“You can make targeted offers to these people because you know where they are in the buying cycle, whether it’s two, three or four years. It’s about customer loyalty and there’s a massive uplift when those programs are in place. “People in the US and Canada are far more attuned at paying a monthly fee and then handing the car back. Every car is marketed at $199 a month – or similar – and that type of program drives penetration. “In those countries, and particularly Canada, most cars are sold on a program. “It is driven by the way vehicles are marketed in the US and Canada,” Mr Jones said. In Australia, NFSA has averaged 56 per cent in the past few years.īut he said it would be difficult for Australian business to achieve the same high rate as North America. Mr Jones said the penetration rate of finance companies into new-car sales in the US and Canada was 70-80 per cent. We’ll see what we can translate from the US, Canadian and Mexican market into Australia.”
NMAC NISSAN FINANCE TRIAL
“But that’s not to say we won’t trial new products. “I’m not sure that the Australian market is ready to go down the American path of everyone leasing a car with a monthly payment and then handing it back. “In the past, we have piloted guaranteed buy-backs and products like that,” he said. However, even though there may be some finance products available to the Australian market, Mr Jones said he believed that Aussies may not yet be ready for a major step away from car ownership. So it’s very similar (there) to the numbers we in Australia are looking at now.” Mr Jones said flex commissions in the US “disappeared some time ago and the mark-ups are under two per cent. Making the best of those opportunities and seeing what’s around in other markets with the (Renault-Nissan-Mitsubishi) Alliance will allow us to see what is and what is not working.” “It’s an education program for the dealers, for the customer and even for us internally. “The changes introduced by ASIC are going to mean that we do business differently and it could mean that some of the programs we look at in the US may transplant better now than in the past,” he said in an interview with GoAutoNews Premium.
NISSAN Financial Services Australia (NFSA) managing director, Peter Jones, heads overseas this month to visit finance operations in the United States, Canada and Mexico on a fact-finding mission to look for innovative car financing products that might appeal to Australian car buyers in the wake of the radical changes to come in the way car finance is sold from this November.
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