Uxin Expands Its Global Outreach by Offering Used Cars to European Market
SHANGHAI, Aug. 5, 2019 /PRNewswire/ -- Uxin Limited (Nasdaq: UXIN) ("Uxin"), a leading used car e-commerce platform, has announced the completion of China's first export of used vehicles from Xi'an, China to Europe. The shipment, was picked up at tariff-free zone by August 3rd to promote China-Europe trade as part of the Belt and Road Initiative.
Departing from the Xi'an International Port on July 19, the shipment was celebrated with a send-off ceremony that welcomed executives from government officials and Uxin employees. As one of China's largest online used car marketplaces, Uxin managed the sales and service process through its entire value chain in order to successfully export the vehicles.
China's first export of used cars comes following the Government Notice issued in late April, which encouraged the export of used cars from China to overseas markets. In early May, the Ministry of Commerce, Ministry of Public Security, and the General Administration of Customs launched an initiative in response to this notice, with 10 cities were selected as pilots – including Xi'an, the starting point for China's new Belt and Road. Within this initiative, local authorities selected qualified companies as partners to fulfill the exports while ensuring the high quality of used cars and comprehensive after-sales service. Uxin was selected by the Xi'an Government as one of the first companies to join the initiative, as a result of its position as China's leading used car e-Commerce platform, and its innovative integrated online and offline platform.
As the first mover on the market, Uxin efficiently completed the procedures required to fulfill the export, from confirming the user's purchase intent to securing the inventory, facilitating the international title transfer and logistics, and preparing the documentation. Following this, the Xi'an International Land Port Investment Development Group managed the vehicle export inspection, declaration, storage, and cross-border logistics in the shipment to Europe.
Eastern Europe, Central Asia, Southeast Asia, Africa and the Middle East regions are key markets for China's Belt and Road initiative. In addition, these regions are the world's primary market for used car imports, due to the growing demand for cars as a new form of transportation. Value and cost-effectiveness play a significant role in influencing the consumer decision-making process, which presents Chinese used car exporters such as Uxin with a unique opportunity to meet the increased demand in this region.
Following the success of Uxin's first export to Europe, the company will continue to try out used car exports to the key markets on the Belt and Road chain, including the Middle East, Africa and Central Asia and Southeast Asia.
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