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INTERNET | eCommerce / Auction & Classifieds
cheyipai.com

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Stage

Acquired | Acquired

Total Raised

$205M

About Cheyipai

Cheyipai (车易拍) is an e-commerce firm for second-hand vehicles.

Cheyipai Headquarter Location

Beijing, Beijing,

China

Latest Cheyipai News

Alibaba-backed Chinese car trading platform SouChe acquires rival Cheyipai

Apr 11, 2018

April 11, 2018 SouChe , a Chinese automotive platform backed by several investors including Ant Financial and Alibaba , announced that it has acquired used car marketplace Cheyipai. In an announcement, SouChe said, Cheyipai will be operated independently under its original brand, team, and organizational structure. “It is rather strategic collaboration rather than merely acquisition but the capital cooperation will enhance the relationship between the two companies,” said SouChe CEO Kevin Yao. Cheyipai, launched in 2016, focuses on used-car inspection and online auction. Through the platform, car dealers make bids online based on inspection reports, allowing auctions to be completed in 15 minutes. Currently, Cheyipai’s trading network has covered more than 600 cities across the country. The platform has more than 65,000 car dealers and it has inspected and traded more than 3 million used cars. SouChe, which successfully raised more than $600 million of funding from a number of investors in 2017, said it has digitalized the operation for over 30,000 used car dealers, 60,000 Tier 2 new car dealers, and 5,000 4S (sale, spare parts, service, and survey) stores. Through cooperation with automobile manufacturers, Ant Financial, and offline car dealers, SouChe launched its car leasing product, TanGeChe, which requires only 10-per cent down payments for new cars. The announcement also revealed that SouChe is also working on the acquisition of iyunche.cn, a vehicle logistics platform, to provide better delivery services to used car transactions. The deal is expected to build up the core competitiveness of used car trading, namely quick deal, better price, and fast delivery, SouChe said. Yao said, the trading volume of used cars reached tens of millions in 2017, while less than 10 per cent of the figure was contributed by the top three e-commerce platforms of used cars. “As long as a new growth point is created, all the players will have the opportunity to get into the arena for next level of competition,” Yao said. Before the acquisition, the main players in online used car market were Guazi, xin.com, and renrenche. SouChe’s acquisition of Cheyipai will change the competition from a game of three players to a game of four players, industry insiders predicted. In an interview with CNBC, Yuan, SouChe’s CFO, said China’s auto retail and finance market is at more than Rmb10 trillion ($1.57 trillion). “I think the growth rate for the next five years will be close to 20 percent,” Yuan was quoted as saying. Also Read:

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Expert Collections containing Cheyipai

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Cheyipai is included in 2 Expert Collections, including E-Commerce.

E

E-Commerce

8,471 items

A

Auto Commerce

529 items

Companies involved in the rental, selling, trading, or purchasing of cars, RVs, trucks, and fleets, including auto financing companies, vehicle auction services, online classified advertising companies with a focus on auto, and dealership software platforms.

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