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More than 80 stores closed! Yongao Group statement

2024-07-14 Update From: AutoBeta NAV: AutoBeta > News >


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On January 19, in response to the news that more than 80 4S stores were closed and car owners were unable to pick up their cars, Guangdong Yongao Group issued an announcement in response: due to the superimposed influence of multiple factors, such as the impact of the epidemic in the past three years, the adjustment of the automobile market, and the lack of control of enterprise risks, the company's operation has recently encountered a crisis.

In response to delays in delivery and arrears of wages, the Yongao Group said it would take the following measures:

1. Set up a crisis management team: a professional crisis management team will be set up, which will be responsible for comprehensively coordinating and coordinating all kinds of work to ensure efficient and timely crisis management.

2. ensure customer vehicle delivery: all measures are being taken to give priority to mobilizing all forces to ensure the delivery of each vehicle in accordance with the company's unified deployment.

3. Protect the rights and interests of all employees: we are stepping up arrangements for accounting, and we will try every means to give priority to protecting the wages and other legitimate rights and interests of all employees.

4. Actively seek a self-rescue plan: actively coordinate with all parties to seek possible restructuring plans and opportunities, and have a preliminary intention

In addition, in response to the online news that "fraud is involved" and "the actual controller has absconded with money", Yongao Group issued a statement saying: it is a pure rumor and is taking some measures to ensure the delivery of customers' vehicles and protect the legitimate rights and interests of all employees.

It is understood that relevant departments have set up relevant investigation teams to help enterprise employees and consumers solve their difficulties. In view of the arrears of employees' wages, the government investigation team has sent personnel to Yongao Company to register personnel information and search relevant evidence; in view of the difficulties in vehicle delivery, the government investigation team has investigated and registered the delivery of vehicles in 4S stores of the company, giving priority to protecting the legitimate rights and interests of car owners who have bought cars in full in accordance with the law.

Tianyan Cha shows that Guangdong Yongao Investment Group Co., Ltd. was established in May 2014, is a collection of automobile sales, maintenance services, spare parts supply is equal to one of the 4S modern automobile trade group company, currently in Shenzhen, Dongguan, Zhuhai, Hubei Xiangyang, Shandong Jining and other places to open stores, agents including Audi, Volkswagen, Volvo, Eian, Mengjie and other more than 40 automobile brands.

On January 17, Guangdong Yongao was revealed that a number of its 4S stores had closed down. A number of Guangdong Yongao stores in Dongguan had been closed and the sales center was empty. According to online photos and videos, 4S stores such as AION, AITO, Linke and Mengjie in Dongguan Liaobu Motor City were temporarily closed and the display cars in the stores were emptied because the capital chain of Guangdong Yongao Group, to which the store belongs, was broken and the display cars in its stores were towed away overnight by the bank.

All of a sudden, many car owners who have already paid are miserable, and the car owners who have paid the deposit are unable to carry the car without a certificate, and the car owners who have picked up the car are faced with disputes over the encashment of their after-sales rights and interests. It has been revealed that there are 28 unpaid cars in the Yongao Group's stores, and 35 users are waiting to license the vehicles after the purchase tax.

A car owner who was unable to carry the car said that the police had closed Yongao's store in Tangxia Town, Dongguan City, to allow people to enter or leave, and that the store would soon be emptied. Earlier, there were a number of consumers, sales and regulators in the store negotiating to deal with the matter. The owner also said that Yongao had financial problems a year ago, but did not expect to suddenly close down. Through communication with sales, it was learned that the reason why Yongao had been unable to pick up the car after placing the order was that Yongao had mortgaged the car to the bank.

There is a view that Guangdong Yongao may adopt the business model of using the vehicle certificate as a "pledge" to lend to the bank, and if it is unable to repay the loan, the car owner who has bought the car will not be able to get the certificate, unable to register, license, insure, and so on. At the same time, after Guangdong Yongao defaulted, some of the new cars in its store that should be delivered to users were also regarded by banks and financial institutions as their remaining assets and were towed away for storage.

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