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Recently, a number of 4S stores have problems one after another, but consumers have been unable to pick up the car for a long time. Through inquiry, it is found that some 4S stores belong to Zhengtong Automobile Group, and the cause of the incident is the financial problems of the group. Recently, a luxury car 4S store in Guangzhou has also been exposed, dozens of people are still unable to carry cars.

Ms. Li, a citizen, reflected to the media that she paid full money to buy a car at a CNAC South Jaguar Land Rover 4S store in Guangzhou, which has been unable to mention the car for more than 2 months. And dozens of people have also suffered.

In media reports, Ms. Li said she bought the car on July 2, and the earliest of the 36 owners was in April, and so far there is no mention of the car. Ms. Li also mentioned that when she bought the car, she bought it for the existing car, but the 4S store did not sign a sales contract, only gave a letter of intent and paid the whole money herself. "in the end, when it couldn't go on, the 4S store gathered all our car owners and told us it was the group's problem. After the group collected the money, it misappropriated the money somewhere else and did not give us the certificate to redeem the mortgage in the bank, resulting in the inability to lift the car. " Ms. Li said so.

The sales manager of the SAIC South Jaguar Land Rover 4S store responded that most of the stores in the group now have this problem, with the exception of those that have just expired. He also revealed that after receiving the money from customers, the 4S store was collected directly into the group, and the group's payment center paid the money uniformly. Now the group payment center has no money to pay, and it is not clear why the money received in the middle has gone. There is something wrong with the group's funds, resulting in the inability to obtain the pledged certificates and vehicle keys from the bank.

The inquiry found that the group company to which the 4S store belongs is China Zhengtong Automobile Service Holdings Co., Ltd. Since the beginning of this year, a number of 4S stores under Zhengtong Automobile have been exposed that consumers are unable to carry cars.

Zhengtong Automobile, which includes Foshan BMW 4S store, Foshan Dingbao BMW 4S store, Guangdong CNAC South Volvo 4S store and Jingmen BMW 4S store, as well as a number of SAIC South 4S stores have been reported to be in breach of contract and unable to deliver the car.

Among them, Foshanbao ran the BMW 4S store at the end of August and encountered a number of consumers pulling banners to protect their rights. In early September, the Jingmen City Consumer Council issued a consumer risk warning to consumers in the city, advising the public to be cautious about trading with Jingmen BMW 4S stores because of repeated delays in car delivery and disputes with several consumers. On September 23, Jingmen Consumer Commission issued a notice letter to Wuhan Zhengtong Company. If the car could not be delivered on time, it would advise the China Consumer Association to interview Zhengtong Company, and suggest that the regulatory authorities should file an investigation into the suspected fraud at the Jingmen BMW 4S store and order it to stop sales.

Zhengtong Motors, a 4S store group specializing in luxury brands in China, was listed on the Hong Kong Stock Exchange in 2010 and is the first luxury car dealer group to be listed in Hong Kong, China. Zhengtong Motor once staged "Snake Swallow Elephant" in 2011, buying Shenzhen Sinochem Southern Investment Group Co., Ltd., which is twice its size for 5.5 billion yuan, and is famous in the industry.

Zhengtong Motor lost 1.365 billion yuan in the first half of 2020, with a total of 127 4S stores open and eight unprofitable 4S stores closed in the first half of the year, according to the results report for the first half of 2020. In terms of 4S store operation, Zhengtong Motor operates luxury brands such as Porsche, Mercedes-Benz, BMW, Audi, Jaguar Land Rover, Volvo, Cadillac, Infiniti, etc. At the same time, it also operates dealerships of FAW-Volkswagen, Buick, Nissan, Toyota, Honda, Hyundai and other mid-market brands.

Zhengtong Automobile Group is in operational difficulties, perhaps more due to its own reasons. Some people in the industry believe that many automobile groups are paying for mistakes such as "poor employment, low risk-resistant ability, and manic arrogance," and eventually end up in the reshuffle stage of selling assets. Another industry insider said, "all these send a clear signal to investors in the automotive industry: to avoid blind expansion and maintain good capital liquidity, their own strength is the key to solve the problem."

On July 31, Zhengtong Motors announced that the controlling shareholder intends to sell 29.9% of the company's shares at a premium, which was taken by Xiamen International Trade holding Group Co., Ltd., a state-owned enterprise controlled by the Xiamen municipal government. Zhengtong Motors, which has encountered financial problems, is solving its financial problems by selling shares.

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