A consumer has reported that after paying a 300,000 yuan deposit for a vehicle at a Ferrari dealership in Shenyang, the dealer ceased operations and exited the business. The operating entity changed from the Guanghui Group to the Hongyue Group. Despite initial assurances that the business location and customer rights would remain unchanged, the consumer's vehicle has not been delivered, and the 300,000 yuan deposit remains unrecoverable.
In response to the incident, staff at the Ferrari Shenyang dealership confirmed that a change in the operating group occurred last year. They stated the issue would be recorded and verified with the head of the sales department.
Left with no other options, the consumer, identified as Ms. Tang, contacted Ferrari China but received no official assistance. She subsequently sent a complaint letter to Ferrari's European headquarters demanding an official solution but has yet to receive a reply.
This consumer's predicament highlights challenges amid Ferrari's declining sales in China. According to Ferrari's recently published 2025 financial report, its sales in the Chinese market fell from 1,162 units in 2024 to 941 units in 2025, a year-on-year decrease of over 19%. This marks the third consecutive year of declining sales for Ferrari in China, following a 4% drop in 2023 and a 22% drop in 2024.
Ms. Tang stated that after paying the 300,000 yuan deposit at the Shenyang dealership, the dealer's poor management led to its exit, resulting in the non-delivery of her vehicle and the inability to refund her deposit. The sales contract, signed in June 2024, listed the dealer as Zunrong Yifang Group Shenyang Auto Sales Co., Ltd., a member of the Guanghui Auto Group.
The vehicle she ordered was a Ferrari 296 GTS, with a total price of 3,864,788 yuan. The contract stipulated an estimated delivery around July 2025, approximately 13 months after signing. However, between late 2024 and early 2025, a sales manager notified her that the dealer faced severe financial issues, its Ferrari authorization had expired, and the operating entity would change from Guanghui Group to Hongyue Group, with promises that the location and customer rights would remain intact.
This promise was not fulfilled. After the change, a staff member reportedly told her, "I didn't sell the car, I haven't seen the contract, the money is with Guanghui," implying she should contact the previous dealer, Guanghui Group. Public records show Guanghui Group, one of China's largest dealer groups serving brands like BMW and Audi, is now listed as a dishonest entity subject to high-consumption restrictions, involved in numerous lawsuits.
The original contracting company is also listed as a dishonest entity. Contacting the previous dealer is unlikely to result in a refund. The current Shenyang dealership is operated by Shenyang Hongyue Hongfu Auto Sales Service Co., Ltd., established in 2025. A staff member confirmed the ownership change last year but had limited knowledge of Ms. Tang's specific case, promising to verify it with the sales department.
Ms. Tang's experience reflects broader issues. Ferrari's 2025 report showed global net revenues increased 7% to 7.1 billion euros, with net profit rising to 1.6 billion euros. However, global deliveries dipped slightly to 13,640 units. The sales decline in China is more pronounced, continuing a downward trend since 2023.
The impact extends beyond Ferrari. Zhong Sheng Holding recently announced an expected net loss of up to 2 billion yuan for 2025, a significant reversal from a 3.2 billion yuan profit in 2024. Reasons include weak consumer demand, an imbalance in supply and demand, intensified competition, reduced auto finance commissions, and substantial impairment losses. As the top-ranked dealer group in China, Zhong Sheng's struggles indicate even the largest operators are vulnerable amid a luxury sales slump. This trend suggests more dealership closures and ownership changes are likely, underscoring the urgent need to protect consumer rights to prevent a major crisis of confidence for luxury brands.