Shifting Gears: How to Capitalise on the Australian Auto Boom
As a mortgage broker, you’re accustomed to the ebb and flow of the housing market. Now, picture an opportunity as vast as the Australian outback, where new horizons beckon. Last year, Australia witnessed a surge in new car sales, reaching an all-time high.
This isn't just good news for car dealerships; it's a golden chance for you to expand your expertise and reach and turn it into a business opportunity—read on to find out how.
The 2023 Auto Market Overview
In 2023, Australians were all about Utes and SUVs, with the Ford Ranger roaring into the lead as the country's favorite ride. Despite the pinch of living costs, Aussies didn't hit the brakes on their love for cars. Over 1.2 million vehicles found new homes, shattering past records. And guess what? Nearly 80% of those were Utes and SUVs, including the top ten favorites. of those were Utes and SUVs, including the top ten favorites.
This boom in car sales is more than just numbers—it's a narrative of resilience. After COVID-19 threw a wrench in the works, the industry bounced back stronger. The Federal Chamber of Automotive Industries praised this remarkable recovery, highlighting the adaptability of both the market and consumers.
But here's the twist: while 2023 was a year of high gear, 2024 might see a downshift due to cost-of-living pressures and interest rate hikes. Yet, there's a silver lining. The push for fuel-efficient and electric vehicles (EVs) is gaining momentum, with EV sales doubling from the previous year.
The Road Ahead: Opportunities in Auto Financing
In 2023, Toyota remained the king of the road, leading brand sales for over two decades. But other brands are not far behind, and delivery times are improving. This means more opportunities for you to help clients finance the car of their dreams.
How to Seize the Opportunity in the Auto Industry
With QuickAF, you can navigate these market shifts with ease.
QuickAF is a Tick and Flick asset finance processing platform designed specifically for mortgage brokers. Whether you're a seasoned pro or a newcomer to asset finance, QuickAF is your ticket to diversify and tap into this booming market. Simply provide the clients basic details including name, email, phone number and some notes and the QuickAF team will take care of the rest.
It's not just about diversifying your offering; it's about creating and growing additional revenue streams quickly and easily in:
Consumer loans (for personal or non-business use) include financing for motor cars, motorcycles, caravans, campervans and personal loans.
Commercial loans (for business or work use) can be used to finance assets such as motor cars, commercial vehicles, trucks, trailers and working capital loans.
So, why wait? The open road calls for new ventures. As a Connective broker or loan writer, you have the opportunity to navigate this terrain without specific training and accreditation. Diversify into asset finance broking with QuickAF and be part of the journey as Australians continue to embrace their passion for cars.