In a significant development for the Australian caravan industry, MONEYME has entered into an exclusive 12-month partnership with Snowy River Caravans, one of Australia’s fastest-growing luxury caravan manufacturers.
This collaboration introduces a direct-to-consumer financing option through MONEYME’s Autopay product, marking a pivotal shift in how consumers can finance their caravan purchases.
The partnership responds to the burgeoning popularity of caravan travel in Australia, a trend underscored by data from Tourism Research Australia, which reports over 770,000 caravans and campervans registered in the country as of 2021, according to a press release.
This surge in interest is further evidenced by the 12.7 million caravan trips taken and $10.5 billion spent on caravan and camping travel in the year ending June 2022, highlighting the significant economic impact of this sector.
Traditionally, prospective caravan buyers faced challenges such as lengthy approval processes and a lack of financing options specifically tailored to their needs. The introduction of MONEYME’s Autopay aims to address these issues by offering a streamlined, technology-driven financing solution.
Autopay allows customers to access personalized loan and repayment details instantly by scanning a QR code, with the potential to finalize their loan application and tow away their caravan in as little as 60 minutes.
This innovative financing model is available at Snowy River’s main retail sites across Victoria and Western Australia, encompassing the Snowy River, Regent, and Newgen brands. The partnership also extends to approximately 70 trade shows over the next 12 months, where the Autoscan feature will enable on-the-spot financing and purchases.
The caravan sector represents a lucrative and growing market for MONEYME, with caravan financing offering a new secured asset type. The industry’s growth is evident in the 28,031 new units sold in Australia in 2022, a 17% increase from 2021 and the highest number of caravan sales since the 1970s.
This expansion into a new secured asset class targets higher-credit-quality borrowers, typically homeowners, aligning with MONEYME’s focus on secured assets and high-credit-quality borrowers.
“With a number of incumbents leaving the vehicle finance sector and a growing number of consumers interested in caravans, this partnership presents MONEYME with the perfect opportunity to expand into a new secured asset class,” said Clayton Howes, CEO & managing director of MONEYME, emphasizing the opportunity this partnership presents
The collaboration between MONEYME and Snowy River Caravans not only simplifies the financing process for consumers but also enhances the overall caravan-buying experience.
By offering fast, digital financing options, the partnership makes it easier for customers to embark on their caravan adventures, underscoring a shared commitment to customer satisfaction and accessibility.
As the caravan industry continues to grow, this partnership between MONEYME and Snowy River Caravans could set a new standard in RV financing, potentially influencing other lenders and manufacturers to adopt similar innovative solutions.