EUR 3.68 billion for 2012, or 4.8% of the whole European market – compared to 2.3% in 2008.