Bitauto joint venture with Pang Da Group and UXIN
Leading provider of Internet content and marketing services for China’s fast-growing automotive industry, Bitauto Holdings Limited (NYSE: BITA) this week announced its joint venture with Pangda Automobile Trade Co., Ltd, one ofChina’s leading automotive dealership groups and Youxin Internet (Beijing) Information Technology Co., Ltd. (“UXIN”), a leading used car electronic auction service provider in China. The JV strengthens Bitauto’s used car website through high-quality used car listings and expanding its inventory of available-for-sale used cars.
Mr. Qinghua Pang, chairman and general manager of Pang Da Group commented, “We are pleased to be partnering with Bitauto and UXIN to further promote our auto dealers and ultimately, support the development of their businesses. As a leading network of auto dealerships, we have access to a vast pool of used vehicle information. This joint venture will provide our auto dealerships with more effective marketing activities and help promote our customers’ used car inventory to a broader group of potential buyers.”
Mr. Chris Kun Dai, chairman and chief executive officer of UXIN added, “This is an exciting partnership and one which we are extremely pleased to be involved in. The shift towards online used car sales is growing and our partnership with Bitauto and Pang Da Group promotes this trend. Through the joint venture, we look forward to bringing our leading online auction platform and technology to more auto dealers. Helping dealers enhance their online used car sales services will not only improve their revenue but also push forward new developments in China’s online used car market.”
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