欧洲厂商系汽车金融公司资产表现观察：新车vs二手车

Industry Overview - The European new car market showed significant recovery in 2023, with passenger car sales reaching 12.847 million units, marking the first positive growth since the COVID-19 pandemic [2] - The Chinese new car market was approximately twice the size of Europe's, with sales of 26.063 million units in 2023 [2] - The European new car market is highly concentrated, with the top five markets (Germany, UK, France, Italy, and Spain) accounting for about 70% of total sales, and the top five manufacturers holding a combined market share of 60-70% [2] Used Car Market Dynamics - The European used car market is significantly larger and more active than the new car market, with sales in the top five markets nearly three times that of new car sales [3] - The used car market in Europe accounts for about 10% of the total car stock, with the UK reaching as high as 20%, compared to less than 5% in China [3] - Used car prices in Europe remain at historically high levels, driven by supply chain disruptions during the pandemic, although prices have slightly declined since 2023 [3] Asset-Backed Securities (ABS) Market - The proportion of used car assets in European ABS markets is increasing, with manufacturer-affiliated transactions typically having 20-60% used car assets, while non-manufacturer transactions tend to have higher proportions [7] - The used car financing market is steadily growing, influencing the asset composition of European ABS markets [7] Default and Recovery Performance - Used car assets generally exhibit higher cumulative default rates compared to new car assets, with more significant historical volatility, reflecting lower average credit quality of used car borrowers [10] - Recovery performance for defaulted assets primarily relies on the disposal of collateral vehicles, with recovery rates influenced by used car market prices [12] - Recovery rates for defaulted assets are generally faster, with most recoveries occurring within six months of default [12] Market Share Analysis - Volkswagen Group leads the European new car market with a 25.9% share, followed by Stellantis (16.6%) and Renault Group (9.7%) [16] - Hyundai Group and Toyota Group hold 8.6% and 6.9% market shares, respectively, while BMW Group and Mercedes-Benz account for 7.1% and 5.5% [16] Sample Data Overview - The report includes 12 sample datasets from five major European car manufacturers across five countries, covering loan and lease assets with varying default and recovery rates [17]