Guazi.com, formerly domain-named as haoche.ganji.com, will invest 1 billion yuan in the used car business within the next 12 months, said Yang Haoyong, Co-CEO of Ganji.com and 58.com.
The Guazi used car division of Ganji will be hived off into a separate company by the end of this year at the earliest and have its business extended to cover 60 cities across China, Yang disclosed. Guazi.com, adopting a C2C mode, allows car buyers and sellers to directly transact through the platform and offers one-stop service ranging from car financing and insurance to maintenance upon completion of the transactions.
China's used car transaction is expected to exceed 10 million units by the end of 2015, and is likely to double that figure to some 20 million units by 2020, with transaction value topping 1 trillion yuan, according to the China Automobile Dealers Association (CADA).
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