- Business
- Grand Baoxin Auto Group Limited Grand Baoxin Auto Group Limited is a leading automobile sales and service group in China, principally engaged in the sales and after-sales service of new automobiles through a network of sale, spare part, service and survey (4S) dealership stores; it provides a full range of integrated services, including new car sales of luxury and ultra-luxury brands such as BMW (including MINI), Audi, Jaguar & Land Rover, Volvo, Cadillac, Alfa Romeo, Porsche, Rolls-Royce and Maserati, after-sales maintenance, car beauty, retrofitting, modification, used car sales, car insurance brokerage, auto parts sales and other auto-related product sales; the group also offers consulting services, auto finance business and finance leasing services through its subsidiaries. Founded as Baoxin Auto Group Limited and renamed Grand Baoxin Auto Group Limited in April 2017, the company is headquartered at Grand Baoxin Building, No. 3998 Hongxin Road, Minhang District, Shanghai, People's Republic of China, with its principal place of business in Hong Kong at 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon; it operates primarily in Mainland China, concentrating its 102 stores as of December 31, 2023 in the eastern region as an axis for expansion into northern, central, southern, northeastern and northwestern areas, targeting affluent regions with high market potential and serving mid-to-high-end, luxury and ultra-luxury customer segments; Grand Baoxin Auto Group Limited is a subsidiary of China Grand Automotive Services Co., Limited, which holds approximately 68.56% ownership. The group, which employs 6,129 staff, focuses on luxury brand new energy vehicle sales services and derivatives amid industry price competition and electrification trends; recent strategic changes include optimizing store networks by adjusting or closing five underperforming outlets to enhance brand concentration and operational efficiency, strengthening procurement cost controls and centralized parts allocation for after-sales services, expanding automobile finance collaborations with OEMs, financial institutions, banks and internet car leasing platforms to broaden product structures and extend customer stickiness, boosting second-hand car replacement penetration to 19.5% and replacement rate to 18.4%, enhancing insurance renewal and non-auto insurance scale through insurer partnerships, and actively exploring new energy model distributions from luxury brands like BMW to adapt to market shifts; in August 2024, it announced the disposal of equity interests in Hangzhou Baoxin Enterprise Co., Ltd. for RMB133.0 million to streamline operations.