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Own-brand Autos accelerate into the field of auto finance

With the increasing acceptability and enlarging market scales of auto finance, more and more auto companies pay more and more attention to the car finance.

However, in the auto financing companies, the auto financing business was first started by foreign brands, and General Motors, Volkswagen auto finance companies have become one of the most important sources of profits for the two brands. Relatively speaking, the own brand auto financing companies are relatively less. In the four own-brands, Geely, Great Wall, BYD and Chery, only Chery has an independent auto finance company.

Recently, China Economic Times reporter learned from the related car enterprises that with the increasing development of own-brand car enterprises, several own-brands, including Geely, and BYD all have plans of building car financial companies, and Great Wall, and Lifan own-brand car financial companies have been approved smoothly, and the two own-brands will open car financial business latest in first half of next year.

Industry analysts believe that the automotive financial services is not only a means to perfect car company service, to improve the automakers branding, but also to further promote the sales of own-brand vehicles due to the rapid development of the auto industry, and will also become a supporting point of profit and growth for own-brand car companies.

Analysts also point out that, even though car consumption through loans accounts for only a small part of the entire automobile consumption in the domestic market, but in front of a huge market prospects in the future, the sooner to involve in the auto finance field, the own-brand autos will take more advantage over the foreign-owned or joint-venture car finance companies in the severe competition.

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