Guazi.com, China’s largest online used car sales site by volume, will begin offering new vehicles as well after it has completed its latest round of fundraising, as competition intensifies in the world’s largest car market.
The move comes hot on the heels of the launch of Maodou, a site that deals in just new cars, both sold and leased. Interested customers can get a hands-on feel of their preferred models in outlets before making their decision.
The Beijing-based Maodou has signed cooperative agreements with 24 leading manufacturers – offering 70 different models – including Changan, SAIC Volkswagen Automotive, Infiniti and Chrysler and Chinese carmaker Guangzhou Automobile Group’s joint venture GAC-Fiat.
To boost its business, Maodou also provides car loans, offering buyers just a 10 per cent down payment, while keeping monthly payments close to those for used vehicles.
Founded in 2015, Guazi has raised US$180 million in funding from venture capital firms DST Global, Capital Today, and the private equity arm of state-owned Bank of China, Bank of China Group Investment.