·Automobile sales increased by 4 times in 10 years, and financial penetration rate was 20%.

"Now the car is cheaper, catch up with the preferential activities in the 4S shop, and it will cost tens of thousands. I think the loan is not necessary." Mr. Wang said.
Mr. Wang is 39 years old and has an annual income of about 250,000. He said that if he wants to buy a million cars, he will consider loans. "But if you choose a car, I usually choose within my own financial ability." Mr. Wang said that he is not the kind of special business person, "there is no need for face."
Mr. Wang told reporters that there are not many people who buy loans from neighboring friends. "The main reason is that the concept of consumption is more conservative." If one day needs to take a loan to buy a car, the first thing that comes to mind is bank lending. “I didn’t know about the business of auto finance companies,” he said, but the most important thing is the cost comparison. “Only when financial companies keep prices to a minimum and are lower than banks, they will consider buying a car through a loan from an auto finance company.”
Standing on the consumer's stand, Mr. Wang also summed up several reasons. "One is that the price of the car is relatively cheap now, the second is the concept of consumption. The third is that the auto financing company is currently not enough incentives. The fourth is the consumer's understanding of auto consumption credit. Not profound." People who share the same views with Mr. Wang are not in the minority. For most consumers, if the price of the car is less than 150,000 yuan, consumers will basically not consider loans. “Do you have any money to make a loan?”
Low penetration rate <br style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-TOP: 0px"> Mr. Wang represents most of the 70s and even older Consumers for auto finance (in the broad sense of auto finance, refers to the financial acquisition of financing funds in the production, circulation, purchase and consumption of automobiles. The narrowly-oriented auto finance services for individuals usually refer to the provision of consumers in the process of automobile sales. The view of consumer credit).
Coincidentally, since the implementation of the "Automotive Finance Company Management Measures" in 2004, the domestic auto finance market has been developing for more than 10 years. During this period, domestic auto sales have increased by more than 3.6 times, but perhaps because of the above reasons, you It will be found that there are more and more friends who buy cars around, but the proportion of people who choose to buy a car does not increase. According to the “2014 China Auto Finance Company Industry Development Report” issued by the China Banking Association Auto Finance Professional Committee, as of 2014, the scale of China's auto credit market exceeded 650 billion yuan, and the compound growth rate from 2012 to 2014 exceeded 14%. The rate just exceeded 20%. On the other hand, although the growth rate of automobiles is not as strong as that of China, the average penetration rate of auto finance has exceeded 50%. Even in developing countries like India, this figure is over 60%, from the statistics of Experian of credit reporting agencies. In 2014, 84% of new car sales in the United States was completed by credit.
Gu Feng, former financial director of SAIC Group, publicly stated that from the perspective of consumers, the reason for the low penetration rate of domestic auto finance is largely due to the fact that after 60 and 70, the main force of automobile market consumption, these people are spending habits. There is no particular preference for the 'loan' approach."
However, such a statement is not absolute. According to statistics, even if the current auto finance penetration rate is only about 20%, BMW's auto finance penetration rate has exceeded 33%, Audi has exceeded 37%, and Volvo has exceeded 30%. . The penetration rate of self-owned brand cars is significantly lower than that of joint ventures, especially luxury car brands. Analysts believe that there are many reasons for this. First, the luxury car brand itself pays more attention to the penetration of auto financial services. Second, car buyers have more demand for financial services. In addition, because of the downward shift in luxury car consumption, young consumer groups drive.
It is foreseeable that as young consumers become the mainstream of car purchases, the penetration rate of auto finance will increase rapidly. Sun Yu’s family was good after 90 years of work, but he also said that he was very acceptable for the loan purchase. "In fact, I think this has something to do with the big environment. It is like the gap between the domestic and international car rental market. The most important issue is the concept of consumption." He gave an example. "Every foreign countries are used to spending on credit cards, China. What? No, most of them are earning money first. Auto finance loans are also a problem of this consumption concept."
Loans have become a consumption habit of foreigners. "The foreign friends around us choose the loan method to buy a car. They think that the whole purchase of a car is still a small amount. Separate payment is a good way to pay only a small amount of money. General auto finance company gives The incentives will be even greater, so buying a car will choose this way.” Lucy is studying in the United States. She said that Americans will think that it is not a good idea to buy a car and have enough money. “This is a consumption habit. ."
"If it is me, I will choose a loan to buy a car." Lucy said she thought it would be more cost-effective. "If I have 1 million, take a part of the money to pay the down payment, the rest of the money will pay for the down payment of the house. If the remaining loans are returned in 20 years, it is not a lot every month. This is equivalent to 1 million buys. A suite and a car. If I rent out the house, I can still use the rent to repay the loan." Lucy said, "It is equal to 'white' to buy a house."
Despite the problem of consumerism, Sun Yu will choose a loan to buy a car. "Actually, I still agree with the loan to buy a car. Of course, the loan does not mean that you have no money. The more significance lies in your consumption concept. Buying 200,000 cars, at least there should be 1 million idle cash. I want to guarantee The money to buy a car does not occupy other consumption.” Sun Yu said that in addition to buying a car, there are also various needs for travel and emergency response. "If there is not enough money, I will choose to pay for the car in installments. After all, the car loan fee is not high."
"Secondly, whether or not the loan is not the same as buying a car. For example, for people who are working normally, it is better to have no extra income, of course, it is better to buy a car. After all, the loan is charged. But for those who do business. In other words, they are more inclined to invest in wealth management. If you think that investing in wealth management will generate a lot of income, you will choose a loan. Moreover, the temporary savings of the loan can make you earn more returns. Why not choose a loan?" Sun Yu said.
Channel dispute
However, the auto finance companies attached to the current car companies have not been fully covered. "It's not that you want to enjoy financial services, you can enjoy it. You have to have a financial license to set up an auto finance company. Many of them can't apply for a license. In this case, you can only borrow from a bank." "You go to the public to buy a car. Those who are sure to sell cars will recommend their own financial loans, but if you buy other independent brands, he may not be eligible to lend you."
Indeed, although there have been more than 20 auto financing companies in China as of the end of 2014, according to Deloitte's statistics, 54% of domestic auto car loans are provided by commercial banks, and auto finance companies only account for about 26% of the market. .
“At the time, when the car was bought, the sales staff also recommended to me that their own financial company (Ford Motor Finance) had the same interest rate as the bank, but felt that the procedures for handling it were very complicated and the threshold was higher.” Huang Shan (pseudonym) talked with the reporter Why did he not want to choose a financial company but a bank?
"In many cases, although manufacturers will launch 'zero interest rate car purchase' or 'low interest rate car purchase', in fact, you will find out that these are just promotional means, such as a two-year zero interest rate loan of 100,000 yuan, 4S shop may To charge a fee of 6,000 yuan, there are various cumbersome approval procedures, and there may be some 'contract terms', in fact, it is not cost-effective." Another owner who feels that he was "fudged" Dacheng (a pseudonym) ) "Reporting" to reporters.
"The advantages of auto finance companies compared with other channels have not been achieved in the past two years." Liu Tao, an associate professor at Antong School of Economics and Management, Shanghai Jiao Tong University, bluntly told the First Financial Journal. Regarding the similarities and differences between auto financing companies and other sources of funds in retail loans, Liu Tao said that China’s auto loans were originally bank loans, and then there were auto finance companies, and there were many large auto groups. The financial companies can also lend money, as well as financial leasing and so on. They are different from each other. One is the degree of formality of the procedures, and the other is the cost of capital.
At present, the sources of funds for domestic auto finance companies mainly include the following three aspects: shareholder deposits, bank loans and the issuance of financial bonds, of which bank loans are the main financing channels. Liu Tao pointed out that the money of auto finance is from the bank, which is very affected by the prosperity of the auto industry. In addition to the prosperity of the auto industry, it is also necessary to divide the brand of the automobile. The capital cost of the large auto group is also cheap because the car is sold. The subsidy is good, and the money is still affected by the relationship between supply and demand of the whole society. The single source of funds pushes up the loan interest rate of auto finance companies and reduces the competitiveness of their financial products. “I have some students who are also doing auto finance. They complain to me that the business is not doing well.” Liu Tao said, “Some (auto finance companies) are higher than commercial banks’ retail loans and lose their advantage.”
Although the interest rate is relatively high, compared with the bank's standard credit, auto finance companies are more aware of the market consumer demand, and the products are more diversified and more flexible. The flexibility of auto finance companies also helps to boost their market operations. In 2015, SAIC-GM Finance completed a total of 570,000 single retail loan contracts, an increase of 31% year-on-year; in 2016, its annual contract volume exceeded 820,000, an increase of more than 43%. Volkswagen Finance's business in China has also grown rapidly. In the first half of 2016, Volkswagen Finance China's new personal loan contract volume increased by nearly 40% year-on-year, and the car loan penetration rate was nearly 12%.
Future can be <br style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-TOP: 0px"> According to the estimation of China Association of Automobile Manufacturers, with 90 With the growth of the consumer group, the future auto finance market will usher in faster growth. The data of Deloitte is obviously more optimistic. It believes that by 2020, the penetration rate of China's auto finance will reach 50%, and the market size will reach 2 trillion yuan.
“With the relaxation of national policies, auto finance companies have a greater choice in business development.” According to Gu Feng, in 2014, the state approved five financial companies to pilot industrial chain finance business. The development of industrial chain finance means that auto finance companies can not only provide various financial services including auto models and fixed assets for their own dealers, but also provide financial services for non-group internal companies such as parts companies. Under the background of slowing growth, the loosening of auto finance business has also given the vehicle companies a new market opportunity for new profit points. According to data released by Xinhuaxin, the profit contribution of auto finance in the global auto industry is up to 23%, followed by spare parts manufacturing and service repair spare parts. The profit contribution is 22% and 17% respectively. The new car sales profit contribution is the lowest, only 5%.
With the birth of various new business models in the automotive ecosystem, the role of auto finance will be even more important. "According to the agency's forecast, by 2030, sales revenue from new services such as travel services and data-driven services can increase the sales revenue of the global auto industry by an additional 30%, or $1.5 trillion. These changes are complicated. In fact, it is users, data and services.” Wei Yong, chief financial officer of Shanghai Automotive Group Co., Ltd., told the First Financial Reporter during the Lujiazui Industry Finance Forum.
In Wei Yong's view, the role of auto finance in the process of rebuilding the value chain of the future auto industry will be driven by service support and innovation. In terms of service support, all kinds of new services generated in the automotive industry ecosystem need financial services support to achieve better development, reflecting the most basic industrial lubricant function. Of course, the increase in these business needs will also bring new opportunities for the development of financial business.
In terms of innovation drive, Wei Yong believes that in the past, customers are more concerned about the vehicle itself, and now customers are paying more and more attention to the service and experience in the whole life cycle of the vehicle, and finance is a good carrier for direct contact with C-end customers. Center, data-based construction of the new core competitive advantage of the automotive industry using new technologies and new models of the Internet, finance can provide users with accurate and diversified one-stop services to better enhance the customer experience. “This is especially important in the case of Internet aborigines, which we usually talk about after becoming the mainstream of consumption after 85 or 90.” Wei Yong said, in addition, in the automotive industry front-end technology research and development innovation and back-end business model innovation, VC PE investment is obvious to all, and it is essential for the mature application of these new technologies and models.
The importance of car companies to the auto finance business is gradually increasing. Except for the auto finance company's team is growing, the support of funds and resources is also overweight. In the recent 15 billion yuan fixed project completed by SAIC, it will be Some funds have been invested in the financial business expansion of SAIC Finance. According to the forecast of SAIC, if the annual increment of auto finance projects reaches 1.8 billion yuan, it will generate incremental profits of about 540 million yuan, with a profit margin of 30. %.