亏钱卖车的经销商，如今连返利、返佣也难拿到了

Core Viewpoint - The automotive dealership industry is facing significant challenges due to intense competition, price wars, and long payment cycles from manufacturers, leading to a decline in profitability and an increase in dealership closures [2][4]. Group 1: Industry Challenges - Automotive dealers are increasingly relying on ancillary services such as after-sales service, insurance rebates, and vehicle decoration for profit, as selling cars directly is often unprofitable [2]. - In 2024, the number of automotive 4S dealerships in China is projected to decline by 4,419, marking the first negative growth in dealership scale since 2021 [2]. - The average gross profit margin (GP1) for dealerships is reported to be around -16%, indicating that most dealers are unable to achieve profitability through car sales alone [4]. Group 2: Manufacturer Responses - Some manufacturers, including GAC Group and BMW, have committed to shortening the rebate payment cycle to within 60 days to alleviate financial pressure on dealers [3]. - However, the current measures are deemed insufficient as the banking system has halted high-interest rebate policies, further straining the already fragile dealership ecosystem [3][7]. Group 3: Rebate Issues - The complexity and ambiguity of rebate structures, particularly promotional rebates, create challenges for dealers in calculating their earnings [4][6]. - There is a significant disparity in rebate payment timelines among different brands, with luxury brands often having longer payment cycles compared to domestic brands [5][6]. - The automotive industry association has called for clearer rebate policies, a maximum payment cycle of 30 days, and cash payments to dealers to improve financial conditions [6]. Group 4: Financial Policy Impact - The recent cessation of high-interest rebate policies has severely impacted dealership profitability, as many dealers relied on these financial incentives to maintain margins [7][9]. - The average early repayment rate for car loans has exceeded 30%, leading to reduced net interest margins for banks and contributing to the discontinuation of high-interest rebate policies [8][9]. - The automotive industry is expected to undergo significant restructuring as a result of these financial policy changes, with manufacturers needing to adapt their financial strategies to remain competitive [9].