In recent years, the state has introduced a series of policies to continuously optimize the second-hand car trading environment, and the potential of the second-hand car market has been continuously released. According to data from the China Automobile Dealers Association, in the first quarter of 2023, the cumulative number of second-hand car transactions in the country was 42740,000 units, a year-on-year increase of 102%, and the cumulative transaction amount is 2707500 million yuan. The domestic second-hand car market is showing a vigorous and upward development trend.
On May 26, Bacera Bank's pure online, mortgage-free and guarantee-free financing product for second-hand car dealers, "Second-hand Car Order Loan", was officially launched. On the first day of launch, it pre-granted 20 million yuan of credit to 10 second-hand car dealers, and successfully landed the first loan.
It is understood that, compared with the traditional model, Baixin Bank's "second-hand car order loan" is based on the capital needs of dealers to purchase vehicles from the car source in second-hand car transactions, and provides working capital loans specifically for the purchase of vehicles in the form of pledge of dealers' own inventory vehicles, with a maximum credit line of 5 million yuan, with the product characteristics of unsecured, pure online, one-time credit revolving credit, and borrowing and repaying. With the support of intelligent risk control, Internet of Things, big data and other technologies, the product can achieve hour-level approval and second-level loan, and at the same time, car dealers only need to simply fill in the car booking information on the mobile phone, and the application can be completed in only 5 minutes, which greatly improves the efficiency of the second-hand car dealer's car booking service.
Relevant data show that the total financing demand of the current second-hand car market exceeds one trillion yuan. However, looking at the current second-hand car financial market, there is a relative shortage of financing products at the financial end of the first chain, and the financial penetration rate is extremely low. Second-hand car financial products and services generally have many problems such as low flexibility, slow timeliness, imperfect vehicle valuation system, and cumbersome offline operation process, resulting in the dilemma of difficult, expensive and cumbersome financing process for second-hand car dealers, which is not conducive to the long-term and healthy development of the second-hand car industry.
Baixin Bank is well versed in the second-hand car financial track, and the launch of the "second-hand car order loan" product is to focus on the second-hand car merchant customer group and the pain points of the industry, and launch the precise first-chain financial service, which will help break the long-term financing bottleneck faced by second-hand car dealers, and is also an innovative exploration of the industry's first-hand chain financial model.
As the first independent legal person direct bank in China, Baixin Bank has always focused on serving the real economy, using AI technology to accelerate financial digitalization and inclusiveness, helping the digital transformation and development of traditional industries, and striving to create a good financing ecosystem for small and medium-sized enterprises. The relevant person in charge of Bacera Bank said that the launch of the "second-hand car order loan" is an innovative exploration of the digital first-chain finance of the automobile industry by giving full play to the advantages of digital banking endowment, combining the deep industry understanding of the second-hand car market and the insight into the pain points of the industry, and providing digital solutions to solve the financing difficulties of second-hand car dealers.