Recently, Baidu founder Li Yanhong took the unmanned vehicle into the Beijing Fifth Ring. This shows Baidu's ambitions in the field of artificial intelligence and automotive.
According to incomplete statistics of zero-digit data, as of June 30, 2017, a total of 13 auto financing platforms in China received risk financing in the first half of the year, with a total financing amount of 12.8 billion yuan. There is no shortage of BAT figures behind this.
Since 2013, with the explosive growth of China's Internet finance, the Internet evolution of auto finance has accelerated. Internet companies represented by Internet giants such as Ali, Baidu and Tencent, as well as Internet financial platforms including P2P platforms and crowdfunding platforms. Car e-commerce, etc., have tried water finance, and car Internet finance has ushered in the cusp. At the same time, the continuous innovation of Internet companies and Internet financial platforms in the areas of data accumulation, user experience, and transaction payment has also spawned a more diversified business model for the auto finance market.
At present, the integration of the Internet + automobile industry has evolved from the initial car portal and automobile community to the Internet of Vehicles, automobile e-commerce (second-hand car trading platform), and automobile financial platform. At present, auto finance is mainly divided into second-hand car finance, new car finance, financial leasing, car loan, auto insurance and other sub-sectors. There are data showing that the total valuation of auto finance in 2017 reached 127.8 billion yuan.
The 100 billion yuan auto finance market is stirring up the "Spring Heart" of the Internet giants and other market participants.
Internet giants open up the territory
There is no unicorn company in the automotive finance sector today. According to the data, the penetration rate of China's auto finance is only about 20%, and there is still much room for development compared to the penetration rate of more than 60% in the United States.
Alibaba laid out auto finance in 2015. On March 12, 2015, Ali and SAIC Group (600104, shares) (Shanghai Stock Exchange Group Investment Co., Ltd., a wholly-owned subsidiary of the company, invested 500 million yuan to set up an Internet car fund totaling about 1 billion yuan; On April 8th, Ali integrated its big data marketing, established the Ali Automobile Business Unit, and cooperated with the various partners of the automobile ecological industry chain to provide car owners with “viewing, selecting, buying, using and selling†car power through wireless business scenarios. O2O one-stop service; In July, Ali Automobile Division also announced that it has teamed up with ant small loans and many auto manufacturers to launch “car-second loansâ€. Consumers only need to submit applications online by mobile phone, and they can get loan credit within half an hour. Amount.
Behind the expansion of Alibaba's territory, Ant's role in the Ali system is to solve the problem of financial management payments. Taobao and other e-commerce platforms provide purchase channels for auto parts, and Alipay solves the problem of large-scale payment for automobiles.
The latest action of Ant Financial is that on May 25th, Ant Financial announced that it will open the first "car insurance" to the insurance industry, with the technology of Ant Financial in big data, artificial intelligence, data modeling, etc. More accurate identification of customer risk, more reasonable pricing, more efficient service consumers provide the basis.
Tencent's layout in the automotive finance field began in 2013. Tencent and Junlun Capital invested in the B2B platform. In January 2015, Tencent and JD invested about US$1.3 billion in cash and exclusive resources. And injects $250 million into Yixin Capital, a subsidiary of Easy Car, which focuses on the automotive finance Internet platform. In August 2015, Tencent invested in the C2C platform for everyone. In September 2015, Tencent United Easy Car Network and other companies jointly invested in the C2B platform. Take a car every day. At this point, Tencent has completed the complete layout of the major segments of C2B, C2C and B2B of new car e-commerce and used car e-commerce. However, public information shows that Tencent has not expanded much in the automotive finance field in the following years.
Baidu uses the advantage of traffic portal to launch a car channel on its website, providing information aggregation services such as used car search, valuation and selling cars, loans to buy cars, and auto insurance. At the same time, Baidu also invested in Uber, every day car, 51 car, Youxin used car and other companies.
When giant investment also has a confluence, Yi Xin Finance is an example. Yixin Finance is an Internet auto finance platform jointly invested by Easy Car, Tencent, JD.com and Baidu. The current business includes new car loans, used car loans, auto insurance, car owners and other financial products and services.
In addition, LeTV's layout in auto finance is also very big. In June 2016, Daqi Technology Co., Ltd., jointly invested by Guangzhou Automobile Group Co., Ltd. (601238, shares), LeTV Holdings and Zhongcheng Insurance, was officially announced. Dasheng Technology first focused on the field of automotive e-commerce. Intended to provide one-stop service for car repair, car use, car purchase and car rental; in August 2016, LeTV held a strategic cooperation conference with the Zhejiang Provincial Government, announcing the two parties in the LeEco Super Car Eco Experience Park, the Smart Car Industry Fund, and the Internet. The financial cooperation project was officially launched.
The continuous innovation of Internet companies in the areas of data accumulation, user experience, and transaction payment has injected new vitality into the auto finance industry. Giants such as BAT have also made significant investments in auto finance. Some insiders believe that "the giants are not always smooth, and the status quo of LeTV is the best proof. In the case of the overall weakness of the company, it is difficult for auto finance to do something."
Auto finance enters deep water area
Zero-finance financial analysts believe that "in the past two years, the enthusiasm of the Internet giant to deploy auto finance has been unprecedentedly high. With the influx of various giants, industry competition has intensified, and mergers and acquisitions have become more and more intense. At the same time, some problems have begun to be exposed. In 2017, The Internet giant's layout of auto finance will enter the deep water area."
The layout of the giants reunioned a blue ocean, but there are countless reefs behind it.
Some insiders believe that "such as the difficulty of using a second-hand car, the excessive capital of the offline mode, the second fraud of the company, the cost of capital, etc., are all the realities that every new auto finance player has to face."
At the same time, the biggest pain in this industry is the second mortgage of fraudulent vehicles and vehicles.
It is reported that the internal information of the auto finance industry is not transparent, and the market lacks a sound credit system, which makes it impossible for enterprises to effectively avoid fraudulent acts such as repeated mortgages and fraudulent loans.
In addition, the current segment of auto finance, “automotive financing leasingâ€, has caused disagreements in the industry. The model of automobile finance leasing is that customers can rent a satisfactory car and pay rent on a monthly basis. After the contract expires, the auto finance company transfers the vehicle to the customer, thereby realizing the conversion from car use right to ownership. In the entire auto finance industry chain, auto financing leasing has been favored by more and more auto industry practitioners and customers by virtue of its financing characteristics, more flexible business model and high profit return.
However, the blind profit of the practitioners has created many black chains behind this field. Many of the financial leasing companies have even issued a slogan of down payment or even zero down payment for the sake of performance, so that the fraudsters are constantly emerging. From this point of view, whether it is the deepening of risk control or the frequent fraudulent chaos, it indicates that the road to mature development of auto finance may have to go through a long journey. But what is certain is that this market is big enough and the entire market is still growing rapidly.
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