Jingdong And Tencent Invest In Second-Hand Car B2B Auction Platform, Auto Street.

On August 16th, Jingdong group and Tencent jointly completed the strategic investment of second-hand car B2B auction platform auto street. The media is informed that this investment will promote cooperation between Jingdong and auto street in auto trading, auction business, automobile insurance, auto finance and other fields.

Jingdong will also make strategic synergies with the existing online layout of the Jingdong vehicle, vehicle products and vehicles after the strategic investment in automobile street, and open up the whole chain industry layout from buying cars, raising cars to changing trains, so as to provide one-stop service for owners.

Statistics show that automobile street is the integrated service solution provider of the domestic automobile industry online and offline. The core business includes second-hand car auction and new car exhibition service, and also includes vehicle logistics, vehicle preparation, auto insurance and so on, and is developing auto finance business.

It is understood that Jingdong group launched the retail business of auto products in 2010 as early as 2010. In 2017, Jingdong announced the launch of B2B business in the after market, and opened up the whole industrial chain among the brands, dealers, maintenance providers and consumers in the post market, forming a closed ring. In September 2018, the Group officially launched the auto sales business, and many domestic automobile brands have opened the official flagship store in the brand.

In the face of the market scale of over $1 billion in second-hand car trading, the two sides will make use of the resources of dealers and second-hand car dealers on the automobile street, and rely on Jingdong brand value, retail technology, e-commerce operation system and more than 300 million high quality users to cooperate with used car business.

At the same time, the two sides will work together to set up the Che Jingdong Street auction channel and the vehicle mall board, which will enrich the disposal channel of second-hand cars on the automobile street and open up the last link of the second-hand vehicle management tool, and at the same time bring business development opportunities for value-added services such as financial insurance, vehicle logistics and so on.

In addition, the two sides will rely on the new car sale business on the auto street to take advantage of the bonus of the car going to the countryside to improve the market penetration of the automobile category.