逾73%的二手车经销商亏损

Core Insights - The used car market is facing severe challenges, with over 73.6% of used car dealers reporting losses in the first half of 2025 [3][4] - Despite a 1.99% year-on-year increase in transaction volume to 9.57 million units, the average transaction price dropped by 12.3% to 53,673 yuan, indicating a trend of rising volume but falling prices [3][4] Market Conditions - The ongoing price war in the new car market has significantly impacted used car businesses, leading to increased inventory pressure, high customer acquisition costs, and thin profit margins [4][5] - The average inventory cycle for used car dealers extended to 43 days as of June 2025, with 35.6% of dealers experiencing cycles longer than 30 days, reflecting heightened operational pressure [5] Financial Metrics - The average customer acquisition cost for used car platforms has risen to 6,200 yuan, while the average profit per transaction is only around 1,500 yuan, indicating a challenging financial landscape [5] - Some top used car dealers have managed to achieve gross margins of 6% to 8% by optimizing operations and controlling turnover days to 15-20 days [5] Industry Trends - The used car industry has been undergoing a reshuffle since 2020, influenced by the pandemic, economic fluctuations, and the influx of new energy vehicles (NEVs) into the market [5] - The proportion of NEVs in used car transactions remains low at 5.3%, with concerns over their depreciation rates and market readiness for valuation and after-sales services [6] Growth Potential - Despite the challenges, the transaction volume of used NEVs grew by 35.5% year-on-year in the first half of 2025, totaling 687,000 units, indicating a potential growth area within the overall market [6]