1. Auto finance is a payment method that consumers can directly apply for preferential payment from auto finance companies when they need loans to buy a car, and they can choose different models and different payment methods according to their personal needs. Compared with banks, auto finance is a new choice for car purchase. Automobile finance is the combination of automobile industry and finance, and it is an important field of financial industry. Auto finance means that when consumers need a loan to buy a car, they can directly apply for preferential payment from auto finance companies, and they can choose different models and different payment methods according to their personal needs. Compared with banks, auto finance is a new choice for car purchase. China's auto finance market has gone through nearly nine years since the "Measures for the Administration of Auto Finance Companies" was officially implemented on August 18, 2004. During this period, China's automobile sales increased by nearly 300%, but the penetration rate of automobile finance only doubled, which is far from 70-80% of foreign consumption. In addition, in recent years, the number of auto financing companies in China has almost stagnated. So far, there are only a dozen auto financing companies, and most of them are dominated by foreign capital. The reason for the above situation is not only that the consumption consciousness and consumption pattern of domestic consumers are different from those of foreign countries, but also that the source of funds for auto financing companies mainly comes from bank loans, which leads to the higher cost of auto financing companies in China. In addition, the immaturity of the domestic auto market and the imperfection of the credit system increase the risks of auto finance.
2. At present, China's automobile consumption credit has begun to develop in the direction of specialization and scale, effectively activating the automobile consumption market. Auto Finance As the first auto finance company in China, SAIC-GM Auto Finance Co., Ltd. is now the largest auto finance company in China. By the end of 20 1 1, the service scope has been extended to more than 300 cities in 30 provinces across the country, providing comprehensive auto finance services for nearly one million auto consumers. However, in 20 1 1 year, the automobile market fell into a low-speed growth, and the promotion of new car sales through peripheral business services became a special concern of automobile enterprises, and making efforts in automobile finance became one of the strategies for automobile enterprises to "save the market". According to the statistics of Qianwei.com, five auto financing companies were newly established in 20 1 1 year.
3. In recent years, the vigorous development of automobile consumption market in China has fostered a broad development space for automobile financial services. According to the latest data from China Association of Automobile Manufacturers, the production and sales of automobiles in China exceeded 1075 1700 and 107822 respectively in the first half of the year, which increased by 12.8% and 12.3% respectively. Moreover, with the post-80s generation gradually becoming the main consumer, the concept of mass consumption is also quietly changing. The younger generation in China not only likes to spend, but also likes to spend in advance. Although the development of auto finance in China is not long, it is highly accepted by consumers. In order to share the development opportunities of auto finance market, many financial institutions, including state-owned banks, joint-stock commercial banks and auto finance companies of major auto manufacturers, are actively expanding auto finance business. Since 1998 central bank officially approved the development of automobile consumption credit business, automobile consumption credit business has achieved rapid development in China. In 200 1 year, the national automobile consumption credit balance was 43.6 billion yuan. According to the statistics of the People's Bank of China, by the end of 2008, the balance of automobile consumption loans issued by various financial institutions in China was 654.38+0583 billion yuan. By the end of 20 1 1, the market balance of automobile consumption finance exceeded 300 billion yuan. In 20 12 years, the development speed of auto finance exceeded 30%, reaching 392 billion yuan.