China's Used-Car E-commerce is Rising Rapidly

Jul 30, 2015, 10:00 ET from Cheyipai

BEIJING, July 30, 2015 /PRNewswire/ -- On July 14, 2015, Yicheng Xie, the vice president of China's largest used-car e-commerce platform,, shared his perspectives on the prospects of the used-car market in China and elaborated the business model of in his keynote speech and panel discussion on an Automotive Roundtable event in Beijing.

Yicheng Xie pointed out that used car market in China is still under-developed. Recent market research shows that the "used car to new car sales ratio" in China is as low as 1:3, whereas in the mature used car markets like the US or the Germany this ratio can reach up to 3:1. In addition, China's used car sales channels are highly fragmented and supply and demand are mismatched cross-regions. Lack of trust between buyers and sellers is still a key challenge in trading used cars .  

Nonetheless, Xie is confident that the used car market will be booming in the next decade starting from this year. Since 2009, more than 10 million new passenger vehicles were sold in China every year while a considerable portion of these volumes will flow into the used car market. Moreover, the car plate restrictions in major cities and the growing acceptancy and appetite from consumers will also spur the rapid rise of the used car market. Xie believes that given the above-mentioned characteristics of China's used car industry, internet will play a vital role in integrating the highly fragmented market, as it breaks geographical limitations and increases transparency and efficiency in trading process.

As the established leading internet player in this domain, has developed unique value proposations and robust business model, Xie introduced. Founded in 2005 and starting from facilitating B2B trading, has extended to be a full-scale used-car trading platform covering C2B, B2B, and B2C segments. Xie introduced "268v", Cheyipai's proprietary vehicle inspection technology that helps digitalized the unique conditions of each used car to a standard report that allows the vehicle to be listed online. He also demonstrated the live online auction house on the website that help used car to be traded successfully in merely 15 minutes across the nation, which triggered strong interests among the audience. Xie said, more than a half million used car has been listed on and the value of those sold, i.e., GMV, has reached over RMB 10 billion.  With this solid foundation of accumulated big data, along with its 2000 traded inspectors and service professionals spread over 50 cities nationwide, Cheyipai is able to provide further substantial value-add services such as extended warranty and leasing programs. Xie closed his speech with's optimistic vision in shaping a new used car eco-system in China.

The Beijing German-Inspired Events Services organized this event in cooperation with AutoKopfe and European Chamber. Around 100 representatives and experts from automobile OEMs, consulting firms and auto-related service companies participated the event.

SOURCE Cheyipai