sewells msxi adci report oct-dec 2016 edition

adciAutomotive Dealer Confi dence Index

11th Edition, Oct - Dec 2016

adci

SHAPING THE FUTURE OF AUTOMOTIVE RETAIL.

www.sewells-msxi.com

TThe Indian automobile industry has had an exciting year in 2016. The industry started with a strong growth with new model launches by manufacturers aided by reduction in interest rates, roll-out of seventh pay commission and growth in rural demand.

While the industry was expected to end the year with a strong growth trajectory currency demone-tization put brakes to its growth in the last quarter.

In the new year, we are past the demonetization battle, and looking forward to the growth trajec-tory that we are used to. However our recent ADCI survey conducted during Nov – Dec indicates that the Dealer Confi dence Index is down a few notches from the pre-festival season.

The truth is that the Indian automotive industry is here for the long haul and such distractions may be temporary. However it is equally important to understand the feelings in the short run. This report aims to capture and quantify the sentiment of the channel partners during the Oct - Dec quarter.

This report aims to capture and quantify the sentiment of various industry stakeholders to be viewed as reliable presursors to business performance. Hope you would enjoy reading through the pages of the eleventh edition of this report.

About Sewells MSXIAutomotive Dealer Confi denceIndex

ADCI Survey Methodology Summary of Respondents

SEWELLS MSXI

AUTOMOTIVEDEALERCONFIDENCEINDEX

1


About Sewells MSXIAutomotive Dealer Confi denceIndex

A In the automotive industry, dealers enjoy a unique position which keeps them close to the customers. They are also in constant touch with factory sta� , other dealers, fi nanciers and market intermediaries. Consequently, each dealer has exposure to a plethora of information that in turn shapes his/her views about the future of their business in short and medium term.

The Sewells MSXI Automotive Dealer Confi dence Index (ADCI) report captures and quantifi es this sentiment across the length and breadth of the country. The movement of this collective sentiment in the form of an index indicates the direction of the wholesale and the retail sales in the industry. It is published by Sewells MSXI on a quarterly basis.You have the eleventh edition of this report in your hands right now.

ADCI Survey Methodology Summary of Respondents

2


ADCI Survey MethodologyAbout Sewells MSXIAutomotive Dealer Confi denceIndex

TThe Sewells MSXI ADCI is computed on the basis of responses received to a structured questionnaire from the automotive dealerships. The questionnaire attempts to capture their sentiment about economy in general and their business in particular on a six month horizon.

As per the design, the ADCI’s range is between -100 and +100, where an index score of -100 represents the most pessimistic outlook, and +100 indicates the most optimistic outlook. The index is based on how dealerships see the overall market and their businesses performing in next six months.

The Sewells MSXI tracks the trend of the index which o� ers an insight into the future direction of the market. We believe that it is the movement of the index that o� ers greater insights than its absolute value in a particular quarter.

In this latest edition of the ADCI, we have captured the sentiment of the automotive dealer fraternity during Oct - Dec quarter of 2016. The fi ndings of this survey are compared with the fi ndings of the previous three editions to map the trend.

As always, a questionnaire was sent to the automotive dealers across India. A total of 138 responses were received, from dealerships, representing 20 brands. These were used to compute the index. Every e� ort has been made to ensure that the index is meaningful and representative of the dealer sentiment. However, we advise reader discretion in using the results considering the low sample in some cases.

Summary of Respondents

3

ADCI Survey MethodologyAbout Sewells MSXIAutomotive Dealer Confi denceIndex

Summary of Respondents

TOTAL NUMBER OF RESPONDENTS

LOC

ATIO

N O

F R

ES

PO

ND

EN

TS

*Force,Mahindra,Tata and Honda are common brands across categories.

*Sub-sample size low. Reader discretion advised while considering the statistical signifi cance.

NORTH PASSENGER CARS

BEFORE 1975

PASSENGER CARS

YE

AR

OF

INC

OR

PO

RAT

ION

OF

DE

ALE

RS

HIP

8

4 4

SOUTH EAST WEST CENTRAL

20* BRANDS

TWO WHEELERS COMMERCIAL VEHICLES

BR

AN

DS

RE

PR

ES

EN

TED

20%

2831

79

138

57%

23%

COMMERCIAL VEHICLES PASSENGER CARS TWO WHEELERS

TWO WHEELERS COMMERCIAL VEHICLES OVERALL

1975 - 1989

1990 - 2004

AFTER 2005

4 www.sewells-msxi.com

3

5%

17%

9%

65CITIES

35%

10%

29%

1

27%

71%

37%

9%1%

1%

1%

47%

16%

30%

61% 65%

29%


The overall ADCI during Oct - Dec 2016 indicates that the dealers are moderately optimistic with the present business conditions in the country. Despite the festive season, dealer sentiment was not high due to low consumer spent on account of currency demonetization.

The overall ADCI stood at +23 indicating a slightly optimistic sentiment amongst the dealers. It is marginally high from the neutral sentiment.

The Passenger Car ADCI stood at +31, representing a moderate optimism in the dealers.

The Two Wheeler ADCI stood at +19, indicating a neutral sentiment.

The Commercial Vehicle ADCI stood at +12, also indicating a neutral sentiment.

5

SEWELLS MSXI

AUTOMOTIVEDEALERCONFIDENCEINDEXOCT - DEC 2016 INDIA


The index for Passenger Car segment stood at +31 during Oct - Dec 2016, as compared to +45 during Jul - Sep 2016, indicating a weakened optimism of the Passenger Car dealers.

The sentiment was also seen dipping for the Two Wheeler dealers, where the index was at +19 compared +32 at the end of Jul - Sep 2016 quarter.

Commercial Vehicle dealers’ sentiment also weakened in this period. In contrast to the last quarter, the index moved down to +12 vis-a-vis a high of +34 during Jul - Sep 2016 quarter.

SEWELLS MSXI

AUTOMOTIVEDEALERCONFIDENCEINDEX-TREND

6

OCT - DEC 2016 INDIA


The following pages carry details of the responses received during the eleventh edition of the survey.

This section presents the distribution of responses across multiple questions and compared with the fi ndings of the previous surveys.

For better understanding of the analysis, we have added the re-spective questions on each page as asked in the survey.

SEWELLS MSXI

DETAILED ANALYSIS

AUTOMOTIVEDEALERCONFIDENCEINDEX

Current Economic Environment vis-a -vis same Period Last Year

7

01

The Impact of Current Economic Environment on the Local Market

02Page 9

The Impact of Current Economic Environment on the Dealership Business

03Page 10

Dealership Performance vis-a-vis Same Period Last Year04

Page 11

Dealership Performance vis-a-vis Last Quarter05

Page 14

Expected Economic Environment Next Six Months Compared to the Present

06Page 17

Expected Market Performance Over Next Six Months

07Page 18

Expected Dealership Performance Over Next Six Months

08Page 19

Expected Dealership Performance Over Next Six Months Compared to the Present Level

09Page 20

Expected Manpower Strength Over Next Six Months10

Page 23

Dealers’ Opinion On How Does Vehicle Recalls by OEMs Impact Their Sales

11Page 24


JUL - SEP 2016

100%

80%

60%

40%

20%

0%1CURRENT

LAST YEAR

ECONOMIC ENVIRONMENT VIS-À-VIS SAME PERIOD

Overall, 92% of the dealers felt that the current economic scenario in the country was negative.

Commerial Vehicle and Two Wheeler dealers were even more pessimistic about the economic environment as only 4% and 6% of them respectively saw any pos-itive indications.

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS

VERY NEGATIVE


NEGATIVE POSITIVE VERY POSITIVE

80%

60%

40%

20%

0%

8

7

71

202

5 7

74 64

APR - JUN 2016

JAN - MAR 2016

2

27

65

6

11

37

49

3

8

78

14

OCT - DEC 2016

56

2910 14

82

4

77

6 171410

76

Survey Question

In your assessment, how is the current conomic environment in the country, vis-à-vis same period last year?


2THE IMPACT OF CURRENT

ON THE LOCAL MARKET

ECONOMIC ENVIRONMENT

During Oct - Dec 2016 quarter, about 95 % of the dealers felt that the current economic scenario was not encouraging for their local market.

Of the total Passenger Car and Two Wheeler dealers, 94% had this opinion com-pared to 28% and 23% in the previous quarter.

None of the Commercial Vehicle dealers felt that current economic scenario had a positive impact on their market compared to 64% in the previous quarter.

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

11

37

48

4

2

27

66

5

9

8

64

25

3

65

7

6557

12 7

VERY NEGATIVE NEGATIVE POSITIVE VERY POSITIVE

JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

5

85

10

4

96

19

75

66 10

84

Survey Question

In your opinion, what is the impact of the current economic environment on your local market here?


3THE IMPACT OF CURRENT

ON DEALERSHIPBUSINESS

ECONOMIC ENVIRONMENT

It is observed that there has been a gradual decline in the dealer sentiment over the year on the economic environment in the country.

Commercial Vehicle dealers expressed the most pessimistic sentiment about their dealership business with 93% of them stating that the impact has been ‘negative’, followed by Passenger Car dealers with 91% expresseing a negative sentiment . 90% of the Two Wheeler dealers stated a negative impact on their business.

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

15

34

44

7

12

39

44

5

1

27

64

8

65

8

64

7

10

9

87

4


JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

9 10 72

89

6

84

7

86

Survey Question

In your opinion, what is the impact of the current economic environment on this dealership’s business?


100%

80%

60%

40%

20%

0%4DEALERSHIP

SALES

LAST YEAR

PERFORMANCE VIS-À-VIS SAME PERIOD

There has been a four fold rise in the number of dealers who felt their dealership performance has declined as compared to those in the previous quarter.

Opinion of the Passenger Car dealers about sales as compared to the last year can be seen taking a dip in this quarter. Only 16% of the Passenger Car dealers felt that their sales have increased as compared to same period last year.

Very large proportions of Two Wheeler and Commercial Vehicle dealers (90% and 96% respectively) felt that the dealership sales vis-à-vis same quarter last year has declined.

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

13

32

41

14

9

62

24

5INVENTORY PROFITS

11

12

65

19

4

MUCH LOWER A LITTLE LOWER A LITTLE HIGHER MUCH HIGHER

JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

29

71

18

33

14

48

5

79

313

74

10 10 12

78

4

39

57

Survey Question

In your assesment, what is the Sales level of this dealership during this quarter (Oct - Dec 2016), vis-à-vis same period last year?


4Decline in sales indicates a build up of inventory at the dealership. Accordingly 69% of the dealers stated that they were carrying more inventory compared to same period last year. This is a three fold increase copared to last quarter where only 21% of dealers said that they were carrying more inventory.

Commercial Vehicle dealers seem to be carrying a higher inventory with 68% of stating that they have ‘much higher’ inventory than same period last year.

Passenger Car and Two Wheeler dealers were also seen carrying more inventory in this quarter at 66% and 65% respectively.

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

7

23

48

22

6

31

50

13

12

318

63

16


DEALERSHIP

SALES

LAST YEAR


INVENTORY PROFITS

JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

24

45

26

5

910

25

56

19

46

35

18

14

68

Survey Question

In your assesment, what is the inventory level of this dealership during this quarter (Oct - Dec 2016) vis-à-vis same period last year?


4Across the segments there was no dealer who stated that the profi t of the dealer-ship was ‘much higher’ than same period last year. The proportion stating that it was a little higher was just 17% compared to 53% saying the same in the previous quarter.

Only 17% of Passenger Car dealers and 22% of Two Wheeler dealers stated a higher profi t than last year. This number is very low compared to the previous quarter’s fi ndings wherein more than 50% of dealers had indicated higher profi ts.

93% of the Commercial Vehicle dealers stated they had lower profi ts in this quar-ter.

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

23

35

31

11

4

52

37

7

9

27

5942

8 7

43

13

6

53

26

15


DEALERSHIP

SALES

LAST YEAR


INVENTORY PROFITS

JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

17

63

20

17 13

70

22 26

52

7

36

57

Survey Question

In your assesment, what is the profi t level of this dealership during this quarter (Oct - Dec 2016) vis-à-vis same period last year?


552% of the dealers felt that their sales in the Oct - Dec 2016 quarter were lower than the sales in Jul - Sep 2016 quarter, this needs to be understood in the con-text that July - Sep quarter had the inauspicious period of the year such as Shrad-dh in north India, whereas Oct - Dec period had the full festival season.

71% of Two Wheeler dealers and Commercial Vehicle dealers stated that they had lower sales than last quarter.

However 62% of Passenger Car dealers stated that their sales were better than last quarter. This may be due to huge promotions undertaken by the car industry.

DEALERSHIP

QUARTER

PERFORMANCE

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

12

33

39

16

4

59

31

6

43

14

7

62

22

9


LASTSALES INVENTORY PROFITS

VIS-À-VIS

JAN - MAR 2016

4

44

32

20

OCT - DEC 2016

JUL - SEP 2016

APR - JUN 2016

6

56

6

32

29

42

29 29

21

50

Survey Question

In your assesment, what is the Sales level of this dealership during this quarter (Oct - Dec 2016), vis-à-vis previous quarter (Jul -Sep 2016)?


5A whopping 82% of the dealers felt that their inventory levels went up as com-pared to 23% who felt the same in the last quarter. This may be attributed to stock piling in the dealership due to demonetization alongwith the build-up of vehicle supply from the OEMs.

This view was carried by 88% of Passenger Car dealers, 62% of the Two Wheeler dealers and 79% of the Commercial Vehicle dealers.

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

9

20

48

23

5

37

53

5

15

320

63

14


DEALERSHIP

QUARTER

PERFORMANCE LAST

SALES INVENTORY PROFITS

VIS-À-VIS

JAN - MAR 2016

5

77

108

JUL - SEP 2016

APR - JUN 2016

OCT - DEC 2016

6 6

54

34

6

32

52

10

61 18

2166

54

34

Survey Question

In your assesment, what is the inventory level of this dealership during this quarter (Oct - Dec 2016) vis-à-vis previous quarter (Jul - Sep 2016)?


571% of the dealers stated that their profi t was lower than that the previous quarter. The Passenger Car dealers were more optimistic than the others. 38% felt that their profi t was higher than that in the last quarter.

More than 75% of the Two Wheeler and Commercial Vehicle dealers felt that they were making less profi ts compared to the previous quarter.

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

21

33

32

14

2

49

45

4

16

6

54

31

9


DEALERSHIP

QUARTER

PERFORMANCE LASTVIS-À-VIS

SALES INVENTORY PROFITS

JAN - MAR 2016

1

28

66

5

JUL - SEP 2016

APR - JUN 2016

OCT - DEC 2016

56

57

32

13

65

224

71

25

Survey Question

In your assesment, what is the profi t level of this dealership during this quarter (Oct - Dec 2016) vis-à-vis last quarter (Jul - Sep 2016)?


6 TO THE PRESENT

ECONOMIC ENVIRONMENT NEXT SIX MONTHS COMPARED

Overall 47% of the dealers felt that the economic scenario in the country is going to improve in the next six months. Interestingly 53% of the dealers are still not very confi dent on the economic environment in the country for the next 6 months.

None of the respondents in the survey voted for a ‘very positive’ economic en-vironment in the country. Among the lot, Passenger Car dealers had the largest share of dealers (47%) expecting better economic environment in the country over next 6 months.

PASSENGER CARS

OVERALL % OF RESPONDENTS


77

12

17


47

53

47

47

53

3929

7161

EXPECTED

Survey Question

In your assessment, how will be the economic environment in the country in next 6 months compared to present ?


100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

4

18

68

10

47

61

28

65

30

65

7In line with the hope for revival over next six months, 82% of the dealers felt that the market performance will be good in the next six months. Of these, 25% felt that it will be `quite good’.

However the proportions of those expecting a poor performance has almost dou-bled from 10% in the previous quarter to 18% in this quarter.

The optimism was greater in the case of Two Wheeler dealers with 93% of dealers looking forward to a better market performance in next six months. 32% of the Two Wheeler dealers felt that the performance of the market will be quite good. It might be on account of a bumper harvest expected in the coming months.

In contrast almost one third of the Commercial Vehicle dealers expect the market performance to be poor.

EXPECTED

OVER NEXT SIXMONTHS

MARKETPERFORMANCE

18

26

64

91

QUITE POOR SOMEWHAT POOR SOMEWHAT GOOD QUITE GOOD

JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

25

57

144

238

11

58

327

61

2132

46

Survey Question

In your opinion, what will be the performance of your local market in the next 6 months?


100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

7

14

63

16

39

49

39

4550

8For the last two quarters dealers have expressed positive sentiments for an im-proved dealership performance over next six months which also coincides with the expected market performance captured in this report. This might be accentu-ated by the low levels in the current quarter.

38% of the Passenger Car dealers felt that the performance of their dealership will be ‘quite good’ compared to 36% of overall respondents. The proportion in case of Two Wheeler dealers was 45%.

The Commercial Vehicle dealers were more optimistic about their business vis-à-vis overall market. 61% felt that the dealership business will be somewhat good and 18% felt it would be quite good.

OVER NEXT SIXMONTHS

DEALERSHIPPERFORMANCE

19

40

51

63

QUITE POOR SOMEWHAT POOR SOMEWHAT GOOD QUITE GOOD

EXPECTED

JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

36

52

210

38

410

48

45

55

18

61

21

Survey Question

In your opinion, what will be the performance of this dealership in the next 6 months?


100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

3

61

16

9EXPECTED

SALES

OVER NEXT SIX MONTHS COMPARED TO THE PRESENT LEVEL

DEALERSHIP PERFORMANCE

Overall, 85% of the dealers felt that their sales will be higher than the present level in the next six months. 17% out of these felt that the sales will be `much’ higher compared to the present level. This optimism must be viewed from the perspec-tive that the current sentiment is probably the lowest in a long time.

The proportion of those who expect `much higher’ sales was the greatest in the case of Two Wheeler dealers (19%) followed by Passenger Car dealers (16%)

The Commercial Vehicle dealers also maintained an optimistic view ( 86%) and expected the sales to be higher in next six months.

INVENTORY PROFITS

20

6

21

47

26

3

20

57

20

14

67

172

17

68

141


JUL - SEP 2016

APR - JUN 2016

JAN - MAR 2016

OCT - DEC 2016

20 19 16

65

11

75

14

Survey Question

In your assessment, what will be the Sales level of your dealership in next 6 months compared to the present level?


JAN - MAR 2016

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

117

55

27

2

29

61

89EXPECTED

SALES



The apprehension about the inventory levels continued and 33% of the dealers expected higher inventories in next 6 months.

The apprehension was highest amongst Commercial Vehicle dealers . The Two Wheeler and Passenger Car dealers were a little less apprehensive. In fact 45% of the Two Wheeler dealers felt that their inventory level will come down in next 6 months.

INVENTORY PROFITS

21

4

23

59

14


3

30

57

10

JUL - SEP 2016

APR - JUN 2016

OCT - DEC 2016

313

28

56

610

45

39

104

25

71

Survey Question

In your assessment, what will be the inventory level of your dealership in next 6 months compared to the present level?


JAN - MAR 2016

100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

8

26

46

20

9

62

27

2

5871

9EXPECTED

SALES



The expectation of profi t is high, quite in line with sales as we witnessed earlier. However the dealers are relatively little cautious about committing to profi t.

The Commerial Vehicle dealers are more upbeat than others on this aspect. 54% of the respondents thought that their profi ts will be ’much higher’.

Improvement in profi t was also expected by both Passenger Car and Two Wheeler dealers. It should be noted that dealers in both these categories were not as opti-mistic as Commercial Vehicle dealers. Only 8% and 16% shared the sentiment of ‘much higher’ profi ts with the Commercial Vehicles dealers.

INVENTORY PROFITS

22

14

66

14

6


OCT - DEC 2016

19

55

24

2

JUL - SEP 2016

APR - JUN 2016

48

29

59

26

58

16

3954

7

Survey Question

In your assessment, what will be the profi tability level of your dealership in next 6 months com-pared to the present level?


100%

80%

60%

40%

20%

0%

PASSENGER CARS

OVERALL

100%

% O

F R

ESP

ON

DEN

TS


80%

60%

40%

20%

0%

315

49

33

10

54

34

21066% of dealers expected higher manpower level in the next six months as com-pared to present. It is supported by the sentiment of 85% dealers who felt that their sales level will improve in the next six months.

The proportion of Passenger Car dealers and the Two Wheeler dealers who ex-pect higher manpower strength in the next six months has increased compared to the previous quarter.

83 % of the Commercial Vehicle dealers expect their manpower levels to be higher in the next six months as compared to 72% at the end of previous quarter.

EXPECTED

OVER NEXT SIXMONTHS

MANPOWERSTRENGTH

23

14

51

33

2


JAN - MAR 2016

9

57

33

1

OCT - DEC 2016

JUL - SEP 2016

APR - JUN 2016

1

39

51

916

55

29

4

79

17

Survey Question

In your assessment, what will be the manpower strength of your dealership in next 6 months compared to the present level?


In this edition we asked dealers about how vehicle recalls by OEM impact the sales at the dealership. Here is the response of the dealers.

53% of the dealers believe that the customers generally have no knowledge of such recalls.

38% of the dealers felt that it has no impact on the sales as customers don’t care much about recalls.

Only 18% of the dealers believe that there is a drop in sales as the customers doubt the quality.

DEALERS OPINION ON

IMPACT THE SALES AT DEALERSHIP

24

Sales drop, as the customers doubt

the quality

Sales increase as the customers trust

the OEM

0 10 20 30 40

It has no impact either way as customers don’t

care much

Customers generally have no knowledge of

such recalls

50 60 70 80 90 100

18

1

38

53

11HOW DOES VEHICLE RECALL

*responses by Passenger Car dealers only

Survey Question

In your opinion how does vehicle recalls by OEMs impact their sales?


Headquartered in Detroit, USA, Sewells MSX International is a leading global business process outsourcing company. The combined organization is represented by over 6,000 employees across 80 di� erent countries. We operate across Asia Pacifi c, Africa and the Middle East regions and work closely with leading automotive brands and their dealers.

Our core purpose is to help individuals and organizations in automotive retail, realize their full po-tential and achieve their goals. We aim to be a key catalyst in the transformation of the global auto-motive retail industry into one of the most admired and respected retailing businesses in the world.

Over the years, we have invested in research to build cutting edge and innovative solutions. Leading global automotive OEMs value us as reliable partners, and we work closely with them, supporting dealer development and network performance activities.

For more information, visit www.sewells-msxi.com

Sewells MSXI Contacts:

PRANJAL SRIVASTAVAMarketing Manager, Sewells MSXIE: [email protected] | T: +91 8373917121

PRADEEP SAXENACountry Head - Sewells MSXI IndiaE: [email protected] | T: +91 12 44681163, M: +91 9810305854

ABOUT

SEWELLS MSXIINTERNATIONAL

25

HHHHHHHHeadquartered in Detroit, USA, Sewells MSX International is a leading global business process HHHHeadquartered in Detroit, USA, Sewells MSX International is a leading global business process HHoutsourcing company. The combined organization is represented by over 6,000 employees across HHHoutsourcing company. The combined organization is represented by over 6,000 employees across HH80 di� erent countries. We operate across Asia Pacifi c, Africa and the Middle East regions and work HHH80 di� erent countries. We operate across Asia Pacifi c, Africa and the Middle East regions and work HHclosely with leading automotive brands and their dealers.HHHclosely with leading automotive brands and their dealers.HHOur core purpose is to help individuals and organizations in automotive retail, realize their full po-HHHOur core purpose is to help individuals and organizations in automotive retail, realize their full po-HHHHeadquartered in Detroit, USA, Sewells MSX International is a leading global business process outsourcing company. The combined organization is represented by over 6,000 employees across 80 di� erent countries. We operate across Asia Pacifi c, Africa and the Middle East regions and work closely with leading automotive brands and their dealers.

Our core purpose is to help individuals and organizations in automotive retail, realize their full po-tential and achieve their goals. We aim to be a key catalyst in the transformation of the global auto-motive retail industry into one of the most admired and respected retailing businesses in the world.

Over the years, we have invested in research to build cutting edge and innovative solutions. Leading global automotive OEMs value us as reliable partners, and we work closely with them, supporting dealer development and network performance activities.

For more information, visit www.sewells-msxi.com

Sewells MSXI Contacts:

PRANJAL SRIVASTAVAMarketing Manager, Sewells MSXIE: [email protected] | T: +91 8373917121

PRADEEP SAXENACountry Head - Sewells MSXI IndiaE: [email protected] | T: +91 12 44681163, M: +91 9810305854

ABOUT

SEWELLS MSXIINTERNATIONAL

25


DISCLAIMER

The contents of this report represent the opinion of survey respondents, and not that of MSXI, Sewells MSXI India or any of their subsidiary companies, or employees thereof.

The contents of this report and analysis of responses received in response to the quarterly Automotive Dealer Confi dence Index (ADCI) survey are to be viewed as broad trends being observed, and not as defi nite commentary on the state of economy, state of business or policy framework of any automotive manufacturer and/or franchised automotive dealer group.

The contents of this report should not be viewed as commentary on the prospects of a particular manufacturer or brand as it is only intended to summarize the perceptions and opinions of respondents.

The contents of this report and analysis of responses should not be viewed in isolation, but in conjunction with the number of responses considered in the computation of the index and subsequent analysis.

This survey may have limitation in terms of sample size for some segments or overall. We advise reader discretion in interpretation of results.

Sewells MSXI does not take the responsibility of or does not indemnify any user of the study against the impact of the decisions made using the fi ndings of this study.

26