The fall in the amount of new cars being sold is having its effect on the banks crediting these purchases known as auto banks. In the first three months of this year they signed 15,100 contracts with a total value of PLN254m. This shows that the number of contracts has actually increased by 1,500 but that the value of those contracts has fallen by PLN43m. This clearly demonstrates that the car buying public is opting for cheaper cars. FIAT Bank Polska remains the market leader in number of contracts whilst Volkswagen Bank Polska holds the number one spot as far as total value of vehicles bought is concerned. Unfortunately both have noted steep falls in their business. VW Bank has seen its business drop by PLN62.1m. or forty percent and Fiat by PLN26.8m. or thirty percent.
The other autobanks have little to complain about given the overall state of the market. Ford Bank Polska has even noted a steep increase with sales up to PLN8.7m. Toyota Bank Polska and DaimlerChrysler Bank also saw business improving, in the case of Toyota by three times.
Andrzej Ostrowski, MD of Toyota Bank Polska says that the amount of Toyotas sold has increased dramatically and this has obviously had its effect on the amount of credit given. In January the new Corolla was introduced and this clearly gained the publicÃs attention.
Podpis: Alan Heath