On September 25th in 2017, China’s leading second-hand car dealer Renren Car announced a new round of financing of $200 million to support its rapid expansion strategy. The strategic investor is the world’s leading travel platform Didi Chuxing. The two sides will also have all-round in-depth cooperation around the auto-industry, jointly build a new trading climate of auto industry, and push the car industry upgrading.
Didi becomes another heavyweight investor for Renren. Tencent, Shunwei Capital, Ceyuan Ventures and other first-line investors invested in Renren Vehicle before. Li Jian, the founder and CEO of Renren Car said: “Didi Chuxing’s participation will directly bring us more than 400 million users and more than 17 million drivers. For automobile trading platform, it is the largest and most accurate target customers. Didi’s strategic investment will enable Renren resource advantage in the future competition in the used-car market. We will also accelerate our expansion with the support of strategic investors such as Didi and Tencent, pursue the reputation of users, and build the largest and most trusted automobile trading platform in China.”
Besides, Renren Car and Didi Chuxing will cooperate in product, technology, operations, business planning and other fields, give full play to the synergies of travel and trading platforms in terms of technology innovation and user experience improvement, and help Renren rapidly promote used-car trade scale, improve operational efficiency, and accelerate auto financing and service layout. In the future, Didi users might enjoy car trading services provided by Renren on Didi platform.
According to Didi, based on the rapid development and continuous innovation of more than three years, the C2C trading model pioneered by Renren provides reliable services for the majority of users in the complex automobile market. Renren’s relentless pursuit of word-of-mouth and deep understanding of the auto industry fit in with Didi’s philosophy. Didi Chuxing is optimistic about the development prospects of Renren and is full of confidence in Renren team. As a strategic partner, Didi will energetically support the autonomous development of Renren, continuously strengthen Renren’s leading position in automobile trading, and jointly push forward the auto industry.
Founded in 2014, Renren is the first C2C trading platform in China. Its business covers more than 80 cities in China and nearly 100,000 vehicles are sold so far. Renren pioneeres the industry standard of “return within 14 days” and “warranty of one year or 20,000 kilometers”, solves consumers’ pain of purchasing used cars, and leads the deep transformation of the used car industry. Renren Car also cooperates with the Chinese Automobile Circulation Association, becomes the first used-car electric dealer strategic partner of “certification”—the used car testing national standard, and upgrades testing standards so as to ensure used car safety.
At the same time, Renren Car announced launching the first Direct Sale Festival of Used Cars, and provides special services for the first time to embrace the bull market of used cars, which are guaranteed sale within three days, and no fee for sellers and zero down payment for buyers.
This article originally appeared in chinaventure and was translated by Pandaily.
Click here to read the original Chinese article.