Autohome, which has over 400 million users, launched new products together with Ping An and Puhui, which once diverted traffic to loan products.

Recently, the Consumer Finance Era discovered that the Internet car platform Autohome has recently launched a new loan product in conjunction with Ping An and Puhui - Jiayouqian.

The information shows that the family’s maximum credit limit is 50,000 yuan, with a daily interest rate of 3.3 million yuan. It is only necessary that the credit report is not seriously overdue.

According to reports, the Jiayouqian product is an invitation-only product. If you are an invited user, in the "My" page of the Autohome App, "My Wallet" will be displayed as "Jiayouqian Quota" ”, and non-invited users are displayed as “credit limit”. According to the introduction, Jiayouqian’s product is different from Autohome’s original loan product in that loans are issued quickly, and the product does not require users to have a car. As long as there is an entrance, you can try it.

Consumer Finance Times tried to borrow money, but unfortunately, the corresponding page only showed a credit limit of 500,000 yuan and was not invited.

Autohome is involved in loans, insurance, and installment car purchases. and other businesses

Autohome was founded in 2005. It was originally a vertical car website with content. According to its official website, its cumulative number of activated users has reached 430 million, and the average daily number of unique user visits to the main App has reached 13.85 million. It is the most visited automobile website in the world.

In 2016, China Ping An acquired a 47.4 stake in Autohome for US$1.6 billion, and Autohome changed its name to "Ping An". With the gradual expansion of its business, Autohome is no longer satisfied with its media attributes, and officially launched its e-commerce platform auto mall and auto finance business in 2014. Shortly after Ping An took over, Autohome proposed the "4 1" development strategy to build. The four circles of "car media, car e-commerce, car finance, and car life" have transformed and upgraded from a "content-based vertical company" to a "data technology-based car company". Today, Autohome has achieved certain results. , but there is still a long way to go before reaching the goal.

At present, Autohome’s financial business is carried out through its subsidiary brand, Jiajia Finance, which mainly includes loans, insurance, and installment car purchases.

Judging from the existing products, Autohome's financial business is closely related to Ping An. Its loan and insurance businesses mainly cooperate with Ping An. For example, the insurance business directly jumps to the Ping An auto insurance page. Its loan product Xinyidai comes from Ping An Bank. Ping An Puhui i-loan, which has stopped lending, also comes from Ping An.

Autohome also offers vehicle mortgage loans and car owner loans, which are provided by multiple cooperative financial lending institutions.

Installment car purchase business. It provides installment payment services for Ford, Honda, Citroen and other brand cars. According to the official website of Jiajia Finance, its cooperative institutions include Dongfeng Finance, BAIC Finance, Great Wall Auto Finance, FAW Auto Finance, etc.

Autohome. It has used traffic to launch a loan supermarket. Media reports in August 2019 showed that it cooperated with Speed ??Panda, Leka Borrowing (owned by Lexin), Sina Lang Xiaohua, Wanedai (owned by Wanda), Cheetah Loan, and Shurongdai There are 19 cash loan products, but the loan is currently offline.

In addition, Consumer Finance Times has noticed that Autohome is recruiting a person in charge of the auto finance business with a monthly salary of 80K-100K. This position. Responsibilities: Coordinate the planning and implementation of financial-related businesses based on the company's overall development strategy and goals.

Insurance compliance specialist, senior manager (financial product operation direction), front-end development engineer - automobile finance department, etc. Positions are also being recruited.

Judging from this, Autohome may intend to form an auto finance team, shift from the previous diversion to self-operation, and focus on financial business.

The automotive winter is coming, and the media business is under pressure

The auto market has been sluggish in recent years. In 2018, China’s auto market sales fell year-on-year for the first time in 28 years, and sales continued to decline in 2019.

As the Internet car platform with the largest number of clicks in the world, Autohome has also been affected to a certain extent.

According to Autohome’s financial report data, Autohome’s revenue in 2019 was 8.42 billion yuan, a year-on-year increase of 16.4%, and its net profit was 3.2 billion yuan, a year-on-year increase of 10.28%. Both data growth rates were higher than those in 2018. There was a significant decline in the year.

Quarterly data in 2019 shows that Autohome’s revenue performance is relatively stable. However, since the first quarter of 2019, its revenue growth rate has declined rapidly. By the fourth quarter of 2019, its revenue growth rate has dropped to 6.49.

In terms of net profit, in terms of year-on-year changes, in the first three quarters of 2019, its net profit growth rate gradually declined, and it was only in the fourth quarter of 2019 that the growth rate turned from negative to positive.

(Note: Data comes from Autohome’s financial report)

Autohome’s main revenue is from media, marketing leads, and online market. Among them, media business and marketing leads business are The main source of income for Autohome.

However, the revenue growth rate of the first two pillar businesses is basically on a downward trend. In the fourth quarter of 2019, Autohome media revenue reached 1.058 billion yuan, accounting for 45.41% of the total revenue, a year-on-year decrease of 3.11%, and the previous In the third quarter, the year-on-year growth rates of this business were 10.1, 10.5, and 2.66 respectively. Marketing lead revenue was 821 million yuan, accounting for approximately 35.24% of total revenue, a year-on-year increase of 5.51%. In the first three quarters, the year-on-year growth rates of this business were 20.2, 20.1, and 12.17 respectively.

The media and marketing lead business, which are the pillars of income, seem to have hit the business growth ceiling, which is undoubtedly a major pressure for Autohome.

The financial business has not yet emerged, and conversion rate is an important factor.

Compared with the first two businesses, Autohome’s online market business showed extremely rapid growth in 2019. According to the financial report, online market revenue includes data products, auto finance business and other related revenue.

In the fourth quarter of 2019, Autohome’s online market revenue was 448 million yuan, a year-on-year increase of 42.6%. The financial report mentioned that this revenue growth was mainly due to the increase in revenue contribution from data products.

This data product refers to a service launched by Autohome for automobile manufacturers in mid-2019, using the company's content and big data capabilities to improve market awareness of new models. As of the end of December 2019, 13 automakers had signed up for the new service.

But this also means that Autohome’s auto finance business seems to have not yet made its mark.

As we all know, the auto finance market has attracted many institutions because of its value and potential, such as licensed auto finance companies, banks, automobile manufacturer finance companies and other institutions. Internet auto platforms are also mostly licensed institutions. Provide supplements and assistance.

Compared with licensed institutions, traffic conversion rate, user car purchasing habits, etc. are important factors that restrict the development of financial business of Internet automobile platforms.

According to a "2019 China Automobile Consumption Trend Survey Report", 4S stores are still the mainstream channel for consumers to purchase cars, with 81% of users purchasing new cars from 4S stores. In terms of loans, the auto consumer credit rate through online channels has dropped to 30%, and traditional credit from auto finance companies and banks is still the main credit channel.

As a veteran player in the Internet car platform, Autohome also faces this dilemma. Although its early media services have accumulated a large number of users and potential consumers, the four circles proposed by Autohome In terms of development strategy, auto finance is still its weak point.

Overall, in Autohome’s main business, media and marketing leads are close to the ceiling, and data products have greater room for growth. In terms of finance, it may be possible to comprehensively understand the needs of automobile consumers and target them accordingly. Only by launching financial products that users need in a timely manner can Autohome complete the "circle" of auto finance.