The luxury car market in Wuhan, Hubei province, China experienced significant growth in 2009, despite the negative effects of the global financial crisis that broke out in 2008.
Ebao 4S, BMW’s dealership in Hankou, managed to maintain monthly sales of approximately 90 cars since its opening in March. Meanwhile, Daimler-Benz dealer Wuhan Xinglong Automobile Sales & Service recorded a year-on-year rise of 45 percent in car sales during the first ten months of 2009.
Given the solid growth momentum, more luxury car brands are seeking to establish a presence in Wuhan. Audi opened its third dealership in the city on Nov. 15, while Benz's second dealership started operation in late November.
The rapid expansion of Wuhan's luxury car market also boosted the development of the automobile financing sector, as many buyers relied on bank loans for their car purchases. Wuhan Xinglong, for instance, launched a new car loan service in 2009, and is received a warm response from consumers thanks to its low interest rates, flexible repayment options and simple procedures.
