对于新的一年，大家总愿意多一些美好的期盼。但马年，真的会更好吗？ "去年降了两次薪，不久前还裁了一波员。" 新年之前，北京一奥迪门店负责人刘辉（化名）跟汽车产经网抱怨："已经两个月没有过周末了。" 忙，不是因为年底买车的人多活儿多，而是恰恰相反。 当新年的爆竹声散去，所有残酷的现实都混合着难熬的节后综合症再度席卷而来。去年汽车经销商的生存状况已经是过去八年来最差，盈利的 经销商门店占比已经跌破30％。 "要是看车、提车的人多就不是这样了！现在业绩不好，天天开会到晚上凌晨3、4点，第二天早上还要按时上班。" 2025年豪华品牌终端销量普遍下滑幅度在20%以上，来到经销商层面，新车毛利率均值是-25%。也就是说，一台30万的车，价格倒挂达到7.5万。 最近两个月宝马和奔驰的陆续官降，也并没有实质上缓解经销商的经营压力。"你官方价格降了10%就止跌了？折扣都7折了，10%一点意义都没有。厂家 也就是做做姿态。"刘辉说。 卖一辆亏一辆、越卖越亏，是近年来大部分传统燃油车品牌经销商的缩影，而最新的一波亏损崩盘，杀到了传统豪华品牌身上。 据知情人士透露，奔驰在中国最重要的经销商伙伴利星行，为了缓解资金压力，将办公地点从望 ...

Core Viewpoint - The traditional luxury car dealership model in China is experiencing a systemic failure, leading to a significant decline in sales and profitability for dealers, prompting a shift towards new energy vehicle brands and a reevaluation of business strategies [12][21][41]. Group 1: Current Market Conditions - As of early 2026, luxury car dealerships are facing an unusual calm, with fewer customers and sales consultants seen in showrooms compared to previous years [6][10]. - The luxury car market, once a profit haven, has seen a drastic decline, with major dealers like Guizhou Tongyuan Group and Dong'an Holdings facing severe operational issues, leading to a "delivery crisis" for brands like BMW and Porsche [15][16][20]. - Data from the China Automobile Dealers Association indicates that nearly 15,000 dealerships have closed from 2021 to 2025, marking a continuous decline in dealership numbers [20]. Group 2: Financial Struggles of Dealerships - In 2025, luxury brand dealers reported an average inventory coefficient of 1.33 and a new car gross profit margin of -23.6%, indicating severe financial distress [24][27]. - A significant 74.4% of dealers were losing money on each vehicle sold, with nearly half experiencing losses exceeding 15% [27]. - The traditional profit model, which relied on high-margin after-sales services, is collapsing as younger consumers turn to alternative service providers, leading to a drop in customer satisfaction and loyalty [30][34]. Group 3: Shift to New Energy Brands - Many struggling dealers are transitioning from traditional luxury brands to new energy vehicle brands, attracted by better profit margins and reduced inventory risks [37][41]. - In 2025, the proportion of luxury brand dealers transitioning to new energy brands reached 37%, with independent new energy vehicle dealers achieving a profitability rate of 42.9% [41][42]. - The shift is driven by new business models that eliminate inventory pressure and provide fixed commissions, allowing dealers to focus on sales without the burden of unsold stock [38][39]. Group 4: Traditional Brands' Response - Traditional luxury brands are reducing their dealership networks to focus on more efficient operations, with BMW and Mercedes-Benz planning to cut their dealership numbers significantly [44][45]. - The luxury car market has seen a decline of approximately 28% in high-end segments, prompting brands to engage in aggressive price cuts to support struggling dealers [48][50]. - Brands are investing in research and development and localizing products to adapt to changing market conditions, with plans for new model launches in 2026 [56][59]. Group 5: Future Directions - The future of luxury car dealerships lies in redefining their roles from sales centers to user operation centers, focusing on customer service throughout the vehicle lifecycle [70][72]. - Digital transformation is becoming essential, as consumers increasingly expect transparency and efficiency in their purchasing experiences [73][75]. - The success of dealerships in the coming years will depend on their ability to adapt to new market realities, including the integration of digital tools and improved customer engagement strategies [74][76].

《每日经济新闻》记者来到宝利德总部，发现5楼、10楼的办公区域早已人去楼空。前台堆积的未拆封EMS快递中，一份来自上海国际经济贸易仲裁委员 会的延长审限通知书格外刺眼。 而15楼门口"宝利德破产债权申报管理人办公室"的标识，宣告这家曾位居中国汽车经销商集团百强榜前二十的民营企业巨头，已步入破产清算的终局。 1月29日 杭州宝利德总部 （图片来源：每经记者 叶晓丹 摄） 距离杭州100公里以外的义乌，有着宝利德两个子公司。但是1月29日，记者实地探访时发现这里同样冷清，尽显萧条。 1月29日，杭州西湖区公元大厦内寒意弥漫。 1月29日 宝利德义乌子公司（图片来源：每经记者 黄鑫磊 摄） 回溯过往，宝利德的崛起恰逢豪华车市场的黄金风口。尤其是2018至2020年，中国豪华车市场年增速超10%，品牌进入跑马圈地的黄金时代。彼时，豪华 车品牌加速布局线下网络，头部经销商更是凭借规模优势抢占市场红利。 但近年来，豪华车市场竞争日趋白热化，再加上多重市场因素的影响，汽车经销商的生存压力陡增。宝利德这家昔日华东最大的民营豪车经销商陨落背 后，正是当前豪华车市场承压背景下，汽车经销商行业面临生存困局与转型阵痛的一个缩影。 杭 ...

1月29日，杭州西湖区公元大厦内寒意弥漫。 《每日经济新闻》记者来到宝利德总部，发现5楼、10楼的办公区域早已人去楼空。前台堆积的未拆封EMS快递中，一份来自上海国际经济贸易仲裁委员会 的延长审限通知书格外刺眼。 而15楼门口"宝利德破产债权申报管理人办公室"的标识，宣告这家曾位居中国汽车经销商集团百强榜前二十的民营企业巨头，已步入破产清算的终局。 1月29日 杭州宝利德总部 （图片来源：每经记者 叶晓丹 摄） 距离杭州100公里以外的义乌，有着宝利德两个子公司。但是1月29日，记者实地探访时发现这里同样冷清，尽显萧条。 1月29日 宝利德义乌子公司（图片来源：每经记者 黄鑫磊 摄） 回溯过往，宝利德的崛起恰逢豪华车市场的黄金风口。尤其是2018至2020年，中国豪华车市场年增速超10%，品牌进入跑马圈地的黄金时代。彼时，豪华车 品牌加速布局线下网络，头部经销商更是凭借规模优势抢占市场红利。 但近年来，豪华车市场竞争日趋白热化，再加上多重市场因素的影响，汽车经销商的生存压力陡增。宝利德这家昔日华东最大的民营豪车经销商陨落背后， 正是当前豪华车市场承压背景下，汽车经销商行业面临生存困局与转型阵痛的一个缩影。 杭 ...

Core Insights - The automotive market in China is gradually recovering due to policies promoting vehicle scrappage and replacement, but intense competition has led to a "price-cutting for market share" strategy, resulting in dealers facing a dilemma of "increased sales but stagnant profits" [1][2] Group 1: Dealer Profitability - The proportion of loss-making dealers rose to 52.6% in the first half of 2025, with only 29.9% reporting profits, indicating a worsening survival situation [5][6] - A significant 74.4% of dealers experienced a situation where new car retail prices were below their purchase costs, with 43.6% facing price discrepancies exceeding 15% [2][5] - The gross profit contributions from new cars, after-sales, and financial insurance for dealers were -22.3%, 63.8%, and 36.2% respectively, highlighting an imbalanced profit structure [5][6] Group 2: Satisfaction with Manufacturers - Dealer satisfaction with manufacturers has significantly declined, with an overall satisfaction score of 64.7, down from 75.6 at the end of 2024 [6] - Dealers reported issues such as reduced rewards for meeting basic task goals, high task targets, insufficient brand competitiveness, and instability in used car prices due to new car price fluctuations [6] Group 3: Transition to New Energy Vehicles - Traditional dealers are increasingly seeking to transition to new energy vehicle (NEV) brands as the market landscape shifts [16][19] - As of the end of 2024, the number of 4S stores in China decreased by approximately 2.7%, with a notable reduction in non-NEV brands [16][17] - NEV sales accounted for 48.7% of total new car sales in July 2025, with a 51.49% increase in new registrations compared to 2023 [17][19] Group 4: Dealer Strategies and Collaborations - Many traditional luxury brand dealers are opting to join NEV brands, with over 1,500 dealers expressing interest in the new "Shangjie" brand [19] - Leading dealer groups like Zhongsheng Group and Yongda Auto are accelerating their transition to NEV channels [19][20] - Experts suggest that dealers should adapt to market changes by actively engaging in NEV business and developing integrated online and offline sales channels [19]

Core Insights - The automotive dealership industry in China is facing intensified competition, leading to increased pressure on dealers to transform their business models [1][3][7] - A significant portion of dealerships are experiencing financial losses, with 52.6% reporting losses in the first half of the year and new car gross profit contribution at -22.3% [1][5][6] Market Performance - Passenger car sales reached 10.901 million units in the first half of the year, reflecting a year-on-year growth of 10.8% [3] - Only 30.3% of dealerships met their sales targets, with 29% of dealers achieving less than 70% of their goals [3][4] Dealer Satisfaction and Profitability - Overall dealer satisfaction scores dropped to 64.7, indicating a significant decline [4] - The majority of dealers (74.4%) reported varying degrees of price inversion, with 43.6% experiencing price inversions exceeding 15% [5][6] Shift in Revenue Sources - After-sales and financial services are becoming crucial for profitability, contributing 63.8% and 36.2% to gross profit, respectively, compared to new car sales [7][8] - Dealers are exploring new service offerings, such as car cleaning and maintenance, to enhance customer loyalty and revenue [8] Transition to New Energy Vehicles - Profitability among independent new energy vehicle dealers stands at 42.9%, while traditional fuel vehicle dealers show only 25.6% profitability [9][10] - The retail penetration rate of new energy vehicles reached 53.3% in June, with total retail sales of new energy vehicles at 5.468 million units, a 33.3% increase year-on-year [9][10] Strategic Partnerships and Brand Adjustments - Traditional dealerships are increasingly partnering with new energy vehicle brands, with companies like 中升集团 (Zhongsheng Group) adjusting their brand portfolios to include electric vehicle offerings [10] - New energy brands are shifting from direct sales to collaborations with top dealerships, indicating a strategic pivot in the market [10]

Core Insights - The automotive market in China is facing intensified competition, leading to increased pressure on dealers who are now seeking transformation and adaptation strategies [1][3][6] - The report indicates that the loss ratio among automotive dealers has risen to 52.6% in the first half of 2025, with new car gross profit contribution at -22.3% [5][6] - Dealers are increasingly focusing on after-sales services and financial products to enhance profitability, as traditional new car sales become less viable [7][9] Market Performance - Passenger car sales reached 10.901 million units in the first half of the year, reflecting a year-on-year growth of 10.8% [3] - Only 30.3% of automotive dealers met their sales targets, with 29% of dealers achieving less than 70% of their goals [3][4] - The satisfaction score among automotive dealers dropped significantly to 64.7 points, indicating a decline in overall dealer morale [4] Profitability Challenges - The report highlights that 74.4% of dealers experienced varying degrees of price inversion, with 43.6% facing price inversions exceeding 15% [5][6] - The increasing price inversion is eroding profit margins, pushing many dealers into a state of loss and liquidity challenges [6] Shift in Business Strategy - Dealers are pivoting towards after-sales and financial services, which contributed 63.8% and 36.2% to gross profit respectively, far exceeding the contribution from new car sales [7][8] - Some dealers are exploring additional services such as car washing and maintenance to enhance customer engagement and loyalty [8] New Energy Vehicle (NEV) Focus - The profitability ratio for independent NEV dealers stands at 42.9%, compared to 25.6% for traditional fuel vehicle dealers [9][10] - NEV dealers are benefiting from a significant market demand, with NEV retail sales reaching 5.468 million units, a 33.3% increase year-on-year [9] Brand Transformation - Traditional dealers are increasingly transitioning to sell NEV models, with some forming partnerships with NEV brands to adapt to market changes [10][11] - Major automotive groups are adjusting their brand portfolios to include more NEV options, reflecting a strategic shift in response to evolving consumer preferences [10]

Group 1: Industry Overview - The automotive market in China has shown growth in 2023, with total sales exceeding 15 million units in the first half, representing a year-on-year increase of over 10% [3] - New energy vehicles (NEVs) have been a significant growth driver, with production and sales reaching approximately 6.968 million and 6.937 million units, respectively, marking year-on-year growth of 41.4% and 40.3% [3] - The export of vehicles also continued to rise, with a total of 3.083 million units exported, reflecting a year-on-year increase of 10.4%, and NEV exports reaching 1.06 million units, up 75.2% [3] Group 2: Challenges Faced by Dealers - Despite the increase in sales, automotive dealers are struggling with profitability, as highlighted by the example of Lantian Group, which reported a 20% increase in sales but a loss of 5 million yuan [2] - The automotive distribution sector is facing intensified competition, increased operational pressure, and declining profitability, leading to a challenging environment for dealers [3][4] - Approximately 80% of main sales models are experiencing price inversion, with a 20% price inversion ratio, contributing to high inventory levels among dealers [7] Group 3: Recommendations for Improvement - Industry experts suggest that dealers should shift from a price war strategy to a value creation approach, focusing on building partnerships with manufacturers and enhancing service offerings [4] - There is a call for the automotive industry to actively explore international markets, particularly in countries involved in the Belt and Road Initiative, to expand business opportunities [5] - The need for a healthy industry ecosystem is emphasized, advocating for collaboration between manufacturers and dealers to create a mutually beneficial environment [4] Group 4: Legislative Support - The implementation of the Private Economy Promotion Law is seen as a significant boost for the automotive industry, providing legal protection for private enterprises and enhancing their confidence [18] - The law aims to address financing challenges faced by small and medium-sized enterprises, promoting the development of tailored financing solutions [19] - It is expected that large automotive manufacturers will adhere to commitments to shorten supply chain payment terms and rebate cycles, alleviating pressure on dealers [19]