On September 16, a group of people gathered at a room in Banco Hyundai Capital Brasil (BHCB) in Sao Paulo. The BHCB executives and product and marketing employees were there to discuss an auto-financing strategy for HB20 New Generation, Hyundai Motor’s new car scheduled to be launched next month.
BHCB employees in a meeting
Local consumers were paying a huge attention to HB20 New Generation, based on i20 compact hatchback. HB20 was immensely popular since its rollout in 2012, when Hyundai Motor entered the Brazilian market.
For BHCB, the new car launch is a crucial moment. It is the first car rolled since the operation began in May and the entity was poised to go ahead with large-scale, aggressive promotions.
The company plans to introduce financial products offering special interest rates as well as a new financial system called personal contract purchase, designed to reduce consumers’ financial burden with cheaper loans by calculating the used car price in advance and letting customers pay the remaining price on a monthly installment plan. Such auto-financing products will be available withHB20 NEW Generation as well as other two Hyundai models available in Brazil – HB20 and CRETA.
“Given HB20 New Generation, a second generation of one of the most preferred vehicles in Brazil, we need to come up with easily accessible auto-financing products,” BHCB CEO Cezar Janikian said. “We will have to promote the products among dealers more proactively to ensure that local consumers will have increased access to our products.”
A BHCB employee presents at a launching ceremony for HB20 New Generation
A joint venture between Hyundai Capital and Banco Santander Brasil, BHCB is a captive finance company for Hyundai Motor. Combining Hyundai Capital’s advanced auto financing products with Santander’s local network that have been built for over 50 years and stable operation system, BHCB offers tailored financial service for the Brazilian customers.Vast dealer network reflecting market characteristics
Dealers pose for a photo at a meeting at the BHCB headquarters.
BHCB has been busier than ever. It began building dealer network by taking into account Brazilians’ tendency to purchase cars at the so-called multi dealer shops, which deal with various vehicle brands. BHCB established extensive wholesale and retail financial sales network at 220 dealerships nationwide by dividing the country into three parts – North, Southwest and South. The company also set up and applied product strategies matching regional characteristics.
Later this year, BHCB plans enter insurance brokerage market, which the company expects to become highly profitable. ”We will not only diversify our existing auto-financing products but also come up with products bundling auto financing products and insurance products,” said a BHCB employee.
Behind BHCB’s entry into the insurance brokerage market lies Hyundai Motor’s remarkable growth in Brazil in a short period of time. Last year, Hyundai Motor sold one million cars in Brazil in just six years after entry. Its local factories’ annual production capability is expected to increase from 180,000 to 208,000.Embracing local culture
(from left) BHCB corporate culture workshop, Employees participate in a CEO Townhall Meeting.
Hyundai Capital’s catch phrase is “Global One Company.” That is why the Company tries to put in place its own fair rules at the same time as bringing its culture of swiftly coping with changes. However, it is also Hyundai Capital’s goal to help each and every one of its local entities create their own corporate culture befitting the situation and characteristics of the local markets. The most important element here is HR. This is the reason locally hired employees account for almost 90 percent of the entire BHCB workforce.
Since BHCB was a result of collaboration with Santander, it was crucial to share Santander’s corporate culture as well. That is why BHCB is working on “Purple Project.” It is derived from the idea that the effort to create harmony between the two different companies can be themed around the color “purple,” a mixture of blue, which represents Hyundai Capital, and red, which represents Santander.
“We are making effort to create a corporate culture where our employees enjoy fair compensation and come up with creative outcome by combining Hyundai Capital’s dynamic and innovative DNA and Santander’s values such as simplicity, personality and fairness,” said Jungsang Kim, CCO at BHCB.