SHANGHAI, August 4, 2020 /PRNewswire/ -- Cango Inc. (“Cango” or the “Company”) (NYSE: CANG), a leading automotive transaction service platform in China, today announced that the Company received the “Best Auto Finance Risk Management Innovation Award” at the 5^th Annual China Auto Finance International Summit, which took place in Shanghai, China on July 30, 2020.

As a leading company in China’s auto finance market, Cango has served the industry for a decade while continuing to grow and explore new markets and new technologies. Based on machine algorithms, artificial intelligence and big data, Cango has independently developed its core risk control system, aiming to manage dealers’ decision-making process, anti-fraud, credit risk, GPS early warning and asset disposal. Through this multi-dimensional and comprehensive risk control mechanism, Cango uses advanced technologies to support post-loan management, and explore innovative post-loan management methods, including the use of social media, all in an effort to help Cango-facilitated auto loans continue to perform well.

Over the past year, the entire auto finance industry has undergone structural adjustments, with the COVID-19 pandemic making the already sluggish automotive market a more difficult environment to navigate. Facing these multiple challenges, the auto finance industry is working diligently to continue serving and supporting the market and help players along the industry value chain weather the storm. The acceleration of transformation from offline to online remains a top priority for the auto finance industry. All parties involved need to explore more advanced business models, as well as seek cooperation in capital, technology and sales channels, to gain a firm foothold in the fiercely competitive arena and seek breakthroughs.

Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “We are honored that this award has recognized our outstanding performance and highlighted our relentless efforts in risk management. Since our inception, Cango has emphasized the importance of risk control and regarded it as the cornerstone of our business development. We endeavor to create value for all parties along the auto transaction value chain by strictly managing risks, actively exploring innovative risk management methods, and offering safe and professional one-stop auto financing services. Looking forward, we remain committed to supporting all industry participants as they continually evolve, as well as making further contributions to drive innovation in the industry.”

The 5^th Annual China Auto Finance International Summit was hosted by Shine Consultant International and supported by China Auto Finance Association. Over 150 industry leaders attended the summit, more than 20 experts from the governments, industry associations, global leading institutions delivered speeches. Nearly 200 distinguished guests gathered together, sharing new ideas, interpreting the industry’s latest policies, reviewing the key issues for the industry’s sustainable development and exploring ideas and solutions for the industry development.