Car Finance—UK: New Car Registrations Set to Witness a Dip in 2019; Preeminent
Posted by Deevika on August 19th, 2019
Since the start of the year, the perceived likelihood of a no-deal Brexit has escalated and has put extra pressure on UK forward interest rates and paved way for a plunge in the sterling exchange rate. Meanwhile, the UK banking system is potent enough to continue to lend amid economical and financial shocks which could be linked with Brexit. The point of sale (POS) consumer car finance market is slated to grow robustly through dealers and other retail outlets. Even though from small base, flourish of e-commerce is set to propel the share of the market. These insights have been curated from the intelligence report, titled, “Car Finance—UK—June 2019,” which has been of late added to Market Research Hub’s (MRH) overarching armamentarium. As new car registrations is anticipated to witness a dip in 2019, the car finance market is striving to woo new entrants. Besides, preeminent players are focusing on innovations that is in line with the rise in the people who refrain from owning their car. According to the report, ~50% of all license holders would be tempted to buy or lease a car this year. Further, ~25% of prospective finance users would opt for pre-approved car finance agreement, while 60% would use a price comparison site to arrange a car finance deal.
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With growing traction for digitization, pre-approval for credit is expected to spur deals online. Meanwhile, urge for greener cars is anticipated to fuel demand for green finance. The Society of Motor Manufactures and Traders (SMMT) are of the opinion that electric vehicles’ share of new car registrations may double in 2020 amid decline in the wider market in 2018. The government announced a zero BIK tax band for company car drivers in 2020/21 that is set to turn the tide towards greater adoption of the new ultra-low emission technology. Among the preeminent new entrants to the pure EV market in 2019 are the MG ZS EV, Tesla Model 3, new Corsa-e, the Peugeot e-208, with Honda’s Honda e hatchback set to announce its arrival next year.
Barclays Partner Finance is in all readiness to exit the motor finance market with increased scrutiny from Financial Conduct Authority towards modus operandi for motor finance sales. Nonetheless, Volkswagen Financial Services is the largest supplier of car finance in the UK.
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Car Finance—UK: Report Content
Quantitative and qualitative assessment exhort intelligence and overarching report on the car finance—UK market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the car finance—UK market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on car finance—UK.
An insightful and deep-dive assessment of the competitive assessment of the car finance—UK market pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the car finance—UK market. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.
Also See: Car Finance, Car Financeuk, Financeuk Market, New Car, Report, Market, Finance
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