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Sounds true enough, but somewhat disfunctional. That would put a lot of pressure on branded dealers to turn over their inventory rapidly by price-cutting resulting in lower margins. Not sure if the observed facts support this.
I wonder if Omega intentionally sells its surplus production directly to the grey market in order to keep its factory at max. thru-put levels and therefore keep its unit production cost down. It happens in commodities. Authorized dealers are assuaged by having a lock on warranty and aftermarket service revenues. The units could be factory produced without serial numbers destined for the grey market.
Just a theory.
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