Peer-to-peer car-sharing model highly regarded by the market

BEIJING, March 18, 2015 /PRNewswire/ — On the morning of March 18, 2015, announced that it had received $US 10 million in A+ funding led by BitAuto, China’s largest automobile online platform. This is the second announcement of funds that the firm has raised since a $10 million Series A round last August, which was led by Lightspeed China Parteners.

Founded in early 2014, is developed to be one of biggest peer-to-peer car-sharing service platforms in mainland and one of the three major players of this emerging sector. By early 2015, the company was operating in seven cities, including Beijing, Shanghai, Chengdu, Shenzhen, Sanya, Haikou and Xiamen, providing service for nearly 65,000 car owners and 13,000 drivers.

"We have many opportunities after the Series A funding. To partner with BitAuto is a deliberated and necessary choice based on the future advantages " the speaker man of said "as China’s largest automobile online firm, BitAuto can provide with car owner resources, potential rental customers and channels. To cooperate with BitAuto will help us cover seasonal and regional shortages of vehicles supply by fully utilizing the surplus production of car manufacturer, as well as, providing experience data for buying decisions."

Compared with other platforms, makes great efforts to improve its operational and service capabilities. Early in July 2014, cooperated with Allianz Global Assistance to provide a package of road assistance program. After completing the Series A funding in August, joined hands with automaker SAIC Motor in providing a diversified set of off-line services; in October, rolled out a personalized management service, which included sending personal claim adjusters to inspect on site and a trial program for advance-payment; in November, ran its first pilot program of door-to-door delivery; in January 2015, roll out a full service program including: car sending, auto maintenance and repairs, pre-purchase/pre-rental car inspection and test drive services, as well as supernumerary long-distance order and vehicle tracking.

The head of BitAuto said, "We are highly impressed with and have full confidence in’s down-to-earth manner. With excellence in operation and management as the backbone of its businesses, the firm is constantly optimizing each aspect of the car-sharing service and offering a highly comprehensive services, a move that the firm expects will enable it acquire an advantageous position in future. BitAuto will share its resources and experience in dealing with manufacturers and customers, allowing both firms to fully align the sales channels and the relationships with car manufacturers while meeting the demands of car buyers and renters. The goal of all these moves is to offer clients an all-around better buying and renting experience."

The collaboration with BitAuto is an important step for to build a fully integrated platform. The newly raised funds will be used in exploring new cities as well as to improve and expand marketing, promotion and employee recruiting. The focus will be on bringing in new resources for market promotion, platform operation and sourcing of vehicles, that allow for a diversification of resources and sales channels.

On January 9, 2015, BitAuto, and Tencent jointly announced a three-way deal, with and Tencent investing about $US1.3 billion in BitAuto in the form of cash and exclusive resources, and an early data from Roland Berger estimation said that domestic car rental market is hoping to reach to 65 billion yuan in 2018. With an enormous market and powerful online resources, the advantages that each party bring to the table, in terms of car sales and care-sharing services will allow for the creation of a fully integrated platform, will paving the way for future expansion.