Jaguar Land Rover - "Balance Law"

Jaguar Land Rover - "Balance Law" According to Jaguar Land Rover China's entire dealership system, Wang Dongning said that it would be better to have a bit less cake, but if you want to make the cake bigger, you will benefit from benefiting everyone. The Beijing Crowd, U.S., and even J.Leopard Land Rover Chinese CFO, who had a mild British style, led the design and participated in the implementation of a set of financial services programs. In just two years, Jaguar Land Rover China has rapidly expanded its dealer network and China has become Jaguar Land Rover’s fastest growing global market.

“In a big dealer system, everyone is making cakes, but often have different goals. Some are to retain old customers, some to sell sales, some to open stores quickly, and others to transform all these interests. It must be in a repetitive game to get closer to balance.” As the behind-the-scenes promoter of the entire financial services program, Wang Dongning’s “design career” began in the morning of the winter of 2008.

Multi-angle game

"The car is not as good as it used to be." Although 7 Jaguar Land Rover vehicles were sold on the first day of the Chengdu Motor Show, this performance made it impossible for colleagues in other cities to have an unforgiving time, but Hui Hui, the general manager of Huihua Huihua, Qiu Qiu Lei still felt certain pressure from the market.

“The sluggish auto market has emerged from the end of last year. In terms of luxury brands, sales this year are increasing, and they have a bigger holding in the market, but the prices are more profitable than last year, and the dealer’s profit rate is actually higher. Reduced some." Qiu Lei said.

The way of selling cars has also undergone great changes, and customers’ consumption patterns are changing. “In the past, many customers have brought cash directly to collect cars.” Now, the proportion of loan consumption has reached 1/4 of the total. , And the method of loan is also different. In order to take care of the needs of different customers as much as possible, companies need to design a variety of financial programs or varieties, and sales have turned into a kind of integrated resources services.

As the car market enters a slow track, car dealers have also entered a key development node. Dealers may choose to speed up grouping and large-scale development, or transform their services into profitable highlands, but no matter which path is an easy task.

To attract everyone to a plate and make cakes, fully understand each other's needs, and maintain market foresight is the first step. A forward-looking nature of the right thing is very important in the construction of the system. Wang Dongning said that different understandings, different perspectives, and different risk preferences will directly lead to different decisions. "Now China's auto finance model, service model, product, and service philosophy are still not enough compared to western countries. There is still room for improvement. But if you only look at the future now and you don't have this belief, then your strategy is. It will be different."

Dealers must be transformed, it is difficult to strategic and capital reserves, more difficult is that from the beginning it is not an isolated issue. The distributor is a part of the entire automobile sales industry chain. Its transformation will inevitably affect the overall situation. How to balance and shake the resources in the entire supply chain?

At the same time, when dealers face financial markets alone, whether they are the bargaining chips, the scope of their choices, or the financial support that can be applied for from banks, the support and plans are limited. The service layout, especially the layout of financial services, is also limited. Will be greatly reduced.

From another perspective, this is a difficult and at the same time an opportunity - solving dealer financing is also a question of moneybags. Looking at the domestic distributors, some of them through the company's financial companies, some dealers themselves to talk with banks or financing institutions to cooperate, but its financing coverage and influence will not be too broad and too deep, the intensity is also limited . Of course, a large distributor group is another matter when it comes to public financing, but it is only a very small number of cases.

Few financial solutions can cover the whole industry chain of upstream and downstream, and few financing options cover the entire circulation of dealer network expansion, inventory, consumer credit, and financial leasing. At present, the short-term debt ratio of the dealer group's debt structure accounts for more than 95% or even more. This is a basic industry trend, and short-term loans and long-term investments have caused them to fall, which is also a common industry phenomenon.

"A lot of manufacturers have launched financial products just as a part of their marketing mix." The general manager of the automotive business department of the Minsheng Banking Transportation Financial Department said: "The data shows that when the promotional activities are over, financial penetration will return to a natural state. We are trying hard to raise the financial penetration rate of natural state to 25%, which is totally reliable."

Based on various investigations, Wang Dongning’s financial policy in his head finally took shape. Starting in 2010, Jaguar Land Rover China's means to increase its efforts to promote the Chinese market is to provide full-network, full-life-cycle financial services support among dealers. From buying car to provide financing, to selling cars to provide consumer credit, Jaguar Land Rover has created a unified and more powerful and convenient financial platform for all distributors through cooperation with banks.

After all, the automobile is still a market with resources for market. For a long time, manufacturers and distributors have used their own advantages as levers, and they are in a game of incomplete symmetry. The relationship is subtle and complicated. Jaguar Land Rover China, by constructing a financial platform, is equivalent to replacing a new scenario and allowing more forces to participate in a multi-angle game. Jaguar Land Rover actually has more and more complex factors to balance.

Leverage force

In December 2008, Wang Dongning officially joined Jaguar Land Rover China. Is catching up with Jaguar Land Rover China brewing to recall the total generation power.

Since entering the Chinese market in 2003, two brands, Jaguar and Land Rover, have been relying on four major domestic agents to order directly from the United Kingdom, and then distribute to the dealers' operating model to carry out sales work. Until India's Tata Group acquired Jaguar Land Rover from Ford, the decision-makers saw great potential in the Chinese market and hoped to accelerate their expansion in China.

On July 1, 2010, Jaguar Land Rover China’s wholly-owned sales company was formally launched, using the model of unified import of sales companies to replace the agent import model for the past seven years.

The transformation of the operating model is necessary but full of challenges. It not only requires international trade goods import financing, customs financing, but also takes into account the agents whose import rights are about to be recovered, and quickly opens up the situation in a short period of time, rapidly expanding the dealer network, and promoting Market sales. At this time, Jaguar Land Rover China decided to seek external "blood" support.

Wang Dongning described it as "a concept of leveraging power." Through cooperation with CITIC, Shenzhen Development Bank and Minsheng Bank, in terms of financing for sale and retail financing, it relied on the service platform, risk control platform and fund acquisition platform of local banks to form a financial cooperation force of “three carriages”. "To promote the development of dealer networks, to provide services to end customers, there must be ammunition. Our cars, from the UK to China, dealers sell to customers for a long period of time, it is difficult to achieve this without financial support."

In the cooperation with CITIC Bank, Jaguar Land Rover first raised 2.5 billion yuan for auto finance network credit, followed by an additional 5 billion yuan in inventory vehicle credits, covering all aspects of auto finance business, in order to gradually expand international trade. Financing, working capital loans, car dealership network financing and other deeper cooperation.

After recovering the agency rights, many things were just starting up. Jaguar Land Rover “learned to use strength” and “not only allowed each dealer to enjoy the same amount of credit, but also provided them with a certain balance when they provided them with credit lines. ”

This can ease pressure on the procurement of auto financing and cash flow, help the rapid growth of small and medium-sized dealers. In addition, for some large dealer groups, it will also help dealers improve the quality of financial services and provide more Sex and even personalized service varieties. At the same time, since the regulatory process, financing process, and bill flow are all unified, they are the same in Zhejiang, Northeast, and Xinjiang, and the operation and management are more convenient and standardized.

In the past two years, the Jaguar Land Rover China sales network has been contracted from the original 40 to the current 130, and actually operates 90. The performance of Jaguar Land Rover in China has also undergone tremendous changes. The growth rate in 2011/12 fiscal year has reached 76%, far exceeding the 15% in North America and 3% in the United Kingdom. From January to August 2012, Jaguar Land Rover China delivered more than 47,000 vehicles, an increase of 87% year-on-year.

For dealers, when they began to integrate auto finance into their own sales management management processes, they not only effectively increased financial penetration, but also contributed to real consumption. This is exactly what manufacturers, distributors and financial institutions need to work together to promote.

The hardest of these is the balance of resources. Wang Dongning said that this model of supply chain finance is a multi-stakeholder cooperation, “equal to the lead by the company, dealers, under the arrangements of major cooperative banks to sign financing agreements.” For banks, because the risk is decentralized In fact, it reduces the overall risk.

As the risk is reduced, the cost of cooperation on the side of natural companies is also reduced. At the same time, between Jaguar Land Rover and distributors, "we are willing to sacrifice short-term benefits for their long-term interests and are willing to support them from a balanced point of view when formulating relevant policies."

dynamic equilibrium

Exercising the existing pattern for many years also means strong inertia. To break it, it often requires clever balancing techniques.

Wang Dongning also holds a bachelor's degree in engineering from Tsinghua University and an MBA from the Wharton School of Business. He was also the first batch of amateur radio amateurs in the country. Before e-mails appeared, they started to communicate wirelessly with foreign radio enthusiasts. However, since then, he has also found a common understanding between the two professions of great commerce and engineering. “For example, the ability of the game, the facts, and things that are down to earth can all be linked together.”

After Jaguar Land Rover China served as the CFO, he positioned the financial department as the General Staff. “The marketing and sales department, the network department, the after-sales department, and the brand department are the armed forces of the land, sea and air. The old always is the commander-in-chief.” If business development does not have a rule, there is not one Platforms and systems will be more chaotic. This is equivalent to the fact that the two armed forces have to fight against the food and grass you want. The military discipline must be strict, the internal control system must be in place, and the rules and regulations must be clarified. These things must be established and the establishment must be correct. With what business units, there should be a clear definition.

The concept of general staff is equivalent to logistics support. What needs to be done is “how to make a reasonable allocation and selection between strategic objectives and limited resources, and then help the business sector to help the headquarters in the external competitive environment of the Chinese market and the Chinese economy’s Development has a relatively objective understanding to find a development path that suits us."

The most suitable path must be the result of a perfect balance between the parties. “As a finance department, it needs to be able to help the business department to balance between strategy and resources, balance in terms of short-term benefits and long-term value, in addition, balance between sales and profits, and make an interest between Jaguar Land Rover and partners. The balance is balanced in terms of rapid growth and the establishment of a sound system.",

Finance is an important part of business decisions. During the transition of Jaguar Land Rover's brewing operation mode, the financial department has conducted small-scale trials on some processes, systems, architectures, and financial structures half a year ahead of schedule, and built an information filtering chain around various clues from information to information. Intelligence, intelligence, insight, and decision-making resources and tools have gradually deepened.

The information filtering chain is actually a set of strategic resource balancing mechanisms. "When developing the dealer network, the distributor's information must be in place, new dealers must be covered, and expansion should be made according to the development of the network. Then the analysis should be conducted. Some of the mysteries here affect the final decision. This is a strategic guideline for our financial side."

This balance is not a balance that the company's hardcore gives you. In fact, they emphasize that it is up to employees or some departments to find a balance point based on their own business. This balance point is not static, and it should even be said that this balance point is a kind of agile, and it needs to be adjusted in real time according to different external environmental changes.

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