Welcome to the first of three articles, exploring different aspects of the 2022 Automotive Finances Insights study. In this one, we introduce the customer journey, looking at how it can vary across different consumer segments.
More than 9 million Australian households currently own at least 1 vehicle, with over a third (3.2 million) having used finance to fund at least some of their purchases. While there is no doubt that this offers significant opportunities for OEMs, financiers, and other associated businesses, it is important to remember that these purchases can follow extremely different paths. It is therefore critical to understand the customer vehicle selection and finance journey, and the key needs of consumers as they move through its different stages.