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Automo&veFinanceInsight-Snapshot
TheFactsBehindTheCustomerJourney
5thEdi&on-Australia2016
Background
TheAutomo*veFinanceInsightisanin-
depthanalysisofhowconsumersfinance
thepurchaseofvehiclesintheAustralian
market.
Theinsightsprovidedarecri*calto
understandingconsumerbehaviour,
trendsandaAtudeswhenchoosing
betweenautomo*vefinanceproducts&
providers.
Theafiisasyndicatedstudypublishedby
ACAResearch,specialistsinautomo*ve
andfinancialservicesresearchfor24
years.
Theinforma*on,models,concepts,
insightsandproprietaryterminology
(includingthenameAutomo*veFinance
Insight)remainthepropertyofACA
Research.
Furtherreproduc*onofthisreport,
beyondinternalclientcompany
colleagues,isforbiddenwithoutprior
approvalfromACAResearch.
Copyright
2
Get the full 143 page Automotive Finance Insight report
Filled with actionable insights into the Australian automotive customer experience
http://www.acaresearch.com.au/afi-register-australian-automotive-finance-insight-2016
3
The Customer Journey
Get the full 143 page Automotive Finance Insight report
Filled with actionable insights into the Australian automotive customer experience
4
64%55%
47%39%34%30%
19%
20%
16%27%
21%23%25%
17%
7%
12%14%
18%18%19%
20%
9%17%12%
22%26%26%
44%
Makingfinalchoiceofvehicle
Makingfinalchoiceoffinance
lender
Testdrivingselectedvehicles
Consideringfinancelenders
Consideringtheneedforfinance
Considering/cullingtheshortlist
Developingashoppinglistofvehiclebrandsandmodels
6weeksormore
4-5weeksbefore
2-3weeksbefore
Upto1weekbefore
CustomerJourney:Timeline
Morethanonethirdofconsumersarenotconsideringfinanceun*lthelastweek,withmorethanhalfmakingthefinalchoiceoflenderatthis*me.
Base:Allrespondentswhofinancedtheirvehicle2015n=810;2016n=797D5.Howlongpriortopurchasingyourvehicledidyoucommencethefollowingac*vi*es?
HowLongPriorToVehiclePurchaseDidYouConductTheFollowingAc&vi&es?
(9%)(17%)
(31%)(36%)
(36%)(52%)
(61%)
(2015%)
5
Yes51%
No49%
CustomerJourney:Timeline
DidYouMakeAFinalDecisionRegardingLenderBeforeVisi&ngAnyDealerships?
Consequently,oneintwoconsumersclaimtheymadethefinaldecisionregardingwhichlendertheywouldusebeforevisi*nganydealerships,withthemajorbankssecuringmostofthesecustomers.
Base:Allrespondentswhofinancedtheirvehicle2016n=785(excludesrespondentswhodidnotvisitadealership)F2.Didyoumakeafinaldecisionregardingwhichlenderyouwouldusebeforevisi*nganydealerships?Note:Onlyshowingbrandswithbasesizen>20
ByCurrentLender
15%
15%
8%
7%
6%
5%
5%
4%
CBA
ANZ
NAB
Westpac
StGeorgeBank
Esanda
MacquarieBank
ToyotaFinancialServices
6
CustomerJourney:TimeSpentResearchingOnline
HoursSpentOnlineResearchingVehiclesBeforePurchasingVehicle
Theaverageconsumerisspending*meonlinetoresearchvehiclesandfinance,underliningtheneedforeffec*vewebsiteop*misa*on,SEOanddigitaladver*singcampaigns.
22%
13%
21%
14%
11%
7%
13%
<3hours
3-<6hours
6-<9hours
9-<12hours
12-<24hours
24-<36hours
36+hours
Base:Allrespondentswhofinancedtheirvehicle2016n=797D7.Intotal,howlongdoyouspendresearchingvehiclesonlinebeforepurchasingyourvehicle?F7.Intotal,howlongdoyouspendresearchingfinanceonlinebeforepurchasing?*Trimmedaverage=central90%ofresponses(topandbomom5%removed)
Mean:12.3HoursMedian:6Hours
HoursSpentOnlineResearchingFinanceBeforePurchasingVehicle
19%
8%
20%
17%
21%
3%
4%
4%
4%
None
<1hour
1-<2hours
2-<3hours
3-<6hours
6-<9hours
9-<12hours
12-<24hours
24+hours
Mean:2.7HoursMedian:2hours
7
CustomerJourney:Informa&onSources
Base:Allrespondents;Financed:2013n=815,2015n=810;2016n=797D6.Fromwhichsourcesdidyouobtaininforma*onwhensearchingforyourvehicle?-Notaskedinpreviousyears;*‘automo*vemagazines’priorto2016waspreviously‘automagazinear*cles’and‘automagazineadver*sing’.
Informa&onSourcesUsedWhenSearchingForVehicles
Whensearchingforavehicle,consumersmostopenlookforinforma*ononlineusingavarietyofwebsitesincludingmanufacturer,dealer,carreviewandcarclassifiedwebsites.Onlineremainsthegreatestopportunityforfinancierstointerceptthecustomerbeforetheyreachthedealership.
39%
38%
34%
26%
13%
39%
30%
10%
10%
9%
8%
7%
4%
2%
Carmanufacturerwebsites
Cardealerwebsites
Carreviewwebsites
Carclassifiedwebsites
Autofinancewebsites
Salespersonatdealership
Wordofmouth
Automo*vemagazines
TV
Motoringassocia*onmagazines
Newspapers
Socialmedia
Visi*ngautomo*veshows
Radioadver*sing
Net:Onlineviawebsites79%
Net:Recommenda&on58%
Net:Othermedia36%
Averagenumberofsourcesused:
2.7
8
Base:Allrespondents;Financed:2016n=797G6.Didyoudealwiththefinancelenderdirectlyordidyouuseabrokertofacilitatethefinanceandapplica*onprocess?
FinanceChannel
FinanceChannelUsedByCustomerToSecureFinance
Directwithmainbank28%
Directwithanotherbankorlender(notMFI)
22%
Throughdealer34%
Throughbroker16%
Strongcompe**onexistsaslenderscompeteforcustomersdirectlyandthroughthedealershipandbrokerchannels.
9
UseOfPre-ApprovedFinance
FinancePre-ApprovedPriorToFinalisingVehicleChoice
Thelevelofpre-approvedfinancecon*nuestoincreaseanditisthereforeessen*althatlenderprocessesassociatedwithpre-approvalaresimpleandefficient.
Base:Allrespondents;Financed:2011n=802,2013n=815,2015n=810;2016n=797E2.Didyougetyourfinancepre-approvedpriortofinalisingyourchoiceofvehicle?
46%37%35%
201620152013
10
CompletedOnlineApplica&on
Interes*ngly,thepropor*onofonlineapplica*onsisnotincreasing.
Baseincludesonlythoseundertakingtheac*vity‘comple*ngtheapplica*onform’,2011n=698,2013n=680,2015n=662,2016n=655F5.Pleaseindicatewhichmethodsyouusedforeachofthefollowingac*vi*eswhenlookingforautomo*vefinanceforyourcurrentvehicle?(Chartindicatesthosewhocompletedthefinanceapplica*ononlineviawebsitesandmobileapp,notincludingemails)
18%20%21%
201620152013
%CompletedTheApplica&onOnline
11
Finance Lenders
Get the full 143 page Automotive Finance Insight report
Filled with actionable insights into the Australian automotive customer experience
12
DirectWithMainBank(MFI)
Base:Financed2016:Directwithmainbankn=224,throughdealern=270,throughbrokern=125,directwithanotherlendern=178G4.Whichlendercurrentlyprovidesyourvehiclefinance?
Top10LendersByFinanceChannel
30%
16%
14%
12%
6%
5%
4%
3%
1%
1%
1%
CBA
ANZ
NAB
Westpac
BankWest
Suncorp
StGeorgeBank
CreditUnionAustralia
BendigoBank
People'sChoiceCreditUnion
BankofQueensland
ThroughDealer
17%
17%
10%
9%
8%
7%
7%
6%
3%
3%
3%
StGeorgeBank
ToyotaFinancialServices
NissanFinance
Esanda
ANZ
BMWFinancialServicesVolkswagenFinance
MacquarieBank
CapitalFinance
CBA
FordCredit
ThroughBroker
17%
14%
13%
10%
10%
6%
5%
4%
3%
2%
ANZ
MacquarieBank
Esanda
StGeorgeBank
CBA
Westpac
BankWest
BankofQueensland
NAB
GEMoney
DirectWithAnotherLender(NotMFI)
13%
11%
8%
7%
6%
5%
4%
3%
3%
3%
3%
CBA
ANZ
Westpac
NAB
Esanda
MacquarieBank
StGeorgeBank
GEMoney
RACV
Suncorp
CreditUnionAustralia
13
ToyotaFinancialServiceshasstrengtheneditsNPSscoresince2013andsurpassedCBAthisyear.
NetPromoterScore(NPS)
20%
25%
23%
22%
25%
33%
32%
48%
36%
37%
41%
30%
35%
52%
55%
50%
44%
52%
23%
46%
44%
37%
50%
40%
25%
22%
25%
23%
16%
30%
18%
19%
22%
ToyotaFinancialServices
BankWest
CBA
Westpac
BMWFinancialServices
NAB
Esanda
Macquarie
ANZ
StGeorge
NissanFinance
Detractors(0-6) Ambivalents(7-8) Promotors(9-10)
LenderPerformance:NetPromoterScore
Base:Allrespondents;Financed:2013n=815,2015n=810,,2016n=797;Notreportedforbasesizelowerthann=20L9Ifafriendorrela*veweretoask,howlikelywouldyoubetorecommendtheydobusinesswithyourcurrentlender?
2016 2013
30 -12 -17
15 -21 7
2 -9 -1
0 -17 -33
0 -33 -14
-10 8 -15
-16 -19 -37
-18 -33 -23
-18 -31 -18
-18 -29 -40
-19 -8 -26
2015
LikelihoodToRecommend
14
FORMOREINFORMATIONPLEASECONTACT:JamesOrganManagingDirectorACAResearchTel:+61299273333Email:[email protected],107MountStreetNorthSydneyNSW2060
ACAResearch(theauthors)andanyotherpersoninvolvedintheprepara*onofthisreportmakenorepresenta*onsorwarran*esastotheaccuracyorcompletenessofthedata,views,conclusions,comparisonsorinsightscontainedinthisreport.ACAResearchexpresslydisclaimallresponsibilityandallliability(includingliabilityfornegligence)foranyloss,damage,expenseorcosthowsoeverarisinginrespectofthisreport,includinganyconsequencesarisingfromitsusebyanypersonac*nguponthewholeorpartofthisreport.Allrightsreserved.Nopartofthispublica*onmaybereproduced,published,adapted,communicatedorstoredinaretrievalsystemwithoutthepermissionofACAResearch.
15
ACAResearchisafullservicemarketresearchconsultancywithexper*seincustomisedresearchandmul*-clientstudies.Establishedin1993,withofficesinSydney,weconductstudiesthroughoutAustralia,NewZealandandAsia.Throughourhighlevelofbusinessandresearchexperience,industryexper*seandfocusonhighqualityoutputs,weeffec*velysupportbusinessthoughtleadersintheirdecision-making.Ourcorevalueproposi*onissupportedthroughourvaluesof:
• Integrityinbusinessandtheresearchprocess• Enthusiasmineverythingwedo• Teammembergrowthanddevelopment• Effec*veandmeaningfulclientrela*onships• Par*cipa*veandcommunica*veworkenvironment• Posi*vecrea*veabrasion.
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AboutACAResearch