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Private car driven by growth in downstream industries to become the new auto finance Cheese Time: 2004-2-19 8:04:59 Source: People's Daily - Market News Author: Zhang Yi With the further opening service trade after China accession to the WTO, has been the domestic auto finance Hot topics discussed by the marketing community. As a leading factor in the all-round marketing of automobiles in the post-industrial era, auto finance has increasingly demonstrated its enormous potential for development. At the Shanghai International Automobile Finance Forum organized by the Shanghai Automotive Financial Services Promotion Association held at the end of November 2003, experts and scholars from the People's Bank of China and China Banking Regulatory Commission, renowned economists, Shanghai Banking Association, and other experts and scholars on China’s auto finance The development was discussed in depth. Since 2001, the private car market has become the main demand of the market. On the one hand, domestic production companies have introduced various new models one after another. On the other hand, residents’ income has been continuously increased and ideas have been updated. The automotive market has finally ushered in the era of private cars. In 2001, the proportion of private car consumption reached 47.1%, exceeding 56% in 2002. Under the strong support of private car demand, the private car market continued to maintain rapid growth in 2003. The profit rate of domestic automakers averaged over 12.5%, while the profit rate of international auto giants in 2002 was between 2% and 4%. Since May 2002, most sedan manufacturers have begun to loose their car prices in order to seize major consumers. On November 20th, Sail and GOLO prices dropped to 75,000 yuan. This has caused a small upsurge of consumption in the market. However, industry analysts have analyzed that price cuts may produce a domino effect of a new round of car prices. A survey shows that 48% of respondents hope to buy a car in the near future, while 18.7% of respondents hope to buy a car now. About 35 percent of people under 35 years of age account for 59% of the total number of car buyers; economical family cars have accounted for a major share of the auto market in these two years, of which the market share of 100,000 to 50,000 yuan is the largest and the price of 5-10 million yuan is the fastest growing. Domestic cars account for 70% of sales, and hot models are in short supply, and even require reservations and expedited charges. Dr. Mingjie Ming, a doctoral tutor and a national expert with outstanding contributions from the School of Management at Fudan University, analyzed that China has already opened the prelude to full-scale automobile consumption. It is expected that the automobile market will usher in a period of high growth, and there will be considerable duration. Consumer finance, insurance claims, maintenance, spare parts supply, used car transactions, vehicle replacement, automotive culture and entertainment and a series of automotive financial services as the downstream industry of the automobile industry chain not only provide customers with convenient car purchase services, but also become international The automobile giant’s important source of profit. The lack of development in the automotive financial services industry has severely restricted the consumption of personal cars in China. China’s sales of vehicles through consumer credit are less than 10% of new car sales, which is far below the 60%-80% ratio of European and American countries. Experts analyze that we should make comprehensive use of social resources such as banks, insurance companies, and sales networks to establish a competitive automotive financial service system.
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