The Smart Way to Build a Bigger Customer Base
Is China Ready For CPO Science?
By harvesting new technologies that include 3D printing, digital design, nanotechnology, biotechnology, genetics and more, China stands poised as the leader of the world’s “Third Industrial Revolution”. As these unique industries emerge and evolve, another revolution is being spawn, personal wealth. This unprecedented financial growth among the Chinese people will fuel another industry that is rapidly growing, light-vehicle sales.
China is already the world’s largest manufacturer of automobiles and set to meet this huge potential demand. However, as the first generations of auto owners begin to trade-in their “first” new car, even more opportunities are emerging. This will feed a virtually unlimited number of auto dealership profit centers yet to be realized by the majority of the China automotive dealers. This growing flood of pre-owned vehicles will allow a whole new scope of auto consumers to access vehicles once deemed unobtainable. Chinese auto dealers around the country will have the opportunity to repurpose these trade-ins as certified pre-owned vehicles and quickly build more sales with bigger profits.
Let us give you an idea of how big China’s potential market can be, last year in the US more than 38 million used vehicles were sold by franchised, independent and person-to-person sales. That is nearly a 3-1 ratio of new to used. China has an estimated population of 1.35 billion people with less than one percent of the population currently driving. That driving population is still nearly equal to the number of drivers in the US. The growth is coming and Chinese auto dealers need to be prepared at all levels.
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