“The 2,800 dealers of SAIC-GM-Wuling are our blue ocean in the next five years.†On September 23, SAIC General Motors Finance (hereinafter referred to as SAICGMAC) Managing Director Yu Yarui told the 21st Century Business Herald that these are concentrated in Consumers in the market below the third-line market will become one of the main markets for SAIC-GM's “13th Five-Year†business.
At this time, Internet finance is strengthening its penetration into the auto finance market. Just one day after September 24, Ali Xiaopei of Ali Automobile revealed: "The credit line for car-second loans is currently being studied, from 200,000 yuan to 300,000 yuan. At the same time, for Taobao 'double eleven', two are brewing Annual interest-free plan."
More than 100 years ago, GM founded GMAC. After more than 30 years, it helped GM take the throne of the world's number one car company. Since then, almost all car companies around the world have set up their own auto finance companies, which not only promote the vehicle sales of automakers, but also have been recognized as an important source of profit for automakers from automobile manufacturing to service transformation.
In China, although auto finance is growing at a much higher rate than that of foreign markets, its share is still not high. Recently, as Internet companies have entered the auto finance industry, their big data advantage, faster lending speed and direct exposure to the low-line market have brought more challenges to traditional auto finance companies.
Chasing auto finance "squatting"
Compared with the 80% penetration rate of American auto finance, China's auto finance penetration rate is only 20%, and the annual production and sales scale of more than 20 million vehicles makes more and more peepers in the auto finance market. From 2005 to 2015, China’s loan-to-buy ratio has been less than 10%, and is expected to grow to 25% to 30% in 2015. This means that China’s auto finance development rate is equivalent to that of foreign countries. 100 years.
In July 2015, Geely Automobile was just approved by the China Banking Regulatory Commission. "Geely Automobile Finance Co., Ltd. will be formally established in November this year." Geely related personnel told reporters. At the same time approved by Geely, there are four other traditional car companies including Brilliance, BYD and Jaguar Land Rover. In addition to the 19 companies that have been in operation before, there are currently 24 traditional auto financing companies in China.
"The penetration rate of auto finance will be higher and higher." Yu Yarui believes that, first, as the national credit information system becomes more and more perfect, the popularity of the pension protection system will reduce the worries of consumers, and the proportion of loans to purchase cars will also be reduced. Second, with the rejuvenation of automobile consumers, consumers who are mainly after 80, 90, and 00, their consumption concepts have changed, and their recognition of early consumption has increased significantly.
The industry believes that these changes will become more and more obvious in the future. After 20 to 30 years, the quantity and quality of auto loans will increase significantly. This makes the auto finance market not only include traditional auto companies, but also Internet finance is stepping up.
In July 2015, Ali Automobile Division announced that it has teamed up with ant small loans and many auto manufacturers to launch “Second-Second Loanâ€. Consumers only need to submit applications online by mobile phone. Within half an hour, they can know the loan credit line and online shopping credit limit. Up to 200,000 yuan.
With the help of “Second-Seize Loanâ€, consumers can select the favorite models through mobile phone Tmall and mobile Taobao, and submit online applications. The system will send SMS notifications within half an hour to apply for credit limit results. The ant small loan joint cooperation institution jointly built a risk control model to evaluate credit lines for consumers with good online credit records. The average credit line is 70,000, up to 200,000. Consumers can send a text message to the 4S store. Car price.
At present, more than 200 models of Dongfeng Nissan, Dongfeng Citroen, Dongfeng Peugeot, Buick, GM Chevrolet, Geely, Chery, Lifan and Haima are the first batch of pilots to support “Second-Second Loanâ€.
The rural market is the largest blue ocean. "We have been paying attention to Internet finance, especially Alibaba's ant loan and car second loan," Yu Yarui said. The rapid development of automotive e-commerce has made Internet auto finance increasingly challenging the business of traditional auto finance companies.
Yan Xiaopei of Ali Auto told reporters: "Compared with traditional auto finance companies, the advantage of car-second loans is that, first, convenience, traditional loans need to be mortgaged, and car-second loans only need to rely on Taobao's Sesame Credits; Second, traditional auto finance is mainly infiltrated through 4S stores, while 4S stores are mainly concentrated in first- and second-tier cities. On the contrary, Internet auto finance is not subject to geographical restrictions. Consumers in the 3, 4, 5 and 6 cities can also enjoy the credit of Sesame. service."
However, Yu Yarui believes: "Compared with Internet auto finance, auto companies' financial companies also have their own unique advantages." Drawing on the experience of foreign auto companies, auto finance companies not only solve the loan problem for consumers, but also the dealers' capital turnover. Important supporters.
Especially in the downturn of the market, the financial companies of automobile manufacturers have lowered the threshold of buyers and helped OEMs to promote sales. The original intention of SAICGMAC was to promote sales through financial companies.
Although Internet finance companies have an advantage in the speed of lending, compared to traditional financial companies, Internet finance companies have a small loan ratio of up to 200,000 yuan, and the minimum down payment per vehicle is at least 50%. For traditional financial companies, the down payment generally only needs 20% to 30%, and there is no upper limit.
At the same time, since auto finance companies are affiliated with manufacturers, financial companies will generally receive special support from manufacturers, and automakers will give greater promotion. This is also the advantage of traditional auto finance companies.
Although Internet finance is quite aggressive, Yu Yarui believes: "As long as traditional financial companies can provide competitive products according to customer needs, they can also develop in the downstream of Internet auto finance."
"Competing with Internet auto finance, competition is still service capability." Yu Yarui said. In fact, SAICGMAC had already launched the “Speed ​​Pass Plan†in December last year before the launch of the car.
Due to the application of cloud computing and big data technology, the “Speed ​​Pass†system can quickly determine the customer's credit status and give loan application feedback, so that customers do not have to wait a long time. Customers only need to provide ID card and driver's license, and have a good credit record for more than 12 months to apply for the speed pass, the fastest time is 5 seconds to feedback the results, the day of the loan.
“We are conducting risk research and will further promote the integration of online and offline in the future. In particular, how to improve the financial penetration rate in the market down or into a stable growth market.†Yu Yarui said: “Our e-commerce team is gradually Expanded, there were only a dozen people at the beginning of the establishment, and now there are more than 40 people."
In the third, fourth, fifth and sixth-line markets where Internet auto finance has advantages, SAICGMAC has developed an infiltration plan.
At present, the Cadillac brand has achieved a loan rate of 50%, while SAIC-GM-Wuling (SGMW) has a lower proportion of consumer loans. In the next step, SGMW's customers will become the key development targets of SAICGMAC. Since SGMW's network is mostly concentrated in the low-line market, in order to improve the loan rate, SAIC-GM has launched a farmer's plan to design products for rural consumers. This is also SAICGMAC's battle. The next five years of strong competition for auto finance.
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