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58.com acquires Uxin's B2B used car auction business for 105 mln USD

March 25, 2020


Abstract : 58.com, China's largest online market for classifieds, announced on Tuesday that it has clinched an agreement with Uxin Limited, a leading Chinese online used car dealer, to acquire assets and liabilities related to the latter’s B2B auction business for about 105 million U.S. dollars.

BEIJING, March 25 (Xinhua) -- 58.com (WUBA.NYSE), China's largest online market for classifieds, announced on Tuesday that it has clinched an agreement with Uxin Limited, a leading Chinese online used car dealer, to acquire assets and liabilities related to the latter's B2B auction business for about 105 million U.S. dollars.

The move marked 58.com's major step towards its target to build a more effective used car trading ecosystem in China.

After the completion of the transaction, 58.com will integrate Uxin's auction business to forge an effective used car circulation system, and provide more diversified services and integrated solutions for customers.

In the future, 58.com will further improve the service capabilities of Uxin's auction business, said Yao Jinbo, CEO of 58.com, adding that the company will not only help car dealers sell vehicles, but also assist them in collecting cars through online auctions in an attempt to authentically promote the efficient circulation of the second-hand car industry.

(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

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