The transactions contemplated under the definitive agreements are subject to certain closing conditions and are currently expected to close in the first half of 2020.
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said, “We are very happy to enter into the transaction with Boche. Fairlubo and Boche are two leading salvage car auction platforms in China, and the consolidation of their businesses will solidify their market leadership and help enhance the development of China’s overall salvage car sector. This divestiture will further streamline our business operations and allow us to further increase our focus on our 2C online used car transaction business. As the first mover in China to enable consumers to purchase used cars online, we have accumulated deep experience and knowhow throughout the entire service value chain. Going forward, enhancing customer service quality will continue to be our top priority. We are confident we will become consumers’ top destination for online used car purchases in China and we believe our focus on improving customer experience will eventually set us apart in the market.”