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B2B used car trading platform Ping An Auto Market received tens of millions of yuan in angel round financing from Panda Capital

B2B used car trading platform Ping An Auto Market received tens of millions of yuan in angel round financing from Panda Capital

Issue Time:2020/07/20
The second-hand car trading platform "Equality Auto Market", which focuses on B2B, received tens of millions of yuan in angel round financing from Panda Capital in August this year.
Ping An Auto Market was established in Shanghai in 2018. The founder is Lin Zhe, the founder of the original Kaixin used car. Ping An Auto Market is a subsidiary of Bugu Technology. It is an online trading platform for auto dealers to create sustainable and rapid circulation of used cars based on the exchange model.

Lin Zhe said that years of in-depth observations in the second-hand car field and the emergence of the Internet have shifted vehicle sales from the tangible market to the online market, but there are still many unsolved problems in the second-hand car industry. Specifically, the circulation efficiency of the entire second-hand car industry has not been accelerated due to the increase in channels. A car from the C-end consumer to the retail car dealer still has to change hands many times. The selling price obtained by the end consumer is layered. The price superimposed on the flip hand, and such a price mechanism is in fact unfair.

Different from the common auto trading platforms in the industry, in addition to vehicle sales, Ping An Auto Market pays more attention to the efficiency of transactions between auto dealers and auto dealers. It does not determine the transaction price based on the actual vehicle and realizes delivery in different places.

With the goal of creating a transparent car dealer trading environment, the Ping An Auto Market has passed the inspection standards of price tolerance anchoring, and the fair price-based Vickery bidding model (the bidder with the highest bid will get it, but only the second highest bid will be used to purchase) Achieve a fair transaction that is satisfactory to both parties, and use the land-based delivery method as a guarantee for logistics certification to solve the problem of car dealers’ off-site transactions. With the principle of only being a third party, both buyers and sellers can have equal Information, to achieve a second-hand car dealer trading platform that "makes fairness within reach".

"The Equal Auto Market aims to establish an equal and transparent trading environment for second-hand cars. It insists on being a third party and transacting at a fair price to ensure that the transaction is equal; adopting positive answers, publicizing rules and promptly notifying risks, creating an information symmetrical trading environment; The principle of discrimination and non-tracing is to return second-hand car transactions to honesty, and to achieve'make fairness within reach'." Lin Zhe said.

In addition to letting the trading mechanism return to fairness, Equal Auto Market also put forward the viewpoint of "empowering car dealers". First of all, replace the tedious work of the car dealers with the services of the platform, so that the car dealers can focus on strengthening their core skills. For example, through the platform, wholesalers can strengthen their ability to find and identify car sources; and retailers can strengthen their store operations and business sales capabilities. Car dealers in different links can focus on the development of their respective fields of competence, while the intermediate circulation links are assisted by the platform, and at the same time, the transfer of ownership can be completed with higher efficiency. Furthermore, the platform service links include coaching car dealers, It can help car dealers improve their business capabilities, make their business models more standardized, and improve the overall customer service experience.
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