Recently, Easy Car and Jingdong and Tencent reached a strategic cooperation agreement with a total amount of US$1.55 billion. The high amount has attracted attention from all walks of life. Among them, Yi Xin Capital, a subsidiary of E-Car's auto finance Internet platform, received a cash investment of 250 million U.S. dollars, making auto finance once again a hot spot. Why do Internet companies have a special liking for auto finance? What are the characteristics of Internet-based auto finance? Can Internetization become the future development trend of auto finance? The $250 million "real money" investment has annotated these issues from one side.
Gold Rush Hotspot Auto Finance is sought after In recent years, the profitability of the auto finance industry has continued to increase. According to industry insiders, as of the end of 2013, auto finance companies achieved a net profit of 4.7 billion yuan, equivalent to the net profit level of a medium-sized joint-stock commercial bank. In the first quarter of 2014, the net profit was 1.45 billion yuan, a year-on-year increase of 18.85%. The huge development prospects of auto finance have attracted more and more manufacturers to establish auto finance companies. As of January 2014, automakers have established 20 auto finance companies. At present, banks and auto finance companies account for more than 90% of the car loan industry, of which auto finance companies account for about 30% and banks account for about 60%.
Permeability, the ratio of financial loan vehicles to total vehicle sales, is a key indicator for measuring the maturity of China's overall auto finance industry. Compared with foreign mature markets, China's auto finance penetration rate is relatively low. According to Ford Asia Pacific's 2014 research data, the penetration rate of auto credit in the Asia-Pacific region is over 80% in the US, 70% in India, 50% in Brazil, 30% in Russia, and 17% in China.
According to the "China Automotive Industry Yearbook", China's automobile finance development sprouted in 1995. In order to stimulate the effective growth of automobile consumption demand, domestic automobile manufacturers and some state-owned commercial banks jointly launched automobile "consumer credit business". Since August 2004, the "Automotive Finance Company Management Measures" was officially implemented. The first auto finance company, SAIC General Motors Financial Co., Ltd. was formally established. Up to now, with the steady growth of automobile sales, the total amount of auto finance credit has steadily increased. rise. According to statistics, from 2010 to 2014, the annual average compound growth rate of the auto finance industry exceeded 30%. In 2014, the sales volume of the automobile market was about 23.5 million, and the estimated penetration rate was about 24%. According to the average loan amount of 80,000 yuan per vehicle, the loan scale was about 450 billion yuan. According to the statistics of Xinhuaxin, in the global automobile industry profit distribution, the profit of vehicle sales is gradually reduced, and the profit of automobile finance is the largest share of the profits of the automobile industry, reaching 23%. The huge development prospects of auto finance companies naturally attract the chasing of Internet companies.
Convenient and fast auto finance and Internet frequency "hand in hand"
According to the 2014 China Auto Finance Report released by Deloitte, the Chinese auto industry has gradually entered the "network era." Although Internet finance is not a new word in recent years, in the context of auto finance, Internet finance still has great potential. This trend will attract new capital investment and make the Internet financial platform the main body of auto finance.
According to industry insiders, a few years ago, applying for auto finance services required financial institutions to conduct home visits. Now, auto finance companies can realize business delivery through the internal system that communicates with the dealers, and through the scanning and uploading of audit data, they are transmitted to the credit review background of financial institutions to realize internal network. It can be said that the business of auto finance has natural network properties. Su Hui, deputy secretary general of China Automobile Dealers Association, said that Internet finance has the advantages of convenience, speed and professionalism, and can build an information platform. Auto finance will gain greater development advantages through the use of the Internet platform.
It is precisely because of the infinite possibilities of auto finance in the context of the Internet, and the Internet is increasingly "hands-on" with auto finance. Tencent Li Caitong and FAW-Volkswagen Audi launched a cross-border cooperation with the brand to launch the cooperation of “Audi A3, Buying a car and managing moneyâ€; Alibaba launched a cross-border sharing method between car brands and mobile internet, such as cooperation with multiple dealers to balance The prepaid of the frozen section of the treasure, during the period can enjoy the benefits of the purchase of the car for 3 months.
The auto financing company Yi Xin Capital, which Tencent and Jingdong jointly invested, came more directly. According to reports, the car loan channel chedai.yiche.com of Yiche.com has been launched recently. The main business model is to connect the customers who intend to purchase loans with financial institutions. On the one hand, through the disclosure of loan information, the information asymmetry of customers is effectively reduced; On the one hand, it increases the ability of financial institutions to acquire customers and the ability to serve their own brands, and reduces the cost of 4S shop sales consultants or credit officers to communicate loans with customers. The current auto finance platform includes new car loans and auto mortgage loans, and more auto finance related subchannels will be launched in the future.
Non-performing rate low trajectory tracking anti-fraud auto finance dynamic credit is possible On January 4, Premier Li Keqiang knocked down the computer return key at Shenzhen Qianhai Weizhong Bank and issued the first loan of this Internet bank. Although it is not confirmed whether the first loan received by truck driver Xu Jun is a car loan, Internet banking has begun to emerge, and Internetization will become the development trend of the financial industry in the future. It is understood that the automobile finance of western developed countries is highly networked, and about half of the business is completed on the network. For example, Stratton, Australia's largest auto finance company, provides consumers with auto finance network services including online preliminary qualification and loan program selection, and the approval process can be completed in as little as 5 minutes.
At present, China's commercial credit system is still not perfect, which is a difficult problem in the development of auto finance network. Luo Lei, deputy secretary-general of China Automobile Dealers Association, said that the development of China's auto finance needs to establish a sound credit system. However, according to industry insiders, it is the Internet and big data that make auto finance Internet possible. First of all, car loans have the advantage of low risk compared to ordinary credit loans and operating loans. According to the data of the China Banking Regulatory Commission's auto finance industry association, as of the end of the first quarter of 2014, the overall non-performing loan balance of auto finance companies was 1.14 billion yuan, and the non-performing loan ratio was 0.43%. Ping An Bank's 2013 annual report showed that the non-performing rate of auto loans was 0.21%. Less than 0.5% of the total retail loan non-performing rate of Ping An Bank; Secondly, under the existing auto finance business model, there are some sales consultants who can help with the possibility of fraud in order to increase sales volume and loan pass rate. Through the auto finance Internet platform, the application process is pre-positioned, circumventing individual assistance in fraud, thereby obtaining quality customers, and can use the advantages of Internet big data to implement anti-fraud; third, auto insurance and auto loans will pass through the Internet. Effectively combined, it can even realize dynamic credit to customers, realize the financial use of the entire vehicle cycle or even non-use vehicles; Fourth, the auto finance Internet platform access to enough auto finance providers can pass the qualifications of customers and The judgment of the loan requirements effectively connects the appropriate financial institutions and formulates a personalized customer loan plan.
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