Established in 2011, Uxin connects car buyers to individual sellers and dealers and provides financing options to both car buyers and dealers by working with third-party financial services providers.
Uxin’s major revenue sources are fees from used car sales and auto loans, with a minority from sales of salvage cars and new cars, and short-term dealer inventory financing. The company plans to discontinue its new car sales business after selling their remaining new car inventory. It hadn’t turned a profit as of March 2018.
The revenue from auto loans as a percentage of the total revenue increased to 48% in 2017, up from 38% in 2016.
In 2017 the total number of used car loan transactions and the total amount of used car loans facilitated increased 113.6% and 110.7%, respectively, from the previous year. The total outstanding principal balance of loans for new cars accounted for 8.4% of the total outstanding principal balance of auto loans as of March 2018.
The company claims its used car sales platforms for individual car owners and dealers have 41% and 42% market shares, respectively, citing research reports from iResearch. Its major local competitors include Guazi.com.
In 2017, 45% of the total transactions and 60% of the GMV were generated between individuals.
It had established more than 670 physical service centers in more than 270 Chinese cities as of March 2018.