Time to shift into a lower gear. Last week, China’s Association of Automobile Manufacturers said that August car sales fell 3 per cent year-on-year, the third consecutive month of decline. The slowdown is hitting dealers as well as carmakers.
This year the dealers began to even the balance of power with manufacturers. International marques had been leveraging their popularity by stuffing dealerships with inventory. In January, BMW
agreed to rebate its Chinese dealers more than $800m. In interim results, dealers alluded to a more supportive relationship with luxury brands, even as inventory across the industry remain high.
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