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Lentuo and Bitauto establish JV with UXIN to build online-to-offline platform for high-end pre-owned cars in China

Friday, 15 Aug 2014 06:00am EDT 

Lentuo International Inc:Lentuo International Inc (Lentuo) and Bitauto Holdings Limited (Bitauto) announced that they, together with Youxinpai (Beijing) Information Technology Co., Ltd. (UXIN), professional auto auction service provider in China, have entered into joint venture (JV) agreement.Joint venture, which will originally be centered on Beijing and gradually expand to other cities, will integrate resources of each partner to build Online-to-Offline platform exclusively focused on high-end pre-owned cars in China.Lentuo will own 60 pct of joint venture with Bitauto and UXIN each holding 20 pct.Power of joint venture is in combination of (i) Bitauto's online database, substantial nationwide user base, extensive technological know-how and big data analysis.(ii) Leading expertise of UXIN in quickly and efficiently disposing of unsold inventories through sophisticated online auctions, and (iii) Lentuo's substantial offline diversified resources in pre-owned car market.This is happening at time when growth in sales of pre-owned cars in China has overtaken that of new cars and margins are markedly higher.JV will also offer a full suite of value-added after sales services, including vehicle financing, auto insurance, and car leasing. 

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