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Hyundai Capital

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Hyundai Capital Services
Company typeSubsidiary
IndustryConsumer Finance
Founded1993
HeadquartersSeoul, South Korea
Key people
Tae Young (Ted) Chung, CEO, Vice Chairman
ProductsAuto Financing
Private Financing
Corporate Financing
RevenueIncreaseKRW 3,244 bn (2017 4Q)
IncreaseKRW 324 bn (2017 4Q)
IncreaseKRW 300 bn (2017 4Q)
ParentHyundai Motor Group
Websitehttp://about.hyundaicapital.com/main.hc?lang=en

Hyundai Capital Services (Hangul:현대캐피탈) is a South Korean provider of consumer financial services ranging from auto-financing, private financing, and corporate financing. The company is a financial service unit of Hyundai Motor Group. Hyundai Capital has expanded to overseas markets, providing auto financing services in five countries outside Korea – the U.S., the UK, China, Germany and Canada. Hyundai Capital also runs auto financing consultancies in Russia, Brazil, India, and Australia to support the sales of Hyundai and Kia cars at respective countries.[1]

History

1993 ~ 1999 - In December 1993, Hyundai Capital Services[2] had run under the name Hyundai Auto Finance overlooking automotive and housing finances until 1999, when it changed its name to Hyundai Capital Services.

2000 ~ 2010 - Hyundai Capital Services started its auto leasing business in 2001 with its inaugural product, “Just Drive.”[3] In October 2004, the company established strategic partnership with U.S. conglomerate General Electric.[4] The partnership is said to have paved ways for the companies to share their know-hows and strength in a wide range of businesses including treasury, risk management, finance product design, IT and corporate culture.[5] The company in 2005 founded Hyundai Capital Skywalkers professional volleyball team and completed Skywalkers multi-base camp, Castle of Skywalkers.[6] Hyundai Capital Services obtained Information Security Management System(ISMS) ‘ISO27001’ certificate in January 2008.

2011 ~ Present - In July 2010, Hyundai Capital Services issued first bonds in Switzerland CHF 200 million -worth Eurobond. In January 2015, Hyundai Capital Services won the S&P credit ratings of A-.[7] Hyundai Capital Services issued US$500 million-worth green bond in March 2016, becoming the first private firm in Korea to issue such debt.[8] In March 2017 Hyundai Capital Services issued Kangaroo bonds worth AUD 400 million[9], Hyundai Capital Services issued Hyunndai Capital's first and greatest dual tranche global bonds worth US$900 million with 5 and 10 years of maturity.[10] In September 2017, Hyundai Capital Services launched ‘Delivery Car’[11], which service to deliver the car to the place of customer's choice. In May 2018, Hyundai Capital Services signed an MOU with KT to develop based on AI finance services.[12] In October 2018, Hyundai Capital Services rolled out ‘Easy Drive Program, which long-term rental car service for foreigners.[13]

Services

Hyundai Capital Services largely provides auto financing, private financing and corporate financing services. The auto financing service offers lease, rental services as well as new car installment loan, used car loan, direct used car loan. For the private financing service, the company offers credit Loan, car secured loan, housing mortgage loan, loan for lease, housing finance corporation. For the corporate financing service, the company provides corporate loan and corporate lease.[14]

Global operations

Hyundai Capital currently operates in 9 countries outside South Korea. Its financially operating firms are based in the U.S., Canada, Germany, the U.K., and China. Offices in Russia, Brazil, India, Australia, and the EU provide financial consulting for Hyundai and Kia local distribution companies at respective countries.[15][16]

Founded in 1989, Hyundai Capital America (HCA) is a part of the Hyundai Motor Group family of companies, supporting the financial services needs of Hyundai Motor America and Kia Motors America, Inc.[17] HCA’s Treasury department was recognized as the 2015 Top Treasury Team in the annual Adam Smith Treasury Achievement awards competition of Treasury Today.[18]

Established in 2014, Hyundai Capital Canada (HCCA) is headquartered in Toronto and operates under the service brands Hyundai Motor Finance, Kia Motors Finance, and Genesis Finance. The company is a lease provider of Hyundai and Kia vehicles and continues to offer financial products tailored to meet the needs of Genesis, Hyundai, and Kia dealerships and customers.[19]

Hyundai Capital Europe, the European Hyundai Capital subsidiary established in 2010 in Germany, received the European Central Bank as well as the German financial authorities’ approval to establish a captive bank in Germany in 2016.[20] In January 2017, the bank, Hyundai Capital Bank Europe GmbH (HCBE), has officially launched its operations starting with providing financial services to customers and dealers of the Kia brand.[21]

Hyundai Capital UK (HCUK) is a captive finance company which commenced trading in 2012. It is a joint venture among Santander Consumer UK, Hyundai Capital Services, Kia Motors UK and Hyundai Motor UK. It operates under two consumer facing brands, Hyundai Finance and Kia Finance, to provide both retail and wholesale finance to over 320 Hyundai and Kia franchised dealers in the UK[22]

In China, the company joined hands with Beijing Automotive Group, Hyundai Motor Company and others to set up Beijing Hyundai Auto Finance(BHAF) in 2012. BHAF's Income Before Taxes(IBT) in 2016 is more than doubled that of 2015. The company issued its first asset-backed security (ABS) in early 2016.[23][24]

Hyundai Capital is swiftly establishing footprints in emerging markets including Russia, Brazil, India, and Australia with financial consulting for Hyundai Motor Company and Kia Motors.[25]

Corporate Culture

Company Slogan

Strategy + Execution - There can be no execution without strategy and no strategy without execution.

Speed - Speed is the only variable separating winners and losers in the final match.

Never-ending Change - Existence requires continuous change.

Diverse yet United - Top-level organizations are built upon diverse elements working together in tandem.

One Global Company

Hyundai Capital presently operates throughout 10 countries under the slogan ‘One Global Company’. The company shares its core HR values, programs and corporate culture, while respecting local cultures and environments.

Glocal Unity

  • Single appearance work place / Sharing of branding and design philosophy
  • Standardized policies: HR, Risk, Treasury, and Compliance
  • Sharing best practices between HQ and global entities

References

  1. ^ With Numbers Without Numbers 2018 Hyundai Capital, 2018
  2. ^ ECB approves Hyundai Capital Bank Europe, "Business Wire" December 16, 2016
  3. ^ 현대캐피탈 ‘저스트 드라이브’, 오토리스 최강자…토털서비스로 편리 극대화, "파이낸셜뉴스" June 26, 2002
  4. ^ 현대캐피탈, GE소비자금융과 전략적 제휴 "edaily", August 3, 2004
  5. ^ 현대캐피탈의 당찬 글로벌 도전 해외 법인 자산∙영업이익 쑥쑥 큰다 "sedaily", April 29, 2016
  6. ^ Hyundai Capital Skywalkers Homepage, 2017
  7. ^ S&P, 현대캐피탈 등급 'A-'로 상향…현대카드는 유지 "YeonhapInfomax" January 30, 2015
  8. ^ BONDS: Hyundai taps Green bonds to fuel hybrid ambitions "IFR ASIA" March 8, 2016
  9. ^ Hyundai Capital issues kangaroo bonds "Korea Times" March 3, 2017
  10. ^ Hyundai Capital drives off with easy $900m "Global Capital Asia" August 22, 2017
  11. ^ Car-sharing on fast rise in S. Korea "Pulse" September 7, 2017
  12. ^ Hyundai Capital to develop AI-based finance services "Korea Times" May 28, 2018
  13. ^ Hyundai Capital Rolls Out Long-Term Rental Car Service for Foreigners "Business Korea" October 16, 2018
  14. ^ With Numbers Without Numbers 2016 "Hyundai Capital", 2016
  15. ^ 현대캐피탈의 당찬 글로벌 도전 해외 법인 자산•영업이익 쑥쑥 큰다 "sedaily" April 29, 2016
  16. ^ Hyundai Capital aims to lead global auto financing "Korea Herald" November 7, 2013
  17. ^ Hyundai Capital America Homepage, 2017
  18. ^ Hyundai Capital America’s “Top Treasury Team” Leads Company to $40 Billion Mileston "PRNewswire" June 29, 2015
  19. ^ Hyundai Capital Canada Homepage, 2017
  20. ^ ECB approves Hyundai Capital Bank Europe "Business Wire", December 16, 2016
  21. ^ Kia startet eigene Autobank "autohaus" January 11, 2017
  22. ^ Hyundai Capital boosts global sales "Korea Times" November 7, 2013
  23. ^ 현대캐피탈, 중국 자동차 금융시장 공략 "autoherald" September 25, 2012
  24. ^ 해외로 시선 고정한 현대캐피탈…중 법인 실적 ‘급성장' "YeonhapInfomax" January 4, 2017
  25. ^ With Numbers Without Numbers 2016 "Hyundai Capital", 2016
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