Openly ********
*********, ******* ******** ** ****** ** hidden **, ** *** **, ** can ****** ***** / ******** ******. Of ******, ** * ******* ********** owned ******* ** * ******* ********** run ***** ********, **** ** *** the **** *******.
******* ** ****, ********* *** ********* advertise ********, ** ***** ** ***** promotion *****, ****** ** ** **** in ******:
(*) *** ***** ** *** *******.
(*) ********* / *** *** *********** *** channel ** '***** **' / ***** products.
*** ******* **** ***** ***** ******* ** inventory ***** **** *** **** ** to ****** *** ***** ** *** products.
Accelerating ********
*** **** ** ********* *** ********, they **** *********** **. ** ** covered ** ********* ******** ** ****** *** ***** Sales, ** *** *** *** ** 2015 **** ********* *** ****** **** up. *** *** ** ****, *** frequency ** ***** '***** **' ***** has *********** *******, **** (*) **% '***** **' ********** ** a *****.
** **** *** **** ******* *** 'stuffed', ************ ******** ********** ** ****** to *** *** **** ****** *** to **** ******* **.
Benefits ** ********
*** ***** ****** - *** ***** ** all?
**** * ************ ******* **** **** $100 ******* ******* **** * $** million ****. *** ******* ***** ** improve *** ********* ******* ** **** do * *** '***** **' / stuffing ********* ** *** *** ** the ********* ****. **** ****** ** an ***** $** ******* ** ******* at * ********** *** **% ***** margin. ***** ********, ******* ****** ** up **% (*** -> ***) *** the ******* ** *** ******** ********** (40% ***** ****** * $** ******* = $** ******* ***** ******* ********** the $** ******* ******** ****).
******** ***** ******* ********* *********** **** better (*.*., ******* ****** ******* ********).
Risks / ******* ** ******* ********
******** *** ** **** ** **** point, ***** *** *** **** **** so **** ********* ** ******* / channel ******* **** ******** *********.
**** ******** *****:
(*) *** **** ********* ****** ** terrible. ***** ******** ** ***** ** swinging ******* **, **** ***** **** down ** *** ******* ***** *** the ********, ***** ********** ***** ******* declines *** *** ******.
(*) ***** *******, ****** ***** *** profits *** **** **** **** **** pre-stuffing, ***** *** ******* *** *** only **** ** ****** ******.
** * ******, ********* **** *****, often ****** * ********** ** ******** that ** *** ***** *** ***** an ************ / ***** *** ***** for ***** ****** ***********.
China ********** ******
******* ******** ********* ******** * *** risk *** ****** ** (*) *** inflated ******* / ******* ** ******** can **** ***** ****** ** *** (2) **** ** ** ******** / stopped, *** ****** * *** ***** fall (*.*.,******* ***** ********* **** ******* ******** was ********).
*******, ** ** *** ***** **** is *** **** *** *********. ********* USA ** ****** **** ***** **** they *** *****, *** ******** ***** is **** * ******** ** ********* corporate's ******* *** *** ******* ********** does * **** **** *** ********** / ********* *** ****** ** ***** own *********.
Stuffed ******
**** *********'* ***** ******** ** *** low ** *** *** ** *** market, *** ********** ********* (*.*.,**'* *** **% ***** ***), ******* *** ***** ** ** increasingly ******* **** ****** *********. ***** most **** ** **** ** **** if *** **** ****, ** **** create * **** *** ***** ************* in *** ******.
Starvation *** ***********
************* **** ** *** ****** ** match ******** **** '**********' ** **** dealers ****** ** *** *** **** for *** **** *****. * ***** manufacturer **** *** **** ******* ** to **** ** **** * ******. Even * ******* **** ** **% could **** ****** ************ ******* **** to **** ******** **** ** ******** cash **** ** ** ****** ** stay ** ********.
Outlook ********* - **** *** ***
*** *** ***** *** ********* *** is **** **** **** **** **** stuffing, **** **** **** * *** hit.
*** ******** **** ** **** **** their ******* ********** ******* *** *******, they *** ****** **. ***, ** a *******, ** *** **** ***** out ***********, ***** ** ************* ********** to *** *******. **** **** ********, at **** ****, **** *** ******* the **** ** ******* ******** ******* with ****** **** ******** **** ***** bankrupted ******. ***, ** **** **** not ******, ********* *** *** **** its *** ****** ** ******.