Late at night on July 8, Hyundai Capital headquarters office still remains bright
At 11 p.m. on July 8, the 10th floor office of the HCS HQ building was still brightly lit up. The “Global Product Marketplace,” hosted by Global Business Division (GBD) of Hyundai Capital Services, took place as a virtual meeting. Although it was held late in the evening to accommodate the different time zones of all global entities, more than 100 employees around the world engaged in heated discussions.
This was the second “Global Product Marketplace” to take place after the first in March. The event is designed after an actual market where people trade products, global entities participate as sellers and buyers to trade their products and share their experiences. The virtual meeting, like an actual market, was full of energy and interaction between entities and participants.
The first half shared the status of product development and rollout of diverse products. GBD shared the progress of a new product strategy for 2021, including the Global Certified Pre-Owned (CPO) project which is run by Hyundai Motor Group. Additionally, Hyundai Capital Canada’s new standard product “MAX!” was introduced as a good performance case for the first half of this year. Hyundai Capital Canada (HCCA) explained the background of how they developed the product and how they changed the drivers of products based on the analysis of customers, dealers and OEM’s various needs. Finally, GBD unveiled the online knowledge sharing platform which will be developed into a global product hub. The platform will enable sharing of product strategies and experiences in real time and enhance product knowledge along with know-how that transcends the different regions.
The second virtual “Global Product Marketplace” lasted for two hours
The second half concentrated on three product markets; Electronic Vehicle (EV)/Mobility, Retention, and Certified Pre-Owned (CPO)/Used Cars. In the EV/Mobility market session, global entities shared how they have prepared for the rapidly changing auto industry from Internal Combustion Engine (ICE) to EVs and from ownership to services, followed by free discussion on the status of each country.
In the retention market session, Hyundai Capital America (HCA), Hyundai Capital Canada (HCCA), Hyundai Capital UK (HCUK) and Hyundai Capital Europe (HCE) became sellers and shared their retention strategies and knowledge by introducing specific cases. BHCB and BHL participated as buyers interested in designing and implementing retention programs befitting the Brazilian and Chinese markets respectively.
Martin Liehr, Manager Director of HCBE, said, “This time was even better than the last. As a young captive, we can learn a lot from other captives and it was good to hear other entities sharing their best practices. In the retention market, I was able to learn the strategies of the U.K.. I thought they were only good at football but they are also good in retention!”
In the CPO/used car market session, the latest auto industry trends and the importance of second cycle CPO/used car management were shared. Especially, HCUK have had a relatively high share of used cars in their portfolio and introduced the digital remarketing system that recommends cars of dealer’s choice with just one click.
The lively sessions were not only a vehicle for knowledge sharing but also a platform for employees to network and meet each other online. Employees with similar roles were able to meet and discuss the similarities and differences in the various markets, drawing us closer as a “Global One Company.”
“I especially want to thank Mark from HCCA on the presentation of MAX! Product. I was able to get two insights which can be implemented here in Brazil. Lastly, the EV discussion conducted by Williams from HCE was very interesting. Sticking to the purpose of the marketplace, we were able to get various insights and ideas that can be used in Brazil” Cezar Janikian, CEO of BHCB said.
The second “Global Product Market Place” dealt with three product markets, and plenty of information and experience was shared
GBD has propelled the Global Product Initiatives to accomplish the integrated goal of maximizing performance of Hyundai Capital global entities. The Global Product Initiatives are part of a larger strategy by global entities to strengthening their product’s competitive edge.
The “Global Product Marketplace” events are one of the GBD’s global product Initiatives aimed at trading information and knowledge. The concept is based on the business viewpoint that growing as a whole is much more efficient in developing higher performance when compared to growing solely by each individual entity. Thus, it concentrates on the strength of sharing ideas and trading product strategies among global entities.
“We kicked off this marketplace 3 months ago and we really believe that we can support all global entities through knowledge sharing,” said Paul Skiadas, head of Global Business Division. “We have a vision and a strategy that we would like to share with everyone.”
The online knowledge sharing platform is a product communication hub where global entities can store and share information regularly
The “Global Product Marketplace” is largely divided into two pillars: the tri-annual virtual meetings and the online knowledge sharing platform.
By holding virtual meetings, GBD and the global entities come together to share new product development plans and stay up to date with each other’s progress and performance. The second part, the online knowledge sharing platform serves as a product communication hub where global entities can store and share information regularly. In connection to the virtual meetings, global entities can utilize the online sharing platform to carry out more detailed and continuous discussions on product development. Depending on entities’ participation and product output, awards will be presented such as Tiger, Deer and Rabbit. The concept of the award was personally suggested by Vice Chairman and CEO Ted Chung.
“The purpose of this knowledge sharing session is to review what we have done,” said Chiwhan Yoon, head of Global Business Management Department. “By aligning our global strategies, we can monitor the progress of each country’s development and learn from each other.”
More than 100 global employees around the world participated
Through the global product initiatives GBD is responsible not only for managing all strategy, but also acts as a proactive medium for closer communication between global entities. Until now, the focus has been on localization strategies that respect the unique market characteristics of each entity, moving forward GBD will focus on the active communication between global entities and developing new types of products that are currently not being handled.
By establishing a system in which all Hyundai Capital’s global entities work closely together we can expect enhanced performance results. The third “Global Product Marketplace” is scheduled for the end of the year.