· Internet companies get stuck in auto finance, there is no explosive growth in the short term

Three months after the establishment of the automobile business unit, Alibaba Group (hereinafter referred to as Ali) announced that it is jointly ant small loan and many car manufacturers, in the mobile phone Tmall, mobile phone Taobao and other Ali wireless app end test water "secondary loan ".
According to the information provided by the Ali Automotive Division to the Rule of Law Weekend reporter, with the help of “Second-Second Loan”, consumers do not need to provide cumbersome information, just submit the application online by mobile phone, and the loan credit line can be obtained within half an hour. Up to 200,000 yuan.
At present, Ali announced that it has reached cooperation with more than 50 auto companies to provide loan services for Citroen, Nissan, Buick and Lifan.
Analyst Ma Yi, a senior analyst at Analysys International, said in an interview with the Rule of Law Weekend that not only an Internet company in Ali is engaged in auto finance business, but also various Internet companies are cutting into the field of auto finance services. The content is still auto insurance, car loans, Car financing leases are the mainstay.
According to the data, auto finance is a way for consumers to apply for preferential payment methods to auto finance companies when they need a loan to purchase a car. According to their individual needs, they can choose different models and payment methods.
"Internet companies implement auto finance services, which can realize the dynamic credit granting to customers through the traditional advantages of Internet companies in data, and further realize the financing of the entire vehicle cycle. This will not only enhance consumers' desire to purchase cars, but also become more and more More and more consumers are favored by financial management." Li Hua, a researcher at China Research Institute, told the rule of law weekend reporter.
More than 20 Internet companies involved in auto finance Lihu told lawsuit weekend reporters that according to incomplete statistics, there are more than 20 Internet companies involved in auto finance in China, and Internet giants such as Ali, Tencent, Jingdong, and Auto House are mainly in the new car field. .
Previously, 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 money”; Ali has launched a cross-border play of car brands and mobile internet, such as cooperation with multiple dealers. Prepaid in the balance of the balance of the treasure, in the meantime, can enjoy the three-month income of the car purchase; Jingdong and the car company reached a total amount of up to 1.55 billion US dollars in strategic cooperation agreement.
Ali's recently launched "Second-Second Loan" APP allows consumers to view the credit line for car purchases based on models that support the "Second-Car Loan" model, with the highest credit limit being 40% of the official car guide price.
The relevant person in charge of the Ali Automobile Division told the Rule of Law Weekend reporter: “Consumers can use the mobile phone to check the quota in the 4S store, or obtain the credit for the QR code of the model in the 4S store.”
"This move is more in line with the actual demand of O2O car purchase scenarios, subverting the way of car finance in the past." The relevant person in charge of Ali Automobile Department said.
"At present, the main mode of the auto finance business carried out by Internet companies is to exist on the platform, to dock financial institutions, and to help consumers choose loans, insurance and other products." Ma Wei told the rule of law weekend reporter.
“The risk of used car loans is higher than that of new car loans. The size of the used car market is much smaller than that of the new car market. Internet companies in the domestic second-hand car finance sector have excellent car Eslite, financial management, etc.” Li Hu told the rule of law weekend reporter.
Relevant media reports show that Internet companies are making efforts in the used car financial market, such as China Ping An (35.10, -1.46, -3.99%) Group's used car e-commerce platform Ping An good car, the country's largest used car e-commerce "Yuxin The second-hand car and the second-hand car trading platform "Che Yi Pai" have launched their own auto finance products.
Breaking through the advantages of big data In fact, before the Internet companies entered the auto finance business, the traditional auto finance business has been developing for some time, but many insiders told the rule of law weekend that the auto finance business has not developed in China, the car Financial penetration is not high.
The automobile financial penetration rate, that is, the ratio of financial loan vehicles to total vehicle sales, is a key indicator to measure the maturity of China's overall auto finance industry.
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.
The head of auto finance of a branded car 4S shop revealed to the rule of law weekend reporter that there are not many customers who buy cars in installments, and only about 20%-30% of customers in the year will choose to handle auto finance business.
Luo Lei, deputy secretary-general of the China Automobile Dealers Association, pointed out to the rule of law weekend reporter that there are many reasons why traditional auto finance cannot develop rapidly in the past.
“First of all, the consumption concept of Chinese consumer groups is still not accustomed to spending future wealth. Secondly, the current lending rate of financial institutions is still very high, and the cost of using financial instruments for consumers is too high. In addition, since the national credit information system has not yet been established, the tradition When auto finance institutions are engaged in auto finance business, they will set up many complicated links to kill consumer confidence and patience," Luo Lei said.
Internet companies are trying to change the current situation of the development of auto finance.
Li Hu pointed out to the rule of law weekend reporter that in the era of Internet finance, the Internet platform is the closest to a specific business scenario, and can automatically acquire data using the system. The cost is very low, even close to zero, and can be connected with customers anytime and anywhere to generate strong interaction.
“When working in the auto finance business, Ali as a platform, with a large number of users, can get very mature shopping habits. Ant small loans through the mining and use of past data, can achieve the effect of simplifying the car dealers to apply for a loan process.” Ali The relevant person in charge of the automobile business department introduced to the rule of law weekend reporter.
The relevant person in charge of Ali Automotive Division pointed out to the rule of law weekend reporter that for auto finance service companies, ant small loans can provide them with risk control capabilities. Because ant small loan can analyze the data of Ali's whole system, combined with its own risk control system, to finally determine the credit line of shoppers.
It is difficult to explode in the short-term. Huang Yuanpu, the founder of E-European Network and a senior O2O industry analyst, told the rule of law weekend that Internet companies have entered the auto finance business and have not yet seen revolutionary results, but can be considered a trend.
Luo Lei told the lawful weekend reporter that the current penetration rate of auto finance has been gradually improved.
Statistics show that China's current car ownership exceeds 140 million units. In the next six years, the growth rate of new car sales will remain at around 7%, and the growth rate of used car sales will be nearly 20%. It is estimated that by 2020, the sales volume of new and used cars will exceed 46 million, of which used car sales account for half of new car sales. According to the growth rate of loan purchases in China's automobile sales, the proportion will exceed 25% in 2018, which means that the loan purchases will reach 10 million.
The CICC research report shows that the penetration rate is expected to increase to 41% by 2019, implying a compound growth rate of 22%. If the mortgage is calculated at 100,000 yuan per vehicle, the size of the domestic auto finance market may reach trillions.
“There is a lot of room for development in the field of auto finance, and there is still much room for improvement in its service experience and process. Internet companies can optimize processes from the perspective of users and car manufacturers and auto finance institutions. In addition, the use of mobile Internet , Big auto finance.” The relevant person in charge of the Ali Automobile Department pointed out to the rule of law weekend reporter.
Huang Yuanpu said to the rule of law weekend reporter: "It is worth expecting that in the next five to ten years, Internet companies may change auto finance. Because Ali and JD can use big data mining to solve problems such as integrity and economic strength of consumer groups."
"The space and potential of the auto finance market are relatively large. The participation of Internet companies will further promote the penetration rate of auto finance, but it is difficult to explode in the short term, and the market needs to be further cultivated," Ma said to the rule of law weekend reporter.
Li Hu pointed out to the rule of law weekend reporter that for Internet companies, the problems that may be faced in the future, in addition to policy risks, are particularly important for the risk control of auto finance business. The protection of funds and data security is the relative tradition of Internet companies. The shortcomings of the enterprise.

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