30 million deposit "went down the drain"? Woman who bought 3.86 million Ferrari encounters dealership "disappearance," sues European headquarters

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Text | “Next Generation Car Research Institute” Column Zhang Jun

“Ferrari dealers disappearing faster than Ferrari itself.”

Recently, a consumer reported to the “Next Generation Car Research Institute” column that after paying a 300,000 yuan deposit to order a vehicle at Ferrari Shenyang, the dealership withdrew due to poor management, and the operating entity changed from Guanghui Group to Hongyue Group. Although they initially promised no change in the operating address or customer rights, they are now unable to deliver the vehicle, and the 300,000 yuan deposit cannot be refunded.

In response, staff at the Ferrari Shenyang dealership said that the operating group was indeed changed last year. They will record this issue and verify the situation with the sales manager.

Unable to resolve the issue, Ms. Tang contacted Ferrari China, but no official personnel responded. She then sent a complaint letter to Ferrari Europe headquarters requesting a solution, but received no reply.

This consumer’s experience is just a microcosm of Ferrari’s declining sales in China—according to Ferrari’s recent 2025 financial report, its sales in China dropped from 1,162 units in 2024 to 941 units in 2025, a decrease of over 19%. This marks the third consecutive year of decline in China, with a 4% drop in 2023 and a 22% drop in 2024.

Paid 300,000 deposit, dealer changes, and “passing the buck”?

Ms. Tang (pseudonym) told the “Next Generation Car Research Institute” that after paying a 300,000 yuan deposit at Ferrari Shenyang, the dealership withdrew due to poor management, making her vehicle undeliverable and the deposit non-refundable.

According to the car sales contract she showed, the agreement was signed in June 2024. At that time, the Shenyang dealership was operated by Zunrong Yifang Group Shenyang Auto Sales Co., Ltd. Quanyun Branch. Business registration shows that this company is a member of Guanghui Auto Group, fully owned by Guanghui Auto.

She ordered a Ferrari 296 GTS, with a total price of 3,864,788 yuan, and transferred her 300,000 yuan deposit to the account of this dealer. The contract stipulated that the vehicle would be delivered around July 2025, within 13 months of signing.

However, from late 2024 to early 2025, the sales manager at the Shenyang dealership informed her that the dealer faced serious financial problems, and the Ferrari authorization had expired, requiring a change of operating entity from Guanghui Group to Hongyue Group, with no change in address or customer rights.

But this promise was not fulfilled. After the change, a staff member told her directly: “The car isn’t sold by me, I haven’t seen the contract, the money is with Guanghui.” Implying she should contact the original Guanghui Group to resolve the issue.

Data shows that Guanghui Group is one of the largest dealer groups in China, mainly serving BMW, Audi, Volvo, Jaguar Land Rover, Maserati, and other luxury brands. However, due to recent declines in luxury car sales, Guanghui Group has also been heavily impacted.

Tianyancha data indicates that Guanghui Group is now operating abnormally, listed as a dishonest person subject to enforcement, and restricted from high consumption. The company is involved in 153 lawsuits totaling 755 million yuan.

Additionally, the company she signed the contract with, Zunrong Yifang Group Shenyang Auto Sales Co., Ltd., is also listed as a dishonest person subject to enforcement and restricted from high consumption. This suggests she is unlikely to recover her 300,000 yuan deposit from the original dealer.

Dealership responds: Confirmed change of operating entity, will verify records

The “Next Generation Car Research Institute” checked Ferrari China’s official channels and found that the Shenyang dealership is still operating normally.

Records show that the current operating entity is Shenyang Hongyue Hongfu Auto Sales Service Co., Ltd., established in 2025, fully owned by Guangdong Hongyue Auto Sales Group Co., Ltd. This company is also a large domestic dealer group serving Ferrari, Maserati, Bentley, Jaguar, Land Rover, Lincoln, Mercedes-Benz, and other luxury brands.

Calling the official after-sales service number, a staff member said that the Shenyang dealership did change its operating group last year. Regarding Ms. Tang’s issue, they said they are not fully aware and will record it to verify with the sales manager.

“Ferrari dealers disappearing faster than Ferrari itself,” Ms. Tang complained. She also contacted Ferrari China about the dealer’s mutual passing of responsibility, but so far no official has responded. She was forced to send a complaint letter to Ferrari Europe headquarters requesting a solution, but has yet to receive a reply.

In fact, Ms. Tang’s experience is just a reflection of Ferrari’s declining sales in China.

Ferrari’s recent 2025 financial report shows that global net revenue increased by 7% year-over-year to 7.1 billion euros; net profit rose from 1.52 billion euros in 2024 to 1.6 billion euros, showing steady growth. Notably, Ferrari’s global deliveries in 2025 decreased slightly from 13,752 units in 2024 to 13,640 units, a 0.8% decline.

In China, the decline was more severe. The report shows that Ferrari’s sales in China dropped from 1,162 units in 2024 to 941 units in 2025, a decrease of over 19%.

Since 2023, Ferrari’s sales in China have been declining. In 2023, sales fell from 1,552 units in 2022 to 1,490 units, a 4% decrease; in 2024, sales further dropped from 1,490 to 1,162 units, a 22% decline.

With declining sales and pressure on dealerships, dealer changes have become inevitable.

Chain reaction: even the largest dealer group can’t hold up

In fact, Guanghui Group is not the only dealer affected by the luxury car sales slump.

Recently, Zhongsheng Holdings announced that for the fiscal year ending December 31, 2025, the company expects a net loss attributable to the parent of no more than 2 billion yuan, compared to a profit of 3.2 billion yuan in the previous year. This indicates a shift from profit to loss.

The reason given includes weak domestic consumer demand, imbalance in the supply and demand of passenger cars, intensified industry competition, and other macro factors. The company’s automotive sales (new and used cars) are expected to incur a gross loss increase of up to 70% compared to 2024; also, due to policy impacts, the commission rate for auto finance loans has decreased, with commission income expected to drop by no more than 50% in 2025 compared to 2024. Additionally, the company has conducted impairment assessments, recognizing goodwill and intangible asset impairments not exceeding 2.5 billion yuan for underperforming units.

Zhongsheng’s official website shows it mainly serves brands like Mercedes-Benz, Lexus, Audi, BMW, Volvo, Jaguar Land Rover, and others. The “2025 China Auto Dealer Top 100” ranking announced at the China Auto Dealer Conference lists Zhongsheng Group as number one.

This means that even the largest domestic auto dealer group cannot withstand the decline in luxury brand sales. It’s foreseeable that closures of luxury brand stores and dealer changes will continue. However, during this process, the legal rights of car owners must be protected. Otherwise, these luxury brands will face a significant trust crisis.