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Roland Berger Focus: Selling Commercial Off-Road Vehicles

Core Content

This document provides an analysis of the off-road commercial vehicle market in the US and Europe, focusing on market trends, key success factors, and strategic recommendations for OEMs, dealers, and leasing companies. It highlights the importance of process efficiency in a market that is no longer growing rapidly but is instead experiencing moderate growth or stagnation.

Market Developments

• US Market:

  • Material Handling Equipment: Expected to grow at 3.4% annually from 2016 to 2020, down from 4.5% in the previous period.
  • Agricultural Equipment: Sales will remain largely flat due to low crop prices and stagnant farm incomes.
  • Construction Equipment: Growth is expected to continue, driven by increased infrastructure investment and US tax reform.

• European Market:

  • Material Handling Equipment: Expected to grow by more than 3% annually, driven by the expansion of online retailing.
  • Agricultural Equipment: Sales may have bottomed out in 2017, with a slight recovery expected through 2020, but not reaching pre-financial crisis levels.
  • Construction Equipment: Sales are forecast to remain flat through 2020.

Key Insights from the Study

• Sales:

  • Aftersales support and service are crucial for customer loyalty.
  • Salespeople need a personal touch, deep customer understanding, and tailored solutions.
  • Building a trusting relationship with customers is key.
  • Sales staff should be encouraged to think entrepreneurially and rewarded for innovative ideas.

• Financing:

  • Financing options are a decisive factor in purchase decisions, especially in construction and material handling.
  • European customers tend to prefer buying, while US customers favor leasing or financing.
  • OEMs with captive financing models can offer risk-adjusted pricing, but many still use simplistic "yes/no" algorithms.
  • Tailor-made financing solutions are in demand, especially for specialized vehicles.
  • Marketing and incentivizing dealers to promote financing offers is essential.

• Leasing:

  • Leasing companies should offer customized, cost-efficient white-label solutions.
  • Integration with OEM and dealer IT systems is necessary for competitiveness.
  • Leasing is particularly attractive for highly specialized vehicles where financing is not available.
  • IFRS 16 will impact the leasing market by making leased assets appear on the customer’s balance sheet, reducing the attractiveness of leasing.

• Renting:

  • Rental businesses require large fleets and strong regional service infrastructure.
  • Customers are willing to pay a premium for short-term rentals.
  • Proximity to customers is a key differentiator in the rental market.

Strategic Recommendations

• For OEMs:

  • Expand product and service offerings to provide a "one-stop shop".
  • Develop regional scale to offer superior services and secure new vehicle sales.
  • Strengthen key account management (KAM) capabilities.
  • Take a vehicle lifetime perspective and use remarketing to drive profits.
  • Offer risk-adjusted pricing to increase sales and reduce financing requests.

• For Dealers:

  • Offer full-service solutions to retain customers and operate profitably.
  • Consider joint digital rental platforms to enhance rental business.
  • Develop consulting services along the value chain.
  • Expand product and service offerings to provide a one-stop shopping experience.

• For Leasing Companies:

  • Integrate fully into the sales processes of OEMs and dealers.
  • Finance complete business solutions by combining assets from different OEMs.
  • Develop risk assessment expertise in niche markets.
  • Establish white-label online platforms to win business through partnerships with smaller OEMs.

Conclusion

The off-road commercial vehicle market is evolving, with a growing emphasis on process efficiency rather than market expansion. Companies must adapt their strategies to meet the changing needs of customers, particularly in the areas of sales, financing, leasing, and renting. By focusing on tailored solutions, superior service, and strategic partnerships, OEMs, dealers, and leasing companies can improve their competitiveness and profitability in this mature market.

Authors

• Dominik Lober – Senior Partner, Frankfurt, Financial Services Competence Center
• Frank Pietras – Principal, Munich, Automotive Competence Center
• Walter Rentzsch – Principal, Detroit, Automotive Competence Center
• Carsten Kust – Project Manager, Munich, Financial Services Competence Center

Publisher

• Roland Berger GmbH
• Sederanger 1
• 80538 Munich, Germany
• www.rolandberger.com
• Disclaimer: This document is for general guidance only. No action should be taken based on its content without specific professional advice.