Partnership to innovate online used car transaction services for consumers in China
HANGZHOU, China, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest used car e-commerce platform in China, and Taobao, China’s massive and fast-growing consumer community, operated by Alibaba Group Holding Limited (“Alibaba Group”) (NYSE: BABA), entered into a strategic partnership to foster further growth and expand service opportunities for used car e-commerce in China. The two companies will collaborate in the areas of B2C and B2B used car transactions, integrated supply chain, and used car loan facilitation, to bring innovative online used car purchasing services to consumers across China.
Under the terms of the agreement, Uxin and Taobao will jointly establish an online used car shopping mall on Taobao Marketplace. At the initial stage, the two companies will provide a full suite of used car product and service offerings ranging from intelligent listing, displaying and matching, to one-stop transaction solutions. For example, in addition to the standard inspection report that evaluates 315 check points of a used car listing, the two companies will also provide videos and VR car viewing experience so that consumers can gain a comprehensive understanding of the car’s condition. With Uxin’s more than 290,000 used car selection on its platform and cross-regional transaction facilitation capabilities, Taobao users will now be able to purchase used cars from anywhere in China, anytime. Users will also be able to enjoy a full range of financing and post-transaction services, with superior consumer protection policies provided by both Taobao and Uxin.
Through this partnership, Uxin will further extend its leadership by integrating its nationwide supply chain of cross-regional transaction services and infrastructure with Taobao’s platform. The two companies also intend to collaborate on the enhancement of advanced data analysis in areas including intelligent used car recommendation and user behavior analysis, as more used car transactions are facilitated on Taobao. With Alibaba’s strong data and credit expertise, this partnership could also provide Uxin with abundant opportunities for further collaboration in used car loan facilitation, such as enhancing risk profiling and management capabilities.
“As China’s largest used car e-commerce platform which pioneers in facilitating cross-regional transactions, Uxin’s platform shares many similarities with Taobao, which presents many areas for potential synergies,” said Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin. “We are honored to work with Taobao to provide Chinese consumers with integrated used car transaction services.”
“Over the past few years, consumers have become increasingly receptive to buying used cars as a cost-effective alternative to new vehicles. This is particularly the case for consumers in lower-tier cities. With extremely limited used car selection in most cities, there is rapidly growing demand for an online platform that expands access to used cars from across the country. By combining Uxin’s unique ability to support cross-regional used car transactions with Taobao’s massive e-commerce traffic and superior data capabilities, we are confident that we can take the used car purchasing experience to the next level,” added Kun Dai.
“We are excited to cooperate with Uxin to explore new retail opportunities in the used car vertical,” said Fan Jiang, President of Taobao. “With unparalleled understanding and expertise in China’s used car industry, Uxin has transformed the used car supply chain over the past seven years. By effectively tackling challenges throughout the used car transaction value chain, such as providing a wide selection of high-quality used cars, standardized used car inspections, value-added services and used car logistics, Uxin has created a close loop of efficient and professional used car transaction services. We are confident that Uxin will become an integral part of Alibaba’s ecosystem. Through the combination of Uxin’s nationwide supply chain and Alibaba’s massive traffic, our partnership will bring significant benefits to both used car consumers and business customers.”
Uxin Limited (Nasdaq: UXIN) is the largest used car e-commerce platform in China. Uxin’s mission is to enable people to buy the car of their choice, no matter where they are located or what their budget is. Uxin enables consumers and dealers to buy and sell cars through an innovative integrated online and offline platform that addresses each step of the transaction and covers the entire value chain. Its online presence is bolstered by an offline network of more than 670 service centers in over 270 cities throughout China.
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Source: Uxin Limited