FAW Motor Finance Co., Ltd. was established at the beginning of this year by Jilin Bank and FAW Finance Co., Ltd. It relies on FAW Group's branded automobiles and its marketing network to provide financing support for auto distributors in circulation and to provide end-user institutional clients. And individual consumers provide professional financial services such as car loan business.
In the first quarter of this year, FAW Automobile Financial Co., Ltd. vigorously promoted 600 million yuan for the liberation of truck users, an increase of 55%. Achieved sales of 3,289 units, an increase of 57% over the same period of last year, and achieved better sales performance.
Auto finance has long played an absolute “protagonist†in the automotive value chain in the foreign automotive industry. 70% of car sales are sold through auto loans, and the profits of auto finance account for 50% of all automakers' profits. In China, auto finance services are still in the initial stage, and the proportion of domestic consumers' loans to purchase cars is only about 10%. In order to seize this huge market space, after the establishment of FAW Auto Finance Co., Ltd., FAW Auto Finance Co., Ltd. was established to give full play to the geo-advantages of the company and FAW and cooperated with FAW Jiefang Auto Sales Co., Ltd. to vigorously expand the field of truck finance, continuously innovate the scale of business development, and enhance the liberation of trucks. The car loan service to promote the liberation of truck sales.
At the beginning of the year, FAW Motor Finance Corporation first stepped up efforts to develop its dealer network. By the end of March, it had reached 134 cooperative dealers and expanded its business to areas such as Qinghai and Xinjiang. On the basis of network construction, in order to better serve distributors and enhance competitive advantages, we have promoted the efficiency improvement project for financing businesses, optimized the entire business model and operation process, improved the efficiency of loan distribution, implemented pre-mosaic lending policies, etc. Means to improve the timeliness of network development and credit granting, and control the timeline throughout the entire process to create a flexible and efficient brand advantage for FAW Finance. Since April of this year, FAW Auto Finance has also subdivided the customer groups, and has launched two new products, namely buffered credit and easy credit, targeting customers with short-term working capital shortages and short-term eagerness to scale up. In addition, on the basis of the investigation, the business cooperation model for the liberation of special-purpose vehicle networks has been designed and completed. From this month, the consumer credit business will be officially launched on the liberation of special-purpose vehicle networks.
As FAW Auto Finance Co., Ltd. actively expands its financial business, it broadens financing channels for users and solves the difficulties of transport companies and individuals in buying cars, which has been welcomed by manufacturers, distributors and users.
In order to ensure that the liberation dealership has the capability of auto finance operation and management, FAW Car Finance has started the dealer service support project. For new network dealers, on-site counseling and full-track tracking system import model will be used to export mature commercial vehicles to dealers. The financial business system will enhance the dealers' financial business operation capability and management level. For dealers with weak business capabilities and vulnerable markets, through the improvement mechanism of problem diagnosis, on-site counseling, and assessment tracking, a weak market promotion plan is formulated to help dealers gradually grow.
FAW Automobile Finance Co., Ltd. will also deepen its cooperation with Liberation, improve the level of financial credit services, and continuously create financial credit consumer products that meet consumer spending and financial management habits, so that service concepts and methods will become more mature and help to liberate product sales. Pusher.
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