Partnerships empowering used car business

Shen Rong, assistant general manager of BAIC Capital, gives a speech at the launch ceremony of New Runway in Beijing on Sept 27, 2017. [Photo provided to chinadaily.com.cn]

Used car markets and websites joined hands with BAIC Capital for a newly launched service sharing partnership named "New Runway" in Beijing on Wednesday, in an aim to blur the boundary between online and offline trades.

Beijing An Peng Xing Da Automotive Investment, under BAIC Capital, also inked strategic partnership agreements with the China Automobile Dearlers Association and Auto.qq.com at the launching ceremony.

The partners have eyes on the seamless integration of online and offline services, including auto financing, insurance, inspection, auction, consultancy and logistics. A total of about 20 organizations entered into the partnerships, besides Autohome.com.cn, which earlier agreed to a strategic partnership with Beijing An Peng Xing Da.

The partnership was extended to more automobile websites, including Chelaike.com and Huanche.com, financial company Shanghai Feng Zhi Xing Automotive Financial Information Services, as well as brick-and-mortar used car markets in Guizhou, Chongqing, Shaanxi, Jiangsu and Shandong.

"New Runway will gather partners' efforts to offer services to better meet customers' demands, through empowering and strengthening service providers," said Shen Rong, assistant general manager of BAIC Capital.

Chinese automobile industries are creating great opportunities in the used car business, and BAIC Capital has been preparing for future development, according to Shi Zhishan, general manager of BAIC Capital.

Used car trading volume totaled 6.8 million units in China in the first seven months with a surge of 20.8 percent year-on-year, and transaction revenue reached 457.6 billion yuan ($69 billion).