2025-12-28 03:20:54

Another high-leverage project has collapsed after its funding chain broke.

But this time, the main character is not in the crypto world, but a leading automotive dealership group.

Overnight, this large store covering 12,000 square meters was left empty. Deposits are not refunded, wages are not paid, and the account with over 400,000 followers was set to private. More than 200 customers faced the "car delivery disappearance" tactic, with some having paid a 30,000 yuan deposit and then losing contact with the sales staff. Now, at least 200 people are facing the situation of not getting their deposits back, with an average loss of over ten thousand yuan.

Even more heartbreaking, the store employees were kept in the dark—closed suddenly, with wages delayed for months. The police have already intervened.

Did you know? Behind this store is not a small workshop, but a large group with total assets exceeding 6 billion yuan, which also manages dealerships for brands like BMW and Audi. These stores are still operating normally. But the most high-end line was the first to collapse.

The root cause is actually very simple: high leverage operations collided with a sales cliff.

Dealers adopt a full payment pre-financing model, with each car costing over a million yuan. What if funds are insufficient? Use financial leverage. Mortgage the car’s certificate of conformity to the bank to get a loan, maintaining cash flow. When the market is good, this strategy can boost profits, but once the market cools down, high leverage can instantly backfire, the funding chain can’t hold, and a collapse occurs.

And now, sales have indeed collapsed. In the first three quarters, sales volume was only 32,200 units, a year-on-year drop of 26%, and a 66% decline compared to four years ago. Dealers really can’t hold on anymore.

The company itself is also bleeding. Operating profit in the first three quarters plummeted by 99% year-on-year, from 4 billion euros to 40 million euros, followed by large-scale layoffs and store closures. The number of stores in China is planned to be cut from about 150 to 80, essentially halved.

Some say this is the most severe crisis in the company’s 90-year history, and this crisis has first erupted in the Chinese market, potentially becoming the first domino to fall in an entire industry chain.

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RugResistant

· 8h ago

ngl this smells exactly like the leverage collapse patterns we've seen in defi rugs—just wearing a fancy dealership suit. 200+ people got liquidated overnight, classic high-risk implementation right there.

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bridge_anxiety

· 8h ago

This is the high-leverage game of traditional finance. The crypto world has played it before, now it's the turn of the auto industry. One night, people leave and the building is empty; the deposit goes down the drain. This trick is all too familiar. A 6 billion giant company is being countered by leverage, and the dominoes might really fall this time. The most frightening part is that the high-end line can't hold up first, proving that the entire chain has significant problems.

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DefiPlaybook

· 8h ago

According to data, the essence of this case is a typical high-leverage liquidation spiral—over 200 people with an average loss of 10,000 yuan each, and a profit of 40 million euros compared to a 4 billion euro crash scale. This logic is exactly the same as the flash loan attacks in the crypto circle.

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TokenomicsShaman

· 8h ago

It's the old high leverage trick again, now the traditional industry is taking over the game that the crypto world has left behind. Leverage feels good for a moment, but when the market cools down, everything's doomed—this logic applies everywhere. The deposit from over 200 people was just gone, even more ruthless than some exit scam projects... As long as BMW and Audi can still operate, this line is the first to die? Sure enough, high-end investors get the harshest cuts. Sales dropped 66%, yet they still play with financial leverage—I really don't understand their thinking. The capital chain, it seems, no one can escape from it. The dominoes have already fallen; do the others still dare to continue leveraging? It feels like a microcosm—many projects ultimately die because of this套路.

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fren_with_benefits

· 8h ago

This is the common problem in the crypto world now spilling over into real life: leverage feels great for a moment, but when the market cools down, everything collapses... Wait, can 6 billion in assets collapse so quickly? That's unscientific. If the deposit says non-refundable, then it’s non-refundable? How is there such an operation... It's typical that people don't realize the risks when making money, and their true nature is revealed as soon as the market turns cold. The domino effect isn't without reason; the entire industry chain is tense. Even big companies with money can empty their accounts overnight, how ruthless is that? Financial leverage is truly a double-edged sword; it’s blown out of proportion normally, but it shatters at the first blow.

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SmartMoneyWallet

· 8h ago

600 million in assets was forcibly turned into a high-leverage explosion, and the absurdity of the capital flow is even more extreme than the crypto circle. Using a certificate of qualification as collateral to obtain loans to maintain cash flow, in simple terms, is just deceiving oneself. Once the chip distribution becomes unbalanced and sales plummet, the entire chain collapses directly. Over 200 people have lost an average of ten thousand yuan each, which is the real capital game crash.

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