In the domestic car rental market, it took eight years for Lao Lu to successfully deliver a transcript that was still satisfactory and greatly exceeded the expectations of the outside world. In the first year of Hong Kong shares listing, Shenzhou Car Rental Co., Ltd. (00699, HK) turned losses into profits. The net profit after tax was as high as 562 million yuan.
This dazzling financial report number not only gives Shenzhou Car Rental a halo for corporate profits, but it can also be considered as a highlight in the history of domestic car rental. However, as the founder of the China Car Rental Co., Ltd. and the chairman and CEO of the board of directors, Lu Zhengyao has an updated idea.
In the performance evaluation on the day of the publication of the annual report, with only 300 words, half of Lu Zhengyao’s evaluation was left to a new business—special car—that was not included in the performance of listed companies for the time being. It was also less than two months ago. On January 28, 2015, China Car Rental Corporation just announced the launch of the "Shenzhou Special Car" service in the 60 major cities across the country to fully enter the Internet special car market.
There is no suspense, the car has become Lu Zhengyao following the car rental, another aspirational battle.
Shenzhou special car admission
Lu Zhengyao has been asked many times about why he chose to enter the special car at this time.
The car rental industry staged a hot show in the second half of 2014. Not only the two giants, China Car Rental Co., Ltd. and Car Rental Co., Ltd. have successfully completed their visits to Hong Kong and the United States, and the Internet sharing car rental platform has risen rapidly. The investment in taxi software has continued to be high fever. One of the most exciting events is the drowning and quick fight for the national subsidies for the market.
Lu Zhengyao said that the idea of ​​a car rental company in China is no less than a trickle. In the earliest prospectus, the vision described by Shenzhou Car Rental was to build a “mobile travel entrance†in which the special car was indispensable.
However, what Lu Zhengyao knows more clearly is that the most important aspect of a special car is to operate within the scope of laws and regulations. And he once said one of the most meaningful words: "Let the bullets fly for a while," and at this time has the best interpretation.
At the just-concluded “Two Conferences†this year, Yang Chuantang, Minister of Transport, reaffirmed and encouraged the new model of special car service when he was interviewed by the media. But at the same time, he also reiterated that only regular car rental can be used as a special car and private car access platforms are not allowed to participate. Operation.
It should be noted that before the Chinese special car was introduced into the market, most of the mainstream car services in the market were provided by private cars. This led to strong controversy in the community. With the release of this information from the Ministry of Communications, the Shenzhou special car operated by its own leased car is obviously the beneficiary of this new regulatory direction. The special car market may also face a more severe market restructuring.
Policy, license is a threshold, but it is not a core element
Most of the outsiders, including Credit Suisse, believe that the competitive advantages of China's private car mainly include adequate formal rental vehicles for China's car rental, strict vehicle license control in major cities in China, private cars banned from participating in car operations and professional driver services. .
However, when asked about the current "policy" factors most concerned by the outside world in the competition in the car market, Lu Zhengyao stressed that policy is not the only factor, including restrictions on vehicle licenses. Although it will be a threshold, the core issue is still Business operational capabilities and product advantages.
“Whether it is a car rental or a private car, what’s the most important? It’s just like buying anything, first, product quality; second, price, price and experience are equally important, and based on these two, your inventory is very Important." Lu Zhengyao said.
In Lu Zhengyao's view, the special car must first look at the offline service quality, including the quality of vehicles, drivers, and security.
In this regard, as of the end of 2014, the total fleet of the China Car Rental Corporation had reached 63,522, which was again significantly higher than the total number of the 2nd to 10th car rental companies in the industry, and it has already started to include 2575 car leases for the special car business at the end of 2014. vehicle.
Lu Zhengyao said that the existing private car source, part of which is a fixed vehicle, guarantees normal demand; part of it is temporary deployment of vehicles during peak hours, including low-rent short-term vehicles, and idle short-term vehicles between the two orders. In this way, as Lu Zhengyao stated in the performance evaluation of the annual report, the private car will not only enable Shenzhou Car Rental to enter a more innovative business model, but also achieve a greater competitive advantage through synergy and reducing its own operational risk.
As for vehicle license plates, Lu Zhengyao believes that there are indeed some stage advantages. But in the long run, we cannot rely on this and we should not rely on this.
The cost structure behind "price war"
In the less than two months, Lu Zhengyao, who has been formulating strategies to pay attention to "fast, accurate, and accurate," has used the simplest, most outrageous, and most striking, "price war" to tell everyone: The Chinese car has come. This is also the most unavoidable topic in the current car market competition.
In early March, Shenzhou Special Vehicle, which rushed to catch the special car for less than two months, announced again that it would continue to “charge 100 to send 100†activities in the next 3 months. This is not only lower than the existing subsidy of other special vehicles, and even cheaper than some taxis.
However, for just using a brilliant annual report results that greatly exceeds the expectations of the outside world and proves that China’s car rental companies have had successful experience in the “price war†of the car rental market for the past six years, the most feared is the “price war.â€
The persistence of price competitiveness is inevitably related to the cost, so behind the price war, it is the competition of the cost structure of different business models.
“Everybody can simply calculate: Shenzhou car is using its own car rental car, the rent is diluted to each order is fixed. The added cost of vehicles and drivers can be controlled, the operating cost of the fleet can be controlled.†Lu Zhengyao said . In order to compete for cars, if the private car is to join, the driver must continue to subsidize the driver on a large scale, and the cost is rising. Even if the car rental company joined, compared with other car rental companies, the scale of Car Rental in China is more than one magnitude larger than them. It also has the advantage of purchasing, apportioning management costs and so on.
“So in terms of subsidies, we have the highest efficiency. Others want to rush to seize the car source. I don’t need to. Spending money to subsidize black cars is wasted; but even if I spend less on the real customers, I think it’s the most valuable. "Lu Zhengyao said.
Non-replicable China "special" vehicles
When it comes to customer experience, Lu Zhengyao deeply understands that the product is very easy to copy, there is no boundary, you do today, others can do tomorrow. However, the customer experience is totally different from the product. For example, the standardization of the car, the standardization of the service, and the staffing are difficult to duplicate. This is also the core of the future competition of the Shenzhou Special Vehicle.
In terms of car market positioning, individual users are mainly customers who have higher requirements for travel and are willing to pay premiums, such as high-end white-collar workers, business managers, and businessmen. It also includes corporate users, as well as government users.
Lu Zhengyao told the author that, first of all, there is not a private car in China, and all of them are regular professional rental vehicles. This is totally different from the experience of private cars.
In the specialized management of special-purpose drivers, from recruitment to day-to-day management and training, the company has a very professional process. Requests for non-criminal proof, regular medical check-ups, training service specifications and road safety every two weeks.
In terms of professional protection, each passenger is provided with a maximum of 1 million yuan per car. No matter whether the insurance company pays compensation or not, any problem arises in China’s special car.
At the same time, Lu Zhengyao said that a very strong back office system will be established. Basically, within five to five minutes of the Beijing Five Rings, the car will definitely be in place. And, because all companies are in a single order, there will be no case of drivers pushing singles, robbing singles, picking up fat, and picking thins. "Private cars definitely make money first, but our drivers are not the first to benefit, because our drivers are fixed income, five insurance and one gold, employer liability insurance, etc., based on this as a basis to talk about incentives."
In addition, regarding the most intensely discussed APP experience, Lu Zhengyao admits on one hand that the development of Shenzhou car APP has only been done for 2 to 3 months, and there is still a gap between the two to three years when the competition has been developed, but this is only a matter of time. . Lu Zhengyao also believes that the on-line and off-line experiences of special vehicles are all important, but offline is more important. With Lu Zhengyao's metaphor, online is equivalent to a shopping environment, and the offline service is the real car service. The special car is not an APP company but a private car company. This is the strongest place for a Chinese car.
In December 2014, the proportion of orders for mobile phone APP from China’s Shenzhou Car Rentals had reached 51% of the total orders, making it the largest customer entrance. This will also be significant for competitors who rely mainly on APP’s advantages. Threatened.
Create "mobile travel entrance"
After the official operation of the Shenzhou special car, once again faced with the author's question, Lu Zhengyao has already affirmed the "car" of the "car" and the current core business of China Car Rental as "the two legs" of the company's future development.
Although Lu Zhengyao has never given any specific figures on the expected future of the special car market, according to Credit Suisse, by 2015, the fleet size of China’s special car fleet will increase from the current approximately 10,000 to 30,000 in China. The contribution of the net profit of car rental will reach 18%; by 2016, the driving effect of China Auto will be more significant for China Car Rental, and the aforementioned two figures will be increased to 50,000 vehicles and 27% respectively. The significance of the strategic significance of China’s special car for the future of China’s car rental can be seen from this. “Our special car is definitely not a 'busy ride'. It is an important strategy for China’s car rental companies. It not only conforms to our company’s product innovation strategy, but also promotes the extension of the industry chain and value chain, as well as increasing brand awareness and existing product efficiency. "Lu Zhengyao said.
Being highlighted by Lu Zhengyao, Shenzhou Car Rental is not a pure internet company, but a company with a strong Internet gene and genuine service. Therefore, the greater strategic background of China's special vehicles entering the market is that Shenzhou Car Rental will create a mobile “entry entrance platformâ€.
According to Lu Zhengyao, there may be some new things that will come out soon, such as P2P car rental, carpooling, etc. The company has a team of special cars to study, and will study very deeply. In the future, these will become part of China Car Rental, which will allow customers to consume in different scenarios and maintain a certain degree of customer stickiness. At the same time, they will fully build the “mobile travel entrance†platform for China Car Rental.
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