Honda Finance Europe is part of the Honda Motor Company. Their sole purpose is to provide simple, flexible and convenient finance to Honda customers for their Honda products.
The core objective was to explore the motivations and thought processes of Honda finance customers when buying a car and the influence of finance on the car acquisition.
A combined qualitative and quantitative approach with existing and non-customers of Honda finance. Combination of depths, focus groups and a CATI telephone survey with recent purchasers.
The research revealed that two different mind sets existed, current Honda owners versus non-Honda owners. Finance was less important to current Honda owners and they generally only took up the offer of finance because it offered 0%.
Finance for non-Honda owners was very important because they needed it to buy the car, and for them, the monthly repayment figure was most important.
This insight allowed Honda to develop bespoke strategies for both groups.