Current status of the second-hand car industry 3 web sites using large data for used-car valuations

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Article | Lu Jian

The annual second-hand car from the year before November slowly into the peak season, to the March 2 second-hand car sales peak, second-hand car sales also gradually into the off-season. April Used-car prices also fell as the price of new cars and the smooth state of the entire second-hand market appeared. Lower prices for new cars tend to reduce the price of cars and second-hand cars at the same level.

Current situation of second-hand car industry

1 statistical analysis of transaction data in recent years

2007 to date, China's new car sales are on the rise, production and marketing is close to 1:1, through the information table can be seen, 2009, the car market volume is a blowout situation, from 2007 to 2010, the auto production growth rate of 105.6% and 105.4% respectively, the market development tends to mature. On the other hand, the second-hand car market volume has been increasing year from 2007 to 2010, second-hand car volume growth rate of nearly 50%, turnover rate of 62.8%. According to the current statistics, China's second-hand car sales market development is relatively slow, and the sales ratio of new cars to maintain between 1:3 to 1:5, compared with the developed country's auto market experience, the second-hand cars trading volume is large, has formed a scale effect. Germany, Japan, the United States and other countries in the volume of second-hand car transactions are far more than the volume of new cars, generally more than the new car 1 time times higher than.

According to incomplete statistics, Japan's second-hand car sales have for many years more than the sales of its new cars, Germany and the United States annual sales of second-hand cars are twice times the sales of its new car and 2.5 times times, the United Kingdom reached 3.5 times times. The relevant data indicate that in the western mature automobile market, the automobile scrap cycle average is 8-12 years, but the automobile renewal cycle average is 4 years, the second-hand car market has the considerable space. Compared to foreign second-hand car market, the domestic only just started, but the momentum is very fierce, and the future can not be underestimated.

2007-2013 China Auto production and sales list

Year 2007200820092010201120122013

New car

Production volume (million) 888.24934.511379.11826.41841.91927.22211.7

Yield growth rate 22.02%5.21%48.00%32.44%0.8%4.6%14.8%

Sales volume (million) 879.15938.051364.41806.11850.51930.62200

Sales growth 21.84%6.70%46.00%32.37%2.5%4.3%13.9%

Car

Second-hand car volume (million) 265.76273.73333.86385.19433480520

Turnover (Billion) 1069.71182.61488.31741.32108.82636.32916.5

Ratio 1:3.31:3.41:4.11:4.71:4.31:41:4 of second-hand car sales to new cars

2 on the other hand, the Government has promulgated a series of policies and measures to promote the development of the automobile industry, on the other hand, enterprises actively respond, blaze new trails and accelerate development. At present, the State has promulgated a new "second-hand car appraisal and evaluation specification" will be implemented in 3721.html ">2014 year, we believe that the evaluation of second-hand car appraisal will finally have according to."

3 According to the 2013 report of China Automobile Industry Association, there are two main problems in China's second-hand car market:

A. Lack of an open and transparent information system. It is precisely because of the lack of legal protection, used cars in the pursuit of maximizing the interests of the premise, as far as possible to create false information, conceal the real information of all kinds of vehicles, genuine, shoddy and so on phenomenon has become a big habit of the industry, which directly affected the consumer's buying mentality, coupled with The emergence of problems such as water tankers makes many consumers who intend to buy used cars to be deterred.

B. Price assessment depends on experience. At present, there is not a consumer accepted third-party second-hand car evaluation agencies, which has created a "experience valuation" has become the entire second-hand car industry price assessment of the Main method. Want to sell car owners can only go to the merchants to do the wrong price assessment, and the price of the business is almost lower than the owner expected or even outrageous prices.

For question A, it may take a long time for the state to formulate policies and market mechanisms to combine, those who do not have the integrity of the car dealers slowly eliminated the market. There is not yet a very efficient and direct solution.

And for question B, the price evaluation of this piece, the current domestic market has a new solution, but also accompanied by the development of large data is born, is the use of large data valuation.

Large Data valuation

Large data valuations, in layman's terms, for example, I would like to buy a Ford Fox in Nanjing, the use of large data valuations professional valuation sites will include all the Internet and other similar vehicles and new car prices and other valuation-related factors, the establishment of valuation models, to provide you with accurate valuation quotes. Because there is a lot of data reference, so basically will estimate a more reliable price. At present, it is also recognized as an effective way to solve the uncertainty of artificial valuation.

Although this valuation form in the United States and European markets have been good development, such as KBB, Clearbook and so on. But in China, the use of large data-valuation sites is just beginning. Although just started, but is very popular, last year just waded into the fair price soon got the morning Hing capital of 3.5 million dollars of financing. The authors do not understand the current internal situation of various companies, but hope that through the analysis of individual products, to try to understand the entire industry face. Analysis of currently representative three sites:

Car Search (www.soucheke.com) was founded in 2011

Fair Price (Www.gongpingjia.com) was founded in 2012

Car 300 (www.che300.com) was founded in 2013

Valuation comparison:

Since it is a large data valuation, the first thing we think of is valuation, the author of Jiangsu region as an example, a random sample of the Honda Accord, Buick GL8, Volkswagen Lang, Ford Fox, BMW 525 and other models to compare the valuation of the comparison (the specific data can be clicked on the link to view the Word version The results found that several models of the three Web site valuation gap is not very large, of which car search and car 300 gap between the smaller, and the fair price and their gap is relatively large.

Then I found that the luxury models of the car on the three platform gap is very large, the accuracy of the valuation needs to be improved.

The author also noted that the current car 300 and car search customers have a geographical difference in valuation, the valuation of fair prices without any geographical differences, although the city can be selected, but the valuation is unchanged.

User experience and product function comparison:

1 from the product interface, the fair price and the car 300 interface looks very concise, the search car passenger interface looks a bit "complicated."

2 from the convenience of product use, search car passengers and car 300 need 2 steps can reach the valuation results, and fair prices need 4 steps, and not convenient to switch models and eras. After the valuation, the fair price can provide local second-hand car shops and map positioning, and the current search vehicles and car 300 does not have this function. In using the valuation function, I noticed that search car passengers can only choose models, can not choose the year, may be a model on the default is the year on the card; the fair price of the kilometer input is limited to a certain extent can not exceed its default range; Car 300 relatively flexible, feel good.

3 from selling cars, here only from the convenient point of view of the car, search car passengers the most dominant, because the car search customers do not need to register the account can be directly released vehicle source information, che300 need to register the account can be issued after the sale of vehicle source information, fair price temporarily does not support the sale of vehicles to publish vehicle source

4 from the data to improve the extent of comparison, car 300 is better than car search and fair price, car 300 data, the fair price of the model data is relatively weak.

5 from the richness of the function module, at present, car 300 can provide claims records inquiries, car search and fair prices can not provide claims records inquiries.

At present, the fair price known public financing is 3.5 million U.S. dollars, car 300, car search passengers did not publicly explain, the situation is unknown. From the recent spate of capital bosses, the post-auto market will be a fast-growing market, from the big search car, 273, car easy to beat by the capital chasing behind, from Ping an Meng 300 million to do a good car to see, used cars seem really to usher in the spring, we will wait and see, similarly, large data valuation will be recognized and accepted by the market, We remain to be seen.

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