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A significant increase in car loans
In the first half of 2024, the financing market for the purchase of cars in Italy registered a significant increase. According to the latest CRIF report, finalized loans and leasing for cars increased by 7.7% compared to the same period of the previous year. This positive trend is also reflected in the average amount of funding, which grew by 5.7%, reaching more than 20,000 euros.
These data indicate growing consumer confidence in the automotive sector, despite general market difficulties.
Growing registrations
The report also highlights a parallel increase in registrations of new and used cars. In the first half of 2024, registrations of new cars increased by 5.4%, while those of second-hand cars registered an increase of 8.4%. This increase in registrations is a clear sign of a recovering market, where consumers are willing to invest in new vehicles, supported by more accessible financing options
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The rental market and its challenges
Contrary to the positive trend in financing, the rental market showed signs of contraction, with a decrease of 8% in the first half of 2024. This decline is particularly evident among individuals, where the majority of disbursements are aimed at customers over 50. Capital companies, on the other hand, continue to dominate the rental market, accounting for more than two-thirds of disbursements. The current situation suggests that, while financing for car purchases is growing, rental may need restructuring to attract a younger and more diverse clientele
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Opportunities in the automotive sector
Antonio Deledda, Executive Director of CRIF, underlines the importance of transactional data from Open Banking for credit management in the automotive sector. With the emergence of the concept of ‘Mobility as a Service’, new opportunities are opening up for companies willing to innovate and adapt. Better understanding customer needs allows us to build long-term relationships and to offer personalized services, integrating traditional car offers with more modern and flexible solutions
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