MarketResearchReports.Biz announces addition of new report “Global and China Automotive Finance Industry Report, 2013” to its database
Albany, NY -- (SBWIRE) -- 08/13/2013 -- China's automotive finance market is still in the early stage of development due to consumer attitude, risk management and control, etc. While the penetration of automotive finance has exceeded 80% in the United States, India and Brazil, 60% in Japan and Western Europe, and 40% in Russia, it only achieved 15% in China in 2012, indicating huge growth potential.
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As the core business of automotive finance, retail financing broke a balance of RMB 300 billion in China in 2011, of which, RMB 136.7 billion (41%) was attributable to commercial banks. Affected by the automobile purchase control policy, the retail financing balance witnessed a growth slowdown in 2012, and only increased by 13% year on year to about RMB 339 billion.
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Besides the retail financing business, a mature automotive finance market shall include wholesale financing, car rental and leasing, and used car financing businesses. In 2012-2013, following the steps of Dongfeng Nissan and dealer groups, automotive finance companies, such as Mercedes-Benz Financial Services, Volkswagen Financial Services, Toyota Financial Services and BMW Financial Services, also plan to develop China’s automotive rental and leasing market.
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