Title: Guangdong Automobile Dealer Group Yong’ao Suspected of Capital Chain Break, Dozens of 4S Stores Closed Down
On January 18, 2024, reports emerged that the Guangdong Automobile Dealer Group Yong’ao is suspected of having a broken capital chain, leading to the closure of dozens of 4S stores and leaving many customers in a state of uncertainty.
The chaos began when a netizen posted a video on social media showing the closure of the Dongguan Liaobu store’s Wenjie Delivery Center under the name of Yong’ao Group. This raised concerns for customers who had paid deposits or the full amount for their cars but didn’t receive them.
Netizens and customers have reported the closure of all stores under the Yong’ao Group with the word “Yong” at the beginning, leaving car owners in distress as they wait for their vehicles to be delivered. A screenshot of a WeChat conversation posted online revealed that more than 80 car brand stores of Guangdong Yongao Group Investment Co., Ltd. are experiencing emergencies and are at risk of bankruptcy and liquidation.
Reports from the Aian Liaobu International Automobile City Experience Center revealed that car owners waiting for delivery, salespeople who were owed wages, and bank staff were pacing back and forth, with new cars mortgaged to banks and certificates temporarily withheld.
The situation is complicated by the closure of the Yong’ao Group headquarters, leaving many in the dark about the future of their car deliveries. The Dongguan Municipal Administration for Market Regulation has received several complaints and is studying how to address them, with the final solution expected to come from the Yongao headquarters between January 20 and 25.
Public information shows that Yong’ao Group, established in 1997, was once one of China’s top 100 automobile dealer groups, with more than 40 branches and over 2,000 employees. The group had previously been exposed for wage arrears in 2023, owing more than 1,000 workers wages and suppressing employees’ wages for three months.
As concerned individuals seek answers, the Voice of Hope invites the public to join their efforts in maintaining large-scale broadcasts to China to continuously convey the truth and inject hope into the country.
Amid the uncertainty and distress caused by the suspected capital chain break of Yong’ao Group, affected individuals are left waiting for a resolution to the crisis that has disrupted the operations of dozens of 4S stores and left car owners in limbo.
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