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Leading Chinese used car auction company expands into B2C market
This funding round, which closed on
Founded in 2011, the company employs over 1,000 specialists in 50 Chinese cities, who inspect and certify the quality of used vehicles for sale on Uxin's platforms. Uxin makes use of its proprietary "CheckAuto" system and advanced vehicle identification capabilities to ensure the quality of vehicles sold through its platform. Uxin offers all buyers a full guarantee, and will refund their purchase within 15 days if they discover undisclosed issues with any vehicle bought through Uxin.
Uxin's existing B2B platform, Uxin Pai (www.youxinpai.com), already ranks as China's largest used car auction site, with a 47.8 percent market share in online used car transaction volume in the first half of 2014, according to iResearch. Uxin handles over 150,000 annual transactions through its online and on-site auction platforms. In 2014, Uxin also launched Uxin Finance, which provides auto financing products to customers.
Kaiser Kuo, Director of
KKR has a long-established track record of supporting technology
companies, having invested more than
Total transaction volume on the Chinese used car market was
Uxin is a professional online transaction service provider for used cars. Our core business covers online used car auctions, a retail B2C retail platform for used cars, and used car financing services. Uxin is dedicated to the development of the used car industry. Using both Internet and mobile Internet technologies, we want to help create a Chinese used car market with greater trust and efficiency, to make it transactions between used car dealers and customers more convenient and trusting.
Baidu, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best and most equitable way for people to find what they're looking for. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about
Chen Tianhan, (86-10) 6455-5912
PR Manager, Marketing
Kaiser Kuo, (86-10) 5992-8419
KKR Asia Pacific
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