On the occasion of the AutoLab 2014 Global Automotive E-Commerce Conference, Xinhua Automobile, as a co-organizer, specially interviewed Li Haiyan, Chairman of the First Car Loan.
Li Haiyan believes that the development of the automotive Internet urgently needs financial support. The first car loan has become the first institution in the industry to provide financial services for the used car market. In the future, there will be better development prospects in the context of favorable policies.
Reporter: Why did you want to focus on this market, how did you evaluate this market prospect?
Li Haiyan: Based on the origin of our team, our team used to be auto finance, so we have a good understanding of the development of the automotive industry. The most popular in the past 10 years is the new car 4S shop. At this stage, the most popular is the used car. The used car is the general direction of the future, including auto parts and accessories. The state also has to release good conditions for these industries in the industrial policy. And the trend of spare parts is coming, because we found that the industry wants to develop pain points must be financial, so based on this understanding, we feel that this industry needs financial support. Therefore, we use the first car loan Internet car finance to solve such pain points.
Reporter: What is the development trend of the whole industry?
Li Haiyan: At present, only we are the first to do development support based on the industry chain. Automobile is a heavy capital industry and needs a lot of money to solve. This is not a financial institution. The Internet platform can solve it. It must be multi-platform operation. We welcome more platforms to do it. We say that financial consolidation is risk control quality and service, so finance itself can not be tall, finance should be very grounded to serve these industries, to serve the industry must understand the industry, must design products that meet this industry. Future risk control quality Internet finance has an advantage in this area because it is more professional.
Reporter: Please tell Mr. Li about the concept of the first car loan?
Li Haiyan: The idea we want to convey is that there are still many chains in the car chain that require more financial support, especially in the field of used cars and auto parts. The first car loan hopes to promote the automobile industry chain through the concept of the car internet platform. The financial solution.
Reporter: What impact will it have on the entire market or consumers?
Li Haiyan: First of all, the impact on the automobile industry chain, because the first car loan is the first person to eat crabs, I believe that it will attract more financial institutions to participate in the financial industry chain financial solution support, because there is more financial With the support of the organization, the development of the industrial chain will be more favorable.
Reporter: I just mentioned the pain point of the industrial chain. Where is the pain point reflected?
Li Haiyan: For example, the used car market is due to two national policies: the first one does not have a clear property registration system, which means that the transaction of used cars is a transaction between individuals and individuals, not a commodity transaction, not a commodity, so it cannot Operating with a trading company. The second is that the state has a taxation system. Any operating company needs to pay 20% of the business tax. Because of the difference in taxes, many second-hand companies will not do business, but they are brokers, but they are actually doing business. This is a big pain point. Because of this pain point, traditional financial institutions cannot intervene and dare not intervene.
Reporter: How do you balance?
Li Haiyan: We have found our cooperative investors through the internet financial platform. They have a certain understanding of the risk management of second-hand car dealers. Our first car loan provides customers of second-hand car dealers, including risk management after loan lending. They have access to financial support, and the development of used car dealers is also supported.
Reporter: Used car trading is subject to product quality problems. How do you ensure the quality of used cars with partners?
Li Haiyan: Today's used cars are different from what everyone understands. Nowadays, used cars are out of the trading market and fully branded. They control the quality of the vehicles they sell, because they are brand images. . The first car loan to these already conscious financial support is to let him develop rapidly, because he did not have financial support before, more is the private lending, we support the formalization, for example, there are now 10 million stocks, after My approval, I think I can give you a loan of 5 million. You have to mortgage the car to me. After professional evaluation, some supervisors have collected all the documents on the spot. You will come to me when you sell a car. Money, change another car, if you can't repay the loan, negotiate to sell the car, so that he can solve the confusion in his development, this is the biggest support for the dealer, because he can develop better with his own ability. For the consumer, the consumer is bought by the dealer. The full purchase must have a quality certification for the car. Now the used car dealer will provide the car with an extended warranty. If there is any problem, they will take responsibility. Therefore, this has put a certain commitment in it, and the quality assurance for consumers has already been solved. For the customers who buy the car by installment, he needs more money, and the first car loan can do it. The pain point to solve is the problem of evaluation.
Reporter: How many dealers do we work with?
Li Haiyan: More than 200.
Reporter: At what level are more than 200 dealers now?
Li Haiyan: The top five in each city, the new car is 500,000 to 600,000, and the BMW X6, Q7, and Audi A6 are more advanced.
Reporter: Do you have any dealer brands?
Li Haiyan: Now that the bicycles are in the class of more than 200,000, their support is more needed, and the operation method is different from that of the big dealers.
Reporter: Is there a staged plan for regional development?
Li Haiyan: Yes, we saw in the first stage which areas of used car trading volume are relatively active, such as Beijing, Tianjin and so on.
Reporter: We have a saying here that the financial industry P2P, please tell us in detail what is the risk control approach here?
Li Haiyan: The car internet financial platform and the first car loan are more flexible. We design different products for people with different pain points. Because the products include risk control, for example, second-hand car dealers need to buy and sell cars, then they need money. How to control the process of buying and selling cars, our current practice is to choose the big business in the city or he has a core position in the city, for example, the business volume he manages is more than 50 million.
We have to conduct due diligence on him, such as his financial statements, scoring the water situation over the years. After the completion of the score, we will be divided into ABC grades. The A and B rates are not the same. We will pay attention to the small scale at the C level. After the level is divided, we go to the site to check the vehicles. We usually do 50% off. The vehicle's documents are collected. At the scene, an appraiser evaluates the car, including labeling the car. The investor can view the label. He can analyze the situation of the dealer. He believes that there is no problem to invest and invest. After that, we put the car into the account of the used car dealer after the team was finished with the team on the same day, and he can take the money and buy the car again.
After the loan, our supervisors are always on the scene, because the documents are in our hands, they have to buy the car to get money or take the car for us. If there is any problem, we will dispose of the vehicle, or the operation of the car pledge. This is widely used in the new car field, but there is no problem in the new car field. Supervision is exactly the same as in the new car sector.
Reporter: What is your long-term plan?
Li Haiyan: We are serving the automobile industry chain. Since we are talking about the automobile industry chain, it is not just a car chain. New car dealers are also short of money. What we provide is more demand that banks cannot provide quickly. Whether it is an operator or an individual consumer. The list of individual consumers is small and scattered, and there are still many people who can provide them. However, many operators have no way to provide them, or everyone is not professional enough to provide them. I think they need more support. Most of the ideas of second-hand car dealers are not very good. The key is whether you can find out a group of ideas and meet your services.
I think the first thing to solve the pain of the industrial chain is the operator's funds to solve the capital needs of these companies. We don't think of them as bad people. They are good people. They want to develop more, but there are also some unruly rules. How can we rule out? What good way to guide him for good people and rules is not only to give him money, but also to tell him what you should do in this industry. Solving the pain point of the industry is to solve the business development needs of the operators, and then the consumer demand of individual consumers.
The development of second-hand car chains is not a national policy. The lack of financial support is a bigger reason. If both of them are satisfied, the used car industry is developing better. Used cars are a good industry. The used car market in each country is twice that of new cars. The future development of China's used car market is still very promising.

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