Cango’s used car platform, “Cango U-Car” APP recently received a major upgrade, featuring optimizations of its “Online Auction” function and “Dealer Assistant” (Che Shang Bao) service. The primary goal of this upgrade was to expand the national channels for used car dealers and increasing used car cross-regional trading efficiency.

In recent years, as the growth of China’s auto market has moderated, used cars have begun to play a more critical role in the circular car market. Over the last year, favorable policies have been rolled out to energize the used car market, such as temporary ownership registration by dealers and reduced periods of compulsory vehicle inspection. Furthermore, restrictions on the cross-regional transfer of used vehicles that meet national stage V emission standards have been lifted nationwide and limitations on the number of used car transactions by individuals have been imposed.

However, the spillover effect from a bruising price war in China’s new car market since March 2023 has impacted the used car market, which is the most price-sensitive segment in the overall vehicle circulation market. As certain used car models are currently even more expensive than their new counterparts, less consumers are planning to make a purchase. For used car dealers, the only way to alleviate the situation is to accelerate turnover rates and increase their customer bases. Cango’s upgrade to the "Online Auction" function on the "Cango U-Car" platform is intended to address this issue directly. Prior to the upgrade, the "Online Auction" function was limited to C-end and repossessed cars; now, all registered dealers can list their own used cars for B2B auctions through the "Online Auction" function. Empowered by platform technology, this provides dealers with an additional channel to sell used cars at higher selling prices. The "Online Auction" function has been well received by dealers since its launch. Based on the data, the average selling price of cars sold through the “Online Auction” has risen by 10%, with all of the transactions involving cross-provincial vehicle transfers.

In addition, this upgrade to “Cango U-Car” APP enhanced the “Dealer Assistant" (Che Shang Bao) service, which provides dealers with necessary vehicle condition inquiry tools, including vehicle condition reports, vehicle evaluation, license inspection and other related digital services. Cango optimized the "Comprehensive Vehicle Condition Query" function, making it easier for dealers to place orders with more efficient combination queries. At the same time, Cango added an "Invoice Verification" function to the APP, making one-stop services more convenient. Cango also priced its upgraded " Dealer Assistant" (Che Shang Bao) services more affordably, with certain services being offered at discounts of up to 50%.

Leveraging big data and digital technology, “Cango U-Car” provides used car dealers with reliable and efficient used car transaction services, including historical vehicle condition reports, vehicle evaluation, online auction, online car search, used car listing, and self-owned used car purchase, as well as diverse functions to facilitate logistics, financing, insurance and more. Since its launched at the beginning of 2023, about 6,000 registered dealers across China's 29 provinces and 179 cities have adopted “Cango U-Car”. We have maintained registered dealers’ average monthly activity rate at over 35%, and transaction volume is multiplying month by month.

Cango built its digital “Cango U-Car” platform to form a broad and deep network benefiting the used car industry, efficiently connecting used car sources, customers, and capital funds, and offering standardized support services spanning the entire transaction chain. With these advantages, Cango can promote truly efficient cross-regional circulation of used cars across the country, streamline the used car transaction process and increase dealers’ operating profits.