Auto special: BMW Automotive Finance dives deep into the Chinese market

BMW Automotive Finance China is aiming to become the leader in China for financial mobility services. "BMW produces premium cars and strives to ensure customers can drive and own them in a convenient way," said Uwe Stadtler, CEO of BMW Automotive Finance (China) Co Ltd. "That is why we offer automotive financial services."

Established in Beijing in 2010, the company has seen rapid development in the past few years and now has more than 400 employees.

"We have made great efforts to improve customer experience while enhancing dealers' sales performance. We have made significant accomplishments in both aspects," Stadtler said.

He added that Finance & Insurance Managers, working in BMW and MINI dealers across the country are helping potential car owners to obtain customized financial solutions.

Statistics show that over one third of BMW Group vehicles sold in the Chinese market are financed by BMW Automotive Finance.

Stadtler continued, saying that one reason for the company's success is that it not only provides the financial means customers require to purchase their car, but also offers professional advice on which financial solution will satisfy customers' demands - directly in the dealership.

In order to meet the wide ranging demands of different customer segments, the company offers a diversified portfolio of flexible financial products.

For example, young families may prefer lower monthly installments while those who can afford more might use finance products to upgrade to models such as the flagship model, the BMW 7 series.

These products are presented to the customer in a very confident, fast and professional way, especially following the launch of its new IT system in 2014.

Stadtler explained that both successful experiences from more mature finance markets, as well as characteristics specific to the Chinese market were considered when implementing the system in China.

Flexible and designed to rapidly make a decision on a customer's credit worthiness, it also provides the sales representatives and the back-office with enhanced efficiency in a user friendly environment.

The customer will enjoy shorter waiting times before driving his new BMW away from the dealership.

"Our one-stop service enhances customer satisfaction and improves our image in the minds of our customers. This is one of our advantages over traditional lenders like banks."

The automotive finance company will also evaluate online opportunities to attract potential customers from the tech-savvy younger generations.

Affordability of the different models can be evaluated from the comfort of the customer's own home by reviewing the company's financial services online.

Yang Baofeng, vice president of sales of BMW Automotive Finance China added that financial offers can vary across China.

"China is a large country and customers have diverse consumption behaviors. We address this diversity by offering different loan plans per region.

"For BMW and MINI dealers, service and understanding of their business is our differentiating factor. We strive to be the financier of choice for our dealer network," Stadtler said.

The cars in the dealer's showroom and the accompanying floorplan financing solutions are provided by one team - BMW Sales Company and BMW Financial Services - which has perfected its collaboration on a global level.

The company also works closely with dealers to offer extended warranty services, helping them develop closer relations with their customers. Stadtler said he believes auto financing has great potential in China.

Therefore, BMW AFC will continue to introduce further innovative products and services for our customers.

As an example, BMW Automotive Finance China has collaborated with local partners to offer leasing services for the all-electric BMW i3 with the package including not only the financing solution but also vehicle insurance and maintenance.

Stadtler concluded that BMW Automotive Finance China is committed to sustainable investment and growth in China.

lifusheng@chinadaily.com.cn

(China Daily 02/09/2015 page19)