Empowering Women in Auto Finance: A Closer Look

Empowering Women in Auto Finance: A Closer Look banner

Recent research conducted by RFI Global sheds light on an intriguing trend in the Australian auto finance landscape: women are taking the lead when it comes to researching finance options for purchasing cars. The findings challenge conventional assumptions and reveal a nuanced understanding of how gender influences decision-making in the automotive industry.

According to the presentation of RFI Global research commissioned by Angle Auto Finance, women exhibit a proactive approach towards car financing. They consider finance options earlier in the purchasing journey, often before even selecting a specific brand or model. Affordability emerges as a primary concern for women, indicating a pragmatic and forward-thinking mindset.

Moreover, the research highlights that women tend to keep their cars for longer periods and intend to run them for extended durations compared to men. This preference for longevity poses considerations for dealerships, as women may be less inclined to change their vehicles frequently.

Anna Perera-Shaw, Insights Director at RFI Global, emphasized these insights during a panel discussion at the inaugural 'Women in Auto' breakfast sponsored by Angle Auto Finance. Perera-Shaw noted that women prioritize affordability and reliability when evaluating car purchases, demonstrating a keen awareness of their long-term needs.

The research process itself reflects gender disparities, with women engaging a greater number of research sources compared to men. They seek advice from friends, family, and trusted peers, leveraging various channels to make informed decisions. In contrast, men tend to rely on fewer sources and prioritize factors like additional features or brand reputation.

Perera-Shaw highlighted the importance of dealership experiences for women, emphasizing the need for accessible and supportive environments. Having women sales staff can enhance customer comfort and facilitate meaningful interactions, especially during negotiation processes.

Furthermore, the research underscores women's interest in purchasing vehicles that offer long-term value and meet their evolving needs. As the automotive industry transitions towards electric vehicles (EVs), women's early engagement in research positions them to embrace this shift effectively. However, challenges such as unfamiliarity with EV technology and infrastructure remain barriers that need to be addressed.

In conclusion, the RFI Global research illuminates the evolving dynamics of auto finance and the significant role women play in shaping purchasing decisions. By understanding and addressing the unique preferences and priorities of female consumers, stakeholders in the automotive industry can foster inclusivity and drive positive change.

As the automotive landscape continues to evolve, empowering women in auto finance will be crucial for driving innovation and meeting the diverse needs of consumers. Through collaborative efforts and a commitment to gender equality, the industry can pave the way for a more inclusive and sustainable future.

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