Lin Deming: The scale of the "cake" in the auto market

On February 20, the National Development and Reform Commission announced that it will increase the price of gasoline and diesel by 350 yuan per ton, which is the domestic oil price adjustment after December 22 last year. The continuous rise in oil prices has aggravated the car-building pressure of car users. In addition, the costs of auto insurance, daily maintenance, and fault rescue all stimulate the financial management of the majority of auto users.

In this context, the automobile "post-market" has become another indisputable place for financial companies, among which the owner's credit card has become an important weapon to seize this market. According to the statistics of Silver Rate Network, as of 2010, there were 9 banks issuing private car auto user cards in China, and more banks are gearing up to try to share a share in the developing auto financial market. On February 25, Guangdong Development Bank and China Resources Economic and Trade Co., Ltd. jointly issued the GF China Huitong Co-branded card, which attracted the attention of the majority of auto users with its unique advantage of “refueling 2% return”.

“Guangdong Huafa Huitong Co-branded Card was first issued in Guangdong Province and it has the core function of '3+1'.” Lin Deming, general manager of the Guangdong Credit Cards Credit Card Center, told Time Weekly reporter that the first is “returning credit card reimbursement free repayment amount” Cardholders refueling and refueling at the exclusive POS machine in China Express special gas station, enjoying the refund of 2% of the reimbursement amount; the second is “free driver accident insurance”, up to 150,000 yuan. This will enable cardholders to obtain a safety guarantee free of charge. The third is "unlimited number of free roadside assistance services". It is applicable nationwide and will undoubtedly provide car owners with high quality services in the snow.

According to data from the China Automobile Association, when a car is consumed, the cost of buying a car only accounts for 20% of the total cost of the entire car from purchase to end-of-life, and 80% of the cost is required for subsequent use. Based on this ratio, the size of the car “aftermarket” cake is four times that of car sales.

The demand for car users in fueling, auto insurance, and maintenance has gradually increased. With the diversification of individual needs and the deepening of diversified consumer sectors, the sub-barriers for the issuance of credit cards in the financial industry have gradually increased, and they have turned their attention to this emerging potential market. Putting more car users' cards in this area into the market is really starting from the interests of car users.