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A well-known car dealer in Yancheng, Jiangsu Province has been rumored to have been hit!

2024-07-18 Update From: AutoBeta NAV: AutoBeta > News >

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According to "Interface News", "Sina Technology" and other media reports, Sinfeng Group Co., Ltd., the largest car dealer in Yancheng City, Jiangsu Province, is suspected to have suffered a major financial crisis, and the group boss Shen Feng has gone missing. According to people familiar with the matter, the capital chain of Sinfeng Group is broken and employees have been in arrears for more than four months' wages and social security, with a cumulative amount of 10 million yuan. At present, the assets of Sinfeng Group have been mortgaged. At the same time, some netizens on social media revealed that after the head of Sinfeng Group disappeared, the vehicle could not go through the normal licensing process, but the loan still had to be repaid on a monthly basis.

In response to the above news, as of press time, Sinfeng Group has not yet responded.

According to the public data of Tianyan check, Sinfeng Group Co., Ltd., formerly known as Jiangsu Senfeng Automobile Group Co., Ltd., was established in September 2006. it is located in Yancheng, Jiangsu Province, with registered capital and paid-in capital of 100 million yuan. Shen Feng is the legal representative. Shen Feng and Shen Zhendong jointly own 95% and 5% respectively.

It is understood that Sinfeng Group has nearly 60 automobile 4S stores and more than 25 international agency brands, including Audi, Mercedes-Benz, Lincoln, Maserati, Cadillac and other luxury brands. Buick, Chevrolet, Beijing Hyundai, imported Volkswagen, FAW-Volkswagen, SAIC-Volkswagen, Ford, Peugeot, Infiniti, Renault, Nezha, Zero, Xiaopeng, Zhanjie, Xilai and other well-known brands. In addition, the group's Sinfeng International Automobile City is also the largest automobile business concentration area in Yancheng and the largest individual investment in East China, with 16 international brand authorized 4S stores.

At present, the last message from Sinfeng Group official account stays on February 7 this year, with the content of Senfeng Group HELLO 2024 going to the future, and there has been no update since then; and its official website can no longer be accessed normally. It is worth mentioning that the crisis of Sinfeng Group is only a microcosm of many dealers.

In January this year, Guangdong Yongao Investment Group Co., Ltd. was reported to have seized more than 80 4S stores, several Guangdong Yongao stores in Dongguan have been suspended, and the sales center is empty. In March this year, there was news in the market that the above-mentioned companies were out of business because of their heavy debts and could not carry out their business normally. Before that, the huge group, which was once known as "the largest car dealer in China", not only missed the title of "king of 4S stores" because of poor management, but also faced with a financial crisis. In June last year, the Shanghai Stock Exchange delisted the company's shares. In other words, the huge group has been delisted.

Nowadays, the automobile market is becoming more and more open and the competition is becoming more and more fierce. if we are not careful, we may face a cruel exit, and the crisis of Sinfeng Group has once again sounded the alarm for car dealers. According to the 2023 National investigation report on the living conditions of Automobile Dealers released by the China Automobile Circulation Association, only 27.3% of the dealers have achieved their annual sales targets in 2023. In addition, the proportion of dealers' losses in 2023 was 43.5%, but the loss area narrowed and the profit ratio was 37.6%.

As for the performance of domestic dealers in the first half of 2024, the above association data show that there is an obvious differentiation in the completion of dealer sales tasks in the first half of 2024, of which 18.4% of dealers complete the task, and 34.8% of the dealers have a task completion rate of more than 80%. However, 13.5% of dealers have a completion rate of less than 50%. The China Automobile Circulation Association said that at present, the pessimism among dealers is spreading, and they are more cautious about the expectation of the automobile market in the second half of the year. It is suggested that dealers should rationally estimate the actual market demand according to the actual situation.

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