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.
“Bitauto is delighted to cooperate with Pang Da Group and UXIN,” said Mr. William Bin Li, chairman and chief executive officer of Bitauto. “China’s used car market is rapidly growing yet remains under-served. By ramping up the depth and variety of the used car inventory on our taoche.com platform, the joint venture will ultimately help us to better serve the market by providing used car buyers with easy access to the best selection of used cars available on the market when searching for their perfect cars. We are confident this approach will further drive traffic to taoche.com, ensuring it remains the go-to website for used car listings in China. We also expect this JV to strengthen our existing competitive advantages in the used car industry. By building on our long-term used car strategy, we look forward to solidifying our position as a leading player in the used car market and to stay instrumental in driving forward the development of China’s used car industry.”
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.”