- KSA Car Finance Market disbursed total credit worth more than SAR 3 Bn growing at a CAGR of 18.5% over the period 2017-2021.
Entry of women drivers in 2018-19 period led to a boost in Car financing in 2019. The credit disbursed market fell and experienced a downfall in 2020 due to factors like Covid outbreak and semiconductor chip shortage. Automotive sales were also affected by higher shipping costs in 2021 as prices of shipping containers container freight rates have risen steeply. Higher prices were shifted to the consumers leading to increase in credit disbursed.
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- The Kingdom of Saudi Arabia sold ~470k units of passenger car sales in 2021 which is expected to reach ~540k by 2026F
Nearly two in eleven Saudi Arabians use cars for their daily commute to and from work. 4Ws are primarily a utilitarian choice for people rather than an aspirational or lifestyle choice. On an average nearly 1,320 cars were sold in the country every day in 2021. The weighted average price of passenger cars in KSA is $26,910 in 2021.
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- Car Finance Companies need to shift their focus to more customer Centric Approach to generate more sales and to grow business
- Many customers get frustrated and drop out of the financing process when they encounter a complicated finance application, Instead, they want a quick and easy financing process and control over the experience.
- Customers have grown accustomed to digital information in other industries, such as telecom and banking products, and they now want to start their car buying journeys online.
- By doing business online, car finance lenders can tap into rich data about the customer. Through proper data analysis, lenders can even predict customer needs.
- Today’s shoppers view a car loan or lease simply as a method of payment: The car is the product they are focused on. For that reason, it’s important to provide a financing process that is closely intertwined with the car buying process.
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