HONG KONG, Aug. 19, 2014 /PRNewswire/ — China Yongda Automobiles Services Holdings Limited ("Yongda Auto" or the "Company" and, together with its subsidiaries, the "Group", stock code: 03669.HK), a leading passenger vehicle retailer and comprehensive service provider in China, is pleased to announce that it has signed the internet strategic cooperative agreement with Bitauto Holdings Limited ("Bitauto") (NYSE: BITA) and Youxin Internet (Beijing) Information Technology Co., Ltd. ("UXIN"). Mr. CHEUNG Tak On, Chairman of the board and CEO of China Yongda Automobiles Services Holdings Limited, Mr. LI Bin, Chairman and CEO of Bitauto and Mr. DAI Kun, Chairman and CEO of UXIN officially signed the agreement during the signing ceremony.
Yongda Auto is a leading passenger vehicle retailer group in China focused on luxury and ultra-luxury brands, and has pioneered to form a complete auto service chain of "learning, purchasing, selling, renting, maintaining and inspecting" of the car. The Company has been one of the largest auto brand retailer groups in China with the most number of brands agented, most comprehensive service provided and largest retail network; As the largest automobile internet company, Bitauto provides professional and rich internet content services to the mass of automobile users and has strong user influence on automobile online sales and marketing; UXIN is the leading auction service provider for used cars in China with the advanced customer service organism and auction management system, providing services to the automobile retailers, manufactures, 4S stores and other clients.
The joint venture between Bitauto, UXIN and the company symbolizes the combination of Internet and traditional sales and it will facilitate smooth transition in new car sales, after-sales service, car rental and financing online. Yongda Auto will build an e-commerce platform for new car sales and after-sales service and 4S stores can serve as experience stores and showrooms. Furthermore, a new interactive car rental system will be developed with the combination of online and offline resources. Projects of pre-paid card and customer points management will be initiated and payments and credits will be managed as part of the financial services. Meanwhile, actively creation of "Internet + car + finance" business model, and gradually forming a set of big data, cloud computing, electronic business platform and mobile Internet will be the Company’s key strategies.
Bitauto, UXIN and the company together inject RMB 50 million to establish a joint venture company. By creating online trading platform and combining with real showcases, these three parties will co-operate to give full play to the advantages of their respective areas of expertise and resource sharing to be a professional chained second-hand car trading service supplier in China. It is believed that the establishment of the joint venture company will build significant O2O e-commerce platform and play an active role in the development of online automotive industry.
About China Yongda Automobiles Services Holdings Limited
Yongda Auto is a leading passenger vehicle retailer and comprehensive service provider in China focused on luxury and ultra-luxury brands. Yongda Auto has a strong brand portfolio of luxury and ultra-luxury brands including Bentley, Porsche, BMW, Audi, Jaguar Land Rover, Audi, Volvo, Cadillac, Lincoln, Infiniti and Morgan. As of June 30, 2014, it has obtained manufacturers’ authorizations to open and operate more a total of 152 outlets. Its network has a strong presence in East China, including Shanghai, and has expanded into other regions in China. In addition to new passenger vehicle sales business, Yongda Auto also provides customers with a comprehensive range of automobile-related services through its "one-stop shop" approach. These include after-sales services, automobile rental services, as well as a wide array of services that it offers in connection with pre-owned vehicles, automobile insurance products, credit products and automobile financing and leasing.
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