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The rapid development of China's auto industry has become a truly "car big country." The annual sales of automobiles from 2000 were less than 1 million units, and the annual sales volume has exceeded 20 million vehicles. It has ranked first in the world's automotive market for five consecutive years. In this process, the help of auto finance has been undeniable, and it still has great potential for development.
When various commercial banks have entered the automotive finance industry, the Ping An Bank's Transportation Finance Department is taking the road of a unique auto finance business combining a full-industry-chain finance, integrated finance, internet finance, and a financial-comfortable alliance. Shao Ping, president of the bank, said: "As an explorer in the automotive supply chain finance sector, Ping An Bank will closely follow the pace of China's auto industry transformation and upgrading, and constantly innovate business models and product services, providing strong financial support for China to become a powerful automobile country. ."
Financial penetration still needs to be improved
While China has grown into a "car big country," many issues such as energy, environmental constraints, and lack of competitiveness of independent brands are also hidden behind it. China's auto industry is still faced with the problems of how to transform and upgrade and become a "car powerhouse."
In addition to the automotive industry's own transformation problems, the development of China's auto finance has not been able to match the development of the industry. Although China is already the world’s largest producer and seller of new vehicles, the penetration rate of auto finance is still low, currently around 20%, while the same indicators are in the United States and other developed countries around 70%. With the intensified competition in the auto industry, finance, as an important tool to increase the conversion rate, is of great significance to enhancing the competitiveness of industries and channels. Auto finance tools can help younger groups to lower their purchase thresholds. Such people are open to the car rental industry and will become the mainstream customer base in the auto finance industry in the future. Experts predict that by 2020, the financial penetration rate of China's auto market will reach 50%, and the market size will reach 1.8 trillion yuan.
It is worth noting that the current banking industry is facing “new normal†pressure and needs to make a transition. According to European and American experience, the most profitable business in the auto industry is auto finance and after-sales service, which has also made auto finance become a bank in recent years. One of the key development businesses.
Industrial transformation in an all-round way
Shao Ping believes that to promote the transformation and upgrade of the automobile industry and realize leap-forward development of China from a "car big country" to a "car powerhouse," we must first promote the greenization and intelligence of automotive products, and vigorously develop resource-saving and environment-friendly models. The automotive industry has made energy conservation and environmental protection an important focus, and the application of independent innovation and intelligent technology as the direction of progress can promote the success of the automotive industry transformation.
Second, the auto industry should adhere to the "going out" strategy. As the scale of China's auto market gradually steadily grows, seeking development in overseas markets has become an inevitable choice for more and more auto companies. In particular, it is necessary to accelerate the pace of “going global†for independent brands and improve the overall competitiveness of local auto companies in the international market.
At the same time, the industry should continue to promote the efficiency of the automotive industry chain. As the scale of the automobile industry continues to expand, the division of labor in automobile manufacturing is becoming more and more elaborate and more professional. It is more urgent that all participants in the industry chain need to improve their own management capabilities and continuously improve the effectiveness of collaboration.
Finally, it is necessary to insist on the transformation of the profit model of the automotive industry. As the growth rate of the automotive industry tends to be stable, and the scale of inventory of in-situ vehicles continues to expand, the profit points of the industry chain are shifting from front-end new car sales to back-end after-sales maintenance, used cars, and automotive financial services, and the profitability model of the industry is changing. Imperative.
Financial innovation entry point is clear
Faced with the transformation and upgrading of the automobile industry, the banking industry must provide innovative financial services to help the automotive industry cross the high end of the value chain and industrial chain.
In Shao Ping’s view, banks can do a lot of work, such as carrying out order financing for new energy battery factories and auto factories, exploring charging pile construction funds and new energy car buying support funds, establishing merger and acquisition funds, and helping promote the promotion of new energy vehicles. Enhance the construction of industrial infrastructure; through the introduction of Internet of Things technology, install mobile IoT devices on vehicles to replace manual site supervision, reshape and optimize bank credit business, effectively reduce labor costs and moral hazards, and provide big data for credit risk prevention Support; online financial platform to connect with the online demand of automotive companies, the bank can provide e-commerce sales channels for the automotive industry, and rely on the customer resources advantages accumulated on the platform, match car manufacturers and technology service providers to cooperate with each other. These innovative financial services will effectively break through the financial service bottlenecks in the development of the auto industry, thereby greatly enhancing the ability of finance to support the transformation and development of the auto industry.
In promoting the "going out" of the automotive industry, banks can support cross-border financial product systems, including offshore business product series, international business product series, merger and acquisition funds, bond issuance and other capital operating products. Overseas investment in building factories, setting up R&D centers overseas, and acquiring overseas assets will help Chinese cars to embark on the path of internationalization of assets and internationalization of operations as soon as possible. In promoting the improvement of the efficiency of the automobile industry chain, banks can use the "big data model of the Internet financial platform" to grasp the company's "fund flow, information flow, logistics, and business flow" into one by grasping the relevant operational data of the enterprise. This, as a basis for granting credit, drastically reduces the financing threshold for such companies. At the same time, through the e-commerce collaboration platform to achieve the upstream and downstream of the supply chain between the order exchange, inventory changes, transportation management, payment management, settlement and other comprehensive online management, effectively reduce the cost of manual operation of automotive companies. In addition, banks can use a variety of cash management products to achieve the internal capital of the group companies to increase and disburse funds, as well as the sharing of funds between the upstream and downstream companies.
In addition, the automotive "aftermarket" link is becoming a profit blue ocean in the automotive industry chain. For individual consumers, they can provide a variety of consumer loan products such as personal new car loans, used car loans, and car purchase surcharge loans to help them realize their dreams of buying cars and relocating cars. They can provide asset securitization for auto finance companies and auto financing leasing companies. Products, help them to activate assets, expand business scale, and improve asset liquidity; for second-hand car service providers, automotive boutiques, and accessories service providers, they can provide an online financial platform to help them improve their online sales channels, reduce sales costs, and improve management.
"These are good starting points for financial services," Shao Ping said.
Faced with the transformation and upgrading of the automotive industry, banks can do a lot of work, carry out order financing for new energy battery factories and automakers, explore charging pile construction funds and new energy car support funds, and set up merger and acquisition funds to help promote new energy vehicles. Promote and strengthen the construction of industrial infrastructure; through the introduction of Internet of Things technology, install mobile IoT devices on vehicles to replace manual on-site supervision, reshape and optimize bank credit business, effectively reduce labor costs and moral hazards, and provide greater protection against credit risk Data support; online financial platforms link up with the online demand of automotive companies. Banks can provide e-commerce sales channels for the automotive industry and rely on the advantages of customer resources accumulated on the platform to cooperate with car manufacturers and technology service providers. 