China Automotive Distribution Industry Research and Forecast Report, 2013
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Jan/2013
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In the wake of declined automotive sales, the construction speed of auto dealers’ 4S stores also slowed down somewhat in China in 2012. In 2012, the number of additional 4S stores in China registered 2000-plus, and the total number approximated 20,000. Among the listed dealers, Pangda Automobile Trade boasts the most 4S stores, with the number hitting 771, far higher than that of other peers.
Due to slowdown of new vehicle sales market and the amounting pressure of inventory, the dealers successively rendered price reduction as the main promotion means, which caused the drop in profitability of many dealers in 2012. Meanwhile, the fall of gross margin also indicates that the new vehicle sales business has been gradually into the era of meager profit.
Gross Margin of Major Auto Dealers in China, 2011-2012
In contrast to the depressed new vehicle sales market, the automotive after-sale service and used car sales business presented greater development potential.
After-sale market
At present, the after-sale market has become the main profit origin of auto dealers, and its gross margin is much higher than that of new vehicle sales business. For instance, the gross margin of Pangda Automobile Trade’s new vehicle sales business was 7.28% in H1 2012, while that of its after-sale market reached as high as 34.26% in the corresponding period; Yongda Auto’s new vehicle sales business showed a gross margin of 5.24% in H1 2012, while that of its after-sale business was high up to 43.58%.
At present, the revenue from after-sale service of automobile dealers in China only accounts for 10% or so of new vehicle sales, and the gross margin is roughly 80% of that of new vehicle sales, while the above proportions respectively approximate 30% and 320% in the United States. Referring to overseas experience, the after-sale service will become the most important profit source of auto dealers in China in the future.
Used car market
The trading volume of used cars in China amounted to 2.658 million units in 2007, and climbed to 4.817 million units in 2012, with an AAGR of 12.63%. In 2011 and 2012, the growth rates of used car trade volume in China hit 12.41% and 11.24% separately, much higher than that of new vehicle sales market.
At present, many well-known auto dealers have launched the used car business, and in particular, Zhongda Yuantong has traded nearly 30,000 used cars in the first nine months of 2012, including 5,354 self-operated used cars, rising 9.9% year-on-year. Besides, other dealers like Pangda Automobile Trade, Sinomach Automobile, Dah Chong Hong, Zhongda Yuantong, Yongda Auto, Lentuo Group and Yaxia Auto all possess used car business.
In July 2012, the Ministry of Commerce of the People’s Republic of China issued the Criterion for Appraisal and Evaluation of Used Car (Exposure Draft). It is predicted that the Criterion will be officially issued in H1 2013, and the most crucial evaluation of used car market is expected to be regulated, which will positively bolster the disciplined development of used car market.
The report highlights the followings:
Automobile distribution models, development features of various models, etc. in China;
Progression of auto dealers in China, like quantity, profitability and development features, etc.;
Development of various automobile distribution businesses in China, including the distribution modes, characteristics and development prospects of diversified businesses such as new vehicle, used car, vehicle maintenance, automotive financing and insurance;
Operation, profitability, business development, 4S distribution network and expansion, etc. of 12 listed automobile dealers in China.
1. Business Model of Automotive Distribution in China
1.1 Development Course
1.2 Distribution Model
1.2.1 Major Marketing Models
1.2.2 Characteristics of Marketing Model
1.2.3 Distribution Model of Imported Cars
1.2.4 Development Characteristics of Marketing Channel
2. Development of Major Auto Dealers in China
2.1 Quantity
2.2 Profitability
2.2.1 Profit Margin
2.2.2 Profit Structure
2.3 Market Share
2.3.1 Ranking of Auto Dealer
2.3.2 Market Share of Auto Dealer
2.3.3 The Chinese Car Dealer Change in 2012
2.4 Working Capital
2.5 Region Feature of Auto Dealers
3. Current Status and Development Prospect of New Car Sales in China
3.1 Sales Volume and Trend
3.1.1 Total Sales Volume
3.1.2 Passenger Car
3.1.3 Luxurious Passenger Car
3.1.4 Commercial Vehicle
3.2 Price
3.2.1 Overview
3.2.2 Price of Passenger Car
3.2.3 Price of Commercial Vehicle
3.3 Distribution Model
3.3.1 Distribution Model of Passenger Car
3.3.2 Distribution Model of Commercial Vehicle
3.4 Operation of Auto Dealer
3.4.1 Profit of New Car Sales
3.4.2 Profit Model
3.4.3 Construction Cost
3.5 Development Trend Forecast
4. Current Status and Development Prospect of Used Car Sales in China
4.1 Sales
4.1.1 Sales Volume
4.1.2 Main Auto Models
4.1.3 Selling Price
4.2 Distribution Model
4.3 Market Prospect Forecast
4.3.1 Forecast of Development Trend
4.3.2 Forecast of Market Size
5. Current Status and Development Prospect of Auto After-Sales Service in China
5.1 Current Development of Auto After-Sales Service
5.1.1 Profit Model
5.1.2 Development Trend
5.2 Auto Repair and Maintenance
5.2.1 Business Model
5.2.2 Competitiveness of Auto Dealers in Auto Repair and Maintenance Business
5.2.3 Market Demand
5.3 Auto Finance
5.4 Auto Insurance
6. Major Auto Dealers in China
6.1 Pangda Automobile Trade Co., Ltd.
6.1.1 Profile
6.1.2 Revenue and Gross Margin by Business
6.1.3 Car Distribution Situation
6.1.4 Business Performance Prediction
6.2 Sinomach Automobile Co., Ltd.
6.2.1 Profile
6.2.2 Revenue, Total Profit and Gross Margin
6.2.3 Imported Car Business and Business Performance Prediction
6.3 Zhongsheng Group Holdings Limited
6.3.1 Profile
6.3.2 Revenue, Gross Margin and Car Sales
6.3.3 Distribution Network
6.4 Dah Chong Hong Holdings Limited
6.4.1 Profile
6.4.2 Turnover and Car Sales
6.4.3 Distribution Network
6.5 Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd.
6.5.1 Profile
6.5.2 Revenue and Gross Margin
6.5.3 Car Distribution Business
6.5.4 Distribution Network
6.5.5 Business Performance Prediction
6.6 China ZhengTong Auto Services Holdings Limited
6.6.1 Profile
6.6.2 Turnover by Business
6.6.3 Distribution Network
6.7 China Yongda Automobiles Services Holdings Limited
6.7.1 Profile
6.7.2 Revenue and Gross Margin
6.7.3 Distribution Network
6.8 Wuxi Commercial Mansion Grand Orient Co., Ltd.
6.8.1 Profile
6.8.2 Revenue and Gross Margin
6.8.3 New Dongfang Automobile City
6.9 LENTUO Group
6.9.1 Profile
6.9.2 Revenue and Gross Margin
6.9.3 Car Sales and Maintenance Service
6.10 Wuhu Yaxia Automobile Corporation
6.10.1 Profile
6.10.2 Revenue and Gross Margin
6.10.3 Distribution Network
6.10.4 Business Performance Prediction
6.11 Fujian Zhangzhou Development Co., Ltd.
6.11.1 Profile
6.11.2 Revenue and Gross Margin
6.11.3 Car Distribution Business
6.12 Shenzhen Tellus Holding Co., Ltd.
6.12.1 Profile
6.12.2 Revenue and Gross Margin
6.12.3 Car Sales and Maintenance Service
Development History of Automotive dealership in China
Main Automotive Distribution Models in China
Feature Comparison of Automotive Distribution Models in China
Distribution Model Comparison between Import Automobiles and Domestic Ones
Number of Automobile 4S Stores in China, 2008-2016
Number of 4S Stores of Major Auto Dealers in China, 2011-2012
Gross Margin Contrast of Major Auto Dealers in China, 2011-2012
Service Scope of Auto Dealers in China
Profit Structure Comparison between Chinese and US Auto Dealers
Automobile Dealers Each with Revenue over RMB10 Billion in China, 2011
Market Share of Top 10 Auto Dealers in USA, 2008
Market Share of Top 10 Auto Dealers in China by Sales Volume, 2011
Market Share of Top 10 Automakers in China by Sales Volume, 2011
Ten Changes of 4S Stores in China, 2012
Minimum Capital Needed in Daily Operation of Auto Dealers in China
Proportion of Self-owned Capital in Operating Capital of Auto Dealers in China
Main Sources of External Capital Demanded for Operation of Auto Dealers in China
Regional Features of 4S Store Distribution of Major Auto Dealers in China
Sales Volume of Automobiles in China, 2007-2016
Sales Volume of Passenger Cars in China, 2007-2016
Proportion of Sedan and SUV in Sales Volume of Passenger Cars in China, 2007-2016
Proportion of Passenger Cars with Displacement between 1.0-1.6L in Sales Volume Passenger Cars in China, 2007-2016
Automotive Displacement Attention in First, Second and Third-Tier Cities in China
Passenger Car Ownership Per Thousand Person in Major Countries, 2011
Top Five Provinces/Municipalities of Passenger Car Popularizing Rate in China, 2011
Sales Volume of Luxury and Ultra-luxury Passenger Cars in China, 2007-2016
Market Share of Luxury Passenger Cars in China by Brand, 2011
Market Share of Ultra-Luxury Passenger Cars in China by Brand, 2011
Single Store Marketing Capacity of Luxury Passenger Car Dealers in China, 2012
Sales Volume of Commercial Vehicles in China, 2007-2016
Proportion of Diversified Passenger Cars by Sales Volume in China, 2007-2016
Proportion of Diversified Trucks by Sales Volume in China, 2007-2016
Price Index of Automobiles in China, 2003-2012
Price Index of Sedan in China, 2003-2012
Single Car Average Price of Main Auto Dealers in China, 2011
Automotive Price Attention in First, Second and Third-Tier Cities in China
Price Index of Truck in China, 2003-2012
Construction Process of Passenger Car 4S Store in China
Single Store Revenue of Main Auto Dealers in China, 2011
Gross Margin of New Vehicle Sales Business of Some Auto Dealers in China, 2011-2012
Profitability Comparison of Auto Dealers by Automotive Type
Profit Model of New Car Sales Business of Auto Dealer in China
Construction Cost Structure of Auto 4s Store
Civil Vehicle Ownership in Central, Eastern and Western Regions in China, 2005-2011
Growth Rate of Civil Vehicle Ownership in Central, Eastern and Western Regions in China, 2005-2011
Trading Volume of Used Cars in China, 2007-2012
Proportion Comparison of Used Car and New Vehicle by Sales Volume in Different Countries
Composition of Traded Used Cars by Model in China, 2011-2012
Average Traded Price of Used Cars in China, 2000-2010
Hedge Ratio Comparison of Used Cars between China and USA
Trading Patterns of Used Car in China
Trading Patterns of Used Car in Major Countries
Distribution of Used Cars in China by Service Life, 2010
Expected Car Replacement Life Structure in China
Trading Volume of Used Cars in China, 2013-2016E
Profit Model of Auto After-sale Service in China
Gross Margin of After-sale Service of Main Auto Dealers in China, 2011-2012
Business Model of Auto Repair and Maintenance in China
Update Cycle for Some Auto Parts
Auto-loan in Major Countries, 2010
Automobile Credit Scale in China, 2001-2008
Financial Services of Auto Dealers in China and USA
Auto Insurance and Premium Income in China, 2003-2011
Financial Service Comparison of Auto Dealer between China and USA
Revenue and Net Income of Pangda Automobile Trade, 2007-2012
Gross Margin of Pangda Automobile Trade, 2008-2012
Revenue Structure and Gross Margin of Pangda Automobile Trade by Business, 2011-2012
Revenue and Gross Margin of New Vehicle Sales Business of Pangda Automobile Trade, 2011-2012
Revenue and Gross Margin of After-sale Service of Pangda Automobile Trade, 2011-2012
Automobile Sales Volume of Pangda Automobile Trade, 2008-2011
Brand Extension of Pangda Automobile Trade’s Luxury Cars, 2012
Revenue and Gross Margin of Pangda Automobile Trade, 2012-2016E
Revenue and Total Profit of Sinomach Automobile, 2009-2012
Revenue and Gross Margin of Sinomach Automobile by Business, 2011-2012
Top15 Imported Automobile Brands in China, H1 2012
Revenue, Total Profit and Gross Margin of Sinomach Automobile, 2012-2016E
Revenue and Gross Margin of Zhongsheng Group Holdings, 2007-2012
Revenue and Gross Margin of After-sale Service of Zhongsheng Group Holdings, 2007-2012
New Vehicle Sales Volume of Zhongsheng Group Holdings, 2007-2012
4S Store Distribution of Zhongsheng Group Holdings by Region, 2009-2012
4S Store Distribution of Zhongsheng Group Holdings in Different Provinces and Municipalities, H1 2012
Turnover of Dah Chong Hong, 2007-2012
Turnover and Net Income of Dah Chong Hong’s Automobile Business, 2007-2012
New Vehicle Sales Volume of Dah Chong Hong, 2006-2012
Number of 4S Stores of Dah Chong Hong in Chinese Hinterland, 2006-2012
Revenue and Gross Margin of Zhongda Yuantong, 2007-2012
Revenue and Gross Margin of Zhongda Yuantong by Business, 2011-2012
New Vehicle Sales Volume of Zhongda Yuantong, 2009-2012
Growth of After-sale Service of Zhongda Yuantong, Jan.-Sep.2012
Automobile Brands Agented and Distributed by Zhongda Yuantong
Layout Planning of Zhongda Yuantong’s Automobile Sales Network
Turnover and Gross Margin of Zhongda Yuantong, 2012-2016E
Turnover and Net Income of ZhengTong Auto, 2007-2012
Turnover and Contribution Rate of ZhengTong Auto by Business, 2011-2012
Revenue Sources of New Vehicle Sales Business of ZhengTong Auto, 2011-2012
Number of 4S Stores of ZhengTong Auto by Region and Brand, H1 2012
Revenue and Gross Margin of Yongda Auto, 2009-2012
Revenue of Gross Profit of Yongda Auto by Business, 2011-2012
Gross Margin of Yongda Auto by Business, 2009-2012
Sales Volume of Yongda Auto, 2009-2012
Number of Outlets of Yongda Auto, 2009-2012
4S Store Distribution of Yongda Auto, H1 2012
Revenue and Gross Margin of Grand Orient, 2006-2012
Revenue and Gross Margin of Grand Orient’s Automobile Distribution Business, 2007-2012
Gross Margin Comparison of Grand Orient by Business, H1 2012
Business Indicators of Lentuo Group, 2007-2011
Revenue and Gross Margin of Lentuo Group by Business, 2009-2011
Gross Margin of Lentuo Group, 2007-2011
Automobile Revenue of Lentuo Group by Brand, 2009-2011
Number of Maintenance Shops and Overhauling Capability of Lentuo Group, 2011
Revenue and Gross Margin of Yaxia Auto, 2008-2012
Revenue and Gross Margin of Yaxia Auto by Business, 2011-2012
Revenue of Yaxia Auto by Region, 2010-2012
Number of 4S Stores of Yaxia Auto, 2007-2012
Sales Volume of Yaxia Auto and Market Share in Anhui Market, 2008-2010
Revenue and Gross Margin of Yaxia Auto, 2012-2016E
Revenue and Gross Margin of Zhangzhou Development, 2007-2012
Revenue and Gross Margin of Zhangzhou Development by Business, 2011-2012
Revenue of Zhangzhou Development by Region, 2011-2012
Revenue and Gross Margin of Zhangzhou Development’s Automobile Business, 2008-2011
Operation of Main Subsidiaries Engaged in Automobile Distribution Business of ZZDC, 2011
Revenue and Gross Margin of Shenzhen Tellus, 2007-2012
Revenue Structure of Shenzhen Tellus, 2011-2012
Revenue and Gross Margin of Shenzhen Tellus’s Automobile Sales Business, 2008-2012
Revenue and Gross Margin of Shenzhen Tellus’s Overhauling and Maintenance Business, 2008-2012
Operation of Shenzhen Tellus’s Main Auto Distribution Subsidiaries, 2010
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