China-based used car reseller Taocheche and Volkswagen Financial Services (China) Co., Ltd. are deepening their collaboration.
Volkswagen Financial Services will provide Taocheche with customized corporate credit and financial services. They will also collaborate on vehicle-price valuation systems and residual value models to enable more people to buy reliable used cars, the parties said.
Taocheche says it has accumulated data from more than 600,000 transactions and generated in excess of RMB60 billion ($8.4 billion) in gross merchandise volume to date. It boasts a network of self-operated b-to-c retail outlets that it says covers 90% of first- and second-tier cities in the country. Earlier this year, Taocheche was ranked second among used-car dealers in China on a list sponsored by the China Automobile Dealers Association.
For its part, Volkswagen Financial Services — the first wholly foreign-owned auto finance business in China — has expanded to more than 300 cities nationwide, working with close to 3,000 dealers.
