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"The Hungarian car financing market is very distorted, of which rising dealer commissions are a true indicator," Kolossvary said at a Budapest press conference on Tuesday.
Kolossvary said that many more new cars per 1,000 people are sold in Hungary than per capita GDP would allow, which he partly blames on excessive commissions paid to auto dealers.
"Auto dealerships today are much more loan offices than true dealers. They make more money on providing loans than on selling cars, and therefore have more of a stake in signing on new loan clients – hence the high number of cars sold," Kolossvary said.
He pointed out that 220,000 new cars were sold in Hungary last year, down from a peak of 233,000 in 2003 after years of dynamic expansion. In comparison, cars sold in Slovakia, which has half the population of Hungary, totaled just 80,000 last year.
In a regional comparison with other countries, the number of new cars sold in Hungary, based on per capita GDP, should be closer to 150,000, the CEO noted.
This difference is basically reflected in the 40,000 cars leasing firms had to buy back last year due to the failure of clients to pay monthly installments, he added.
"Competition is so tough for new customers that cars are being offered with impossible financing conditions, such as no money down, or for a 10-year loan period in Swiss francs. Meanwhile, dealers are sending commissions through the roof – nowhere else in the region is this happening ... yet," said Kolossvary.
