Uxin Limited (NASDAQ: UXIN) rose Thursday after the company disclosed a strategic partnership with Taobao to jointly establish online used car shopping mall on Taobao marketplace.
Uxin and Taobao will jointly establish an online used car shopping mall on Taobao Marketplace. At the initial stage, the two companies will provide a full suite of used car product and service offerings ranging from intelligent listing, displaying and matching, to one-stop transaction solutions.
For example, in addition to the standard inspection report that evaluates 315 check points of a used car listing, the two companies will also provide videos and VR car viewing experience so that consumers can gain a comprehensive understanding of the car’s condition.
With Uxin’s more than 290,000 used car selection on its platform and cross-regional transaction facilitation capabilities, Taobao users will now be able to purchase used cars from anywhere in China, anytime.
Users will also be able to enjoy a full range of financing and post-transaction services, with superior consumer protection policies provided by both Taobao and Uxin.
According to CEO Kun Dai, "As China’s largest used car e-commerce platform which pioneers in facilitating cross-regional transactions, Uxin’s platform shares many similarities with Taobao, which presents many areas for potential synergies.
"We are honored to work with Taobao to provide Chinese consumers with integrated used car transaction services."
Shares gained 70 cents, or 24.5% to $3.56 soon after Thursday’s opening bell.
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