Recently, the China Automobile Dealers Association and Jingzhen Estimation jointly released the "February 2022 China Automobile Retention Rate Research Report". Through the retention rate research, it aims to reflect the comprehensive strength of the brand's product strength, recognition, reputation, etc., and provide important data references for future repurchase, replacement, leasing, finance, new car pricing reference and other related businesses, thereby reducing business risks and improving operational efficiency.
Policy direction
Implement the turnover indicators for used cars
In the restricted areas, second-hand car transactions have long been subject to index restrictions, which not only restricts the growth of transaction volume, but also increases the cost of "rent indicators" for car dealers. Taking Beijing as an example, the purchase restriction measures are mainly aimed at alleviating congestion, and the "turnover indicators" proposed this time clearly point out that vehicles are not allowed to drive on the road, which can be described as "precise policy".
Used car dealers generally welcomed the new measure, even saying it was "late".
Hot events
Protect consumer rights
Recently, automotive goods and services have become the "hardest hit area" for consumer complaints, with more than one hot news, including second-hand cars and auto finance. Our consumption environment still needs to be improved, and we believe that the direction of our efforts should be to "grasp the source", starting from the manufacturer's side and implementing the main responsibility of the enterprise. This is also what high-end brands of new power brands and independent manufacturers should do.
Monthly traffic volume is higher than in previous years
February is not only the Spring Festival holiday, but also two working days less than other months, and the month-on-month decline in used cars is normal. In addition, because both buyers and sellers have adapted to the "New Year in situ", the enthusiasm for trading is higher than in previous years, and economic activity does not stagnate during the long holiday.
The hedging rate rally continues
There are fewer working days throughout February, and the price rises and the volume drops, which is a normal seasonal market. Prices are rising for several types of used cars, with the exception of the low-end MPV models represented by micro-surfaces, which have stronger tool attributes, and the market in February is also generally not "working". The price increase was the largest in medium and large SUVs, reflecting the characteristics of the differentiation of the automotive market. Luxury brands such as BBA and Land Rover are becoming more and more popular, and the space for joint venture brands in the original mid-range is getting smaller and smaller. Medium and large SUVs also include new brands such as Ideal ONE and new energy vehicles.
Luxury brands performed steadily
Although Porsche and Lexus have higher retention rates, high prices have inhibited the rise in trading volume, which is not conducive to the expansion of brand scale and market share. Both brands have made high-profile announcements about electrification strategies, and consumers' definition of "luxury" may change in the future. The Land Rover brand firmly grasped the consumer's preference for SUVs, domestic models and imported models went hand in hand, and the quality of new car products was significantly improved.
The retention rate of Japanese brands is still leading
Among the joint venture brands, the Japanese leading edge is still obvious, among which Toyota's hydrogen energy vehicles have been used in the Beijing Winter Olympics, which has greatly improved the brand image. Korean brand Hyundai products have undergone a substantial update, leading this generation of old products has been very few, the current second-hand market is mainly circulating ix25, the new car market is mainly Tucson L and the new generation of Elantra.
The retention rate of most joint venture brands has rebounded
During the Spring Festival in February, the prices of most joint venture brands rebounded. This recovery is seasonal, and it can be seen that the trend of second-tier joint venture brands is basically the same, and the range of changes is relatively large.
Small changes in independent brands
Cross-border cooperation between the automotive industry and sports is very common. Winter is not usually the peak season for sporting events, but two media hotspots emerged in February, one for the Winter Olympics and one for the Chinese women's football team. Among the car manufacturers, Cadillac rubbed the heat of the Winter Olympics, and Roewe rubbed the heat of the Chinese women's football team.
Medium and large SUV 300,000-400,000
In the medium and large SUVs in the 30-40w price range, SAIC Volkswagen's Tuon, Tuon X, and Buick's Encore Banner retention rate is eye-catching. In this price segment, compared with the price of Japanese mid-size cars at about 30w, German and American systems adopt the same higher-level strategy of price to compete.
New energy vehicle services lag behind
Great Wall Euler's black cat and white cat models have recently been complained about by consumers, although the manufacturer statement did not stop production, but the replacement speed of electric vehicles is extremely fast, and there is no time to wait. Combined with the problems complained about by Euler Good Cat before, the Euler brand has actually missed the market opportunity. For models that are discontinued and discontinued, the residual value of used cars will be greatly "diving" in most cases.
In the past, some niche products in fuel vehicles were recognized by fans, and they still maintained high prices after the suspension of production, but this situation could not occur in electric vehicles. The price of second-hand electric vehicles faces the risk of plunging sharply. When the supply of new cars is insufficient and the delivery is delayed, the price of used cars is higher, but if the manufacturers cannot cope with it and lead to the delisting and suspension of products, then the price of used cars will fall rapidly from a high level. The operating risks of electric vehicles in this regard are significantly greater.
The retention rate of electric vehicles continues to increase
The problem of difficult delivery of new cars is only one aspect that affects the retention rate (hunger marketing does not apply to electric vehicles). In some cases, used car prices can be "decoupled" from the new car market. At present, the cross-provincial circulation of new energy used cars is still small, which is another factor affecting the retention rate, and the county and township primary markets have yet to be developed. To develop new regional markets, we can start with hybrid models and gradually cultivate new usage habits for users.
Retention rate of major models
The differentiation of the retention rate of the new energy market tends to be obvious: luxury brands such as Porsche and Tesla occupy the top of the list, the middle of the list is occupied by new domestic forces, and independent brands BYD and Roewe also occupy a place in the new energy market.