The project is a ‘key step’ in Uxin’s nationwide expansion of its used car superstore network, said CSO Wenbing Jing, following the openings of superstores in Xi’an, Hefei, Wuhan, and Zhengzhou.

Explaining the choice of Guangzhou, Wenbing Jing pointed out that the city “offers a compelling combination of strategic location, pro-business environment, and a well-established automotive industry.”

With a permanent population exceeding 18 million and more than 4 million registered vehicles, the city maintains one of the most active used car markets in China, according to Uxin. Guangzhou also hosts one of the country’s most advanced automotive parts and manufacturing ecosystems, Uzum said, which provides an “ideal foundation for Uxin’s large-scale used car retail operations through advanced reconditioning, one-stop shopping, and digitalized operations.”

Guangzhou is also one of China’s most important gateways for international trade, with a total import and export volume exceeding RMB1 trillion ($145 billion) in 2024. With the launch of the Guangzhou project, Uxin aims to strengthen its service capabilities and market presence across Southern China.

Source: LinkedIn

Varun Sanghi, who has been associated with the company for over ten years, has played a pivotal role in its growth, CarTrade said in a regulatory disclosure. His designation in the company will change to CSO and “senior management personnel,” effective Nov. 1.

Having joined CarTrade as a product manager, Varun was instrumental in launching its auto finance product. Subsequently, his role expanded to include corporate finance, business development, and strategic initiatives. Varun reportedly played a key role in CarTrade’s acquisition of OLX India from Prosus in August 2023.

Additionally, Varun has been leading CarTrade Labs — an innovation hub launched in June to focus on generative AI and data science — in addition to serving as a director on the boards of OLX India, Shriram Automall (a used-car auction business), and CarTrade Foundation (the company’s CSR arm).

CarTrade Tech posted INR1.9 billion ($22 million) in operating revenue for the three months to September 2025 (Q2 FY25-26), up 25.4% year on year. It recorded about 85 million average monthly unique visitors in Q2, with 95% of the traffic organic.

CarTrade has a presence in more than 500 physical locations across India through Shriram Automall, CarWale abSure, and OLX India franchisees.

India-based auto marketplace CarTrade Tech has posted INR1.9 billion ($22 million) in operating revenue for the three months to September 2025 (Q2 FY25-26), up 25.4% year on year (y-o-y), according to the company’s financial reporting. Its total income rose by 29% y-o-y to INR2.2 billion.

The revenue of its consumer vertical — comprising CarWale and BikeWale — grew by 37% y-o-y to INR762 million in Q2 FY25-26. The remarketing segment (auction businesses, including CarTrade Exchange) posted INR626 million in revenue, up 23% y-o-y. CarTrade said the remarketing business achieved an annualized run-rate of 1.8 million auction listings.

OLX India — which CarTrade acquired from Prosus in August 2023 — registered INR555 million in revenue in Q2, up 17% y-o-y, driven by “operating leverage and integration of synergies.”

CarTrade’s expenses in Q2 grew by 5.3% y-o-y to INR1.4 billion, with more than half of this attributed to employee benefits. Finance and depreciation and amortization costs were broadly flat y-o-y.

Accordingly, CarTrade posted INR640 million in after-tax profit for Q2 FY25-26, up 109% y-o-y. The consumer group and OLX India’s after-tax profit grew by 82% and 213%, respectively. The company’s EBITDA almost doubled y-o-y during the quarter (increasing by 94%), reaching INR636 million. The company closed Q2 FY25-26 with a cash balance of INR10.8 billion.

In line with its custom of allotting more shares under its employee stock ownership plan (ESOP) after financial disclosures, CarTrade approved the allotment of 187,800 equity shares of a face value of INR10 apiece to eligible employees under ESOP 2011, ESOP 2015, and ESOP 2021 (I) plans. As a result, the total paid-up share capital of the company grew to INR477 million.

CarTrade said that it attracted about 85 million average monthly unique visitors in Q2, with 95% of the traffic organic. It has a presence in more than 500 physical locations across India through Shriram Automall, CarWale abSure and OLX India franchisees.

In June, CarTrade launched CarTrade Labs, an innovation hub focusing on generative AI and data science.

Global automotive technology and services company Cox Automotive has unveiled its latest automotive omnichannel digital retailing product, which enables complete vehicle purchases across multiple digital channels.

The rollout, which seems to be an evolution of its Retail360 — announced a year ago — “allows automotive sellers to offer full e-commerce capabilities on their own websites and integrates seamlessly in-store, while also enabling direct purchase of their inventory through AutoTrader and Kelley Blue Book,” according to the company. It adds that it’s intended to provide “a frictionless buying journey, from browsing to purchase, with integrated financing, trade-in valuations and digital contracting.”

According to Cox Automotive’s 2025 Digitization of Car Buying Study, almost two-thirds (65%) of car buyers “perform some or all the process online.” “Having this omnichannel selling approach will be critical to maintaining sales volumes and market share as record-high new vehicle prices, limited affordability and tightening used-car supply threaten to throttle consumer demand,” it said.

“We’ve built the omnichannel platform the automotive industry has been waiting for,” said Jessica Stafford, SVP, consumer solutions, Cox Automotive. “This isn’t website software or a marketplace listing service, it’s a true e-commerce platform that handles the complexity of the entire car buying transaction across every digital touchpoint and in-store. As the only company that owns both the technology platform and the marketplaces, Cox Automotive can deliver seamless automotive retailing everywhere consumers want to shop.”

Hertz, one of several enterprise implementations, now offers complete online purchasing at HertzCarSales.com and through AutoTrader.com using Cox Automotive’s unified infrastructure. “Cox Automotive enables us to deliver on our promise of making car buying easier, whether customers shop on our website, at our Hertz Car Sales locations or through partner channels,” said Jeff Adams, EVP of Hertz Car Sales, in the announcement. “Their technology creates a consistent, transparent experience while their operational infrastructure ensures we can scale efficiently.”

Cox Automotive, one of the world’s largest automotive services and technology providers, reports 2.3 billion online interactions a year. Its brands include AutoTrader, Kelley Blue Book, Manheim, vAuto, DealerTrack, NextGear Capital, CentralDispatch and FleetNet America. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately owned company based in Atlanta. The latter generated $23 billion in revenue last year.

Cox Automotive’s e-commerce focus began in 2018, with the introduction of the Auto Trader Accelerate digital retail program. In 2021, it launched Complete Retail, linking up services and products — including classifieds sites Autotrader and KBB.com — as well as its VinSolutions’ customer relationship management tool and the finance and insurance and dealership management software offered by DealerTrack.

About half of the polled dealers consider Avito Auto the most technologically advanced site for car promotion and sales. Avto.ru ranks second with 21.3%, and Drom is third with 8.3%. Ozon and T-Bank Auto (both 1.8%) shared the fourth place.

Drom has had a c-to-c lending service for many years, one of its top managers Mikhail Shchetinin said. However, is was not suitable for dealers who prefer to provide their finance through their own brokers and do not welcome clients with third-party loans, Shchetinin said. Drom was looking for a partner to provide a similar solution for the b-to-c segment that would be equally convenient for the client and for setting up end-to-end analytics for all parties involved in the transaction.

Balans-Platforma has been developing and implementing digital services to simplify F&I processes since 2017, said Alexey Borodavin, head of the auto vertical at Balans-Platforma.

“Our goal is to create a fast and convenient solution that meets the current customer demand for a car loan in just a few clicks. No lines, no endless forms, and no multiple trips to the dealership. Drom, as a leading classifieds platform, supported us in this endeavor and enabled us to implement the service, which has already attracted over 10,000 customers,” Borodavin told Autostat agency.

For the user, the application process for any type of loan is roughly the same. When they click the ‘buy on credit’ button in the ad, they will be taken to a simple form from Balans-Platforma, which is filled out almost entirely automatically if the applicant had undergone verification through Gosuslugi online public services. The form automatically pulls key data from the client’s digital profile. Since this data had been already verified, the client does not need to go through a lengthy application process and multiple visits to banks and dealers, Drom’s Shchetinin said.

Clients come to the dealership once with a pre-structured transaction that only needs a finishing touch, said Alexey Borodavin of Balans-Platforma. “For dealers and auto makers, this is a way to increase sales and maintain desired margins, as the loan application questionnaires are based on the rates and conditions agreed by the dealers. We offer banks an electronic transaction service, which improves the bank’s economics by eliminating the need for a dealer representative to travel to sign the transaction. Our services also eliminate data errors and all the paperwork,” Borodavin said.

Going forward, Drom plans to let users know the loan amount available to them when they start looking for a car, without even having to fill out credit forms. Balans-Platforma aims to make the service available to 15,000 – 18,000 customers per month by the end of the year.

According to Avito Autohub service for dealers, in September 2025, approximately 45% of cars in dealer stock were trade-ins. In 2024 Avito Auto survey showed that 41% of private sellers considered trade-ins.

The trade-in tool works across two existing Avito Auto services – Auction and Select. The former offers the owner competing bids from dealers within two hours of submitting an application, the latter helps with the purchase: a personal manager selects options, arranges an expert inspection, and assists with the transaction.

How trade-in works

• Through the Auction. When submitting a request for sale, the car owner selects the trade-in option and describes the desired vehicle (make, model, budget, type). Within two hours, personalized offers from dealers are received, specifying the surcharge amount. If none of the offers are acceptable, the transaction can be cancelled without obligation.
• Through Select. When choosing a car from a dealer, users immediately see the difference they would need to pay. A personal manager is available to assist them throughout the entire process, from selection to completion.

The new feature covers passenger cars and light commercial vehicles up to 20 years old and 155,000 miles on the clock. Car-sharing vehicles and those with a history of accidents are excluded. In the first successful transaction, a user in Kazan traded in his 2016 Kia Rio for a 2020 Kia Sportage.

Avito Auto trade-in is being piloted by twelve dealerships in seven regions: Moscow, St. Petersburg, Samara, Ekaterinburg and Tatarstan, with plans for further expansion.

Shopping for a car increasingly begins not in the showroom, but in front of a computer, Avito Auto says, pointing out that 85% of Russians search for a car online, and two-thirds of those who completed the transaction found the car online. This, Avito Auto believes, reflects a new way of decision making: digital, pragmatic, and data-driven.

Buyer behavior is changing

Avito Auto research shows that most users come to the platform with a clear plan. About 71% search among specific brands, 57% have a particular model in mind, and a fifth even limit their search to a concrete production year of the car. This, to Avito, means the market is gradually shifting from random finds to targeted searches.

“The auto market is being increasingly immersed in the digital environment,” Avito Auto declares.

Price remains the most popular filter, while specifying ‘fewer years and low mileage’ is giving way to the pursuit of the best price-to-condition ratio.

Avito Auto puts this down to the increased market transparency: users can now see vehicle inspection reports, photos, and reviews, so they learn to separate real risks from irrelevant minutiae.

Expanding search geography

About 60% of Avito Auto users search for a car in their home town or within a 60 mile radius. A third are willing to go twice as far, and 7% are considering distances of up to 600 miles. This flexibility is explained not only by a desire to save money but also by the uneven distribution of options: some models are available only in major cities.

Buyers who decide to search outside their region most often look at Moscow, St. Petersburg, Southern Russia and the republics of Bashkortostan and Tatarstan.

Distance used to be a major barrier, as buyers were wary of hidden defects. This fear is fading, says Avito Auto: VIN history check services and online bidding are making remote transactions almost standard.

Algorithms and sorting

Avito Auto algorithm ranks listings based on a combination of factors: price, seller activity, and completeness of information. So, there’s no random order: users see statistically “average” offers.

If a user saves filters and turns on notifications for new listings, the system will notify them when the desired option appears.

Now, according to Avito Auto, 80% of purchase decisions are made before a physical inspection of the car, which has become a final check, not a step in the selection process.

Buyers learn to act like analysts: they set criteria, verify data, and make decisions with a clear head, reducing the number of random transactions, Avito Auto concludes.

The company selected Mirae Asset Securities as the lead underwriter in March, with a listing on Korea Securities Dealers Automated Quotations (Kosdaq) expected next year, according to a company news release.

The funding round included five investors: IBK Capital, Infobank Partners, YG Investment, Cornerstone Investment Partners, and Mirae Asset Securities.

AutoHands plans to use the capital to expand its directly-operated stores, strengthen online operations, develop AI and big data-based services, and hire new employees.

According to investment tracker TheVC, this marks the first publicly disclosed investment for AutoHands.

Founded in 2013, the company offers integrated mobility services, including vehicle buying and selling, management, online used-car auctions, car rentals, extended warranties, residual value guarantees, mobile maintenance, and accident compensation programs.

AutoHands reported KRW173 billion (approximately $122 million) in sales for 2024, reflecting steady year-over-year growth from KRW112 billion in 2023, KRW77.6 billion in 2022, and KRW45.9 billion in 2021. For comparison, used-car ecommerce market leader KCar generated $1.6 billion in revenue last year by selling 154,185 certified pre-owned vehicles.

“This pre-IPO investment highlights AutoHands’ solid growth potential and the market’s confidence in our differentiated, customer-centric services,” said CEO Kim Sung Joon. “We will leverage the funding to enhance our AI capabilities and expand our offline network, securing competitiveness and advancing as a comprehensive mobility solutions provider.”

The aggregate amount of the dividend will be approximately RMB0.5 billion ($70.2 million). The pay-out is expected to be made to holders of ordinary shares on or around November 14, and to holders of ADSs on or around November 20.

CFO Craig Yan Zeng commented, “The declaration of a cash dividend reflects our robust cash position, strong cash flow and confidence in our future growth prospects. We will continue to focus on delivering value to our shareholders.”

]]> https://aimgroup.com/2025/10/06/avito-auto-collaborates-with-us-rapper-and-ex-host-of-mtvs-pimp-my-ride-xzibit/ Mon, 06 Oct 2025 11:05:06 +0000 https://aimgroup.com/?p=726060

Source: Auto1

Berlin-based digital auto retailer Auto1 Group SE has announced that it will appoint Christian Wallentin (above) as CFO as of Jan. 1, 2026. He succeeds Markus Boser, who will step down at the end of the year after a decade with the company. There will be “a joint transition period,” with Boser for two months, beginning Oct. 1, the company said. Wallentin will join the board of Auto1 on Jan. 1.

Wallentin left Hoist Finance, where he was CFO and deputy CEO, earlier this year. He had joined the company in 2021.

Prior to that, he spent more than a decade at Nordea, where he was a senior executive.

He is also the co-founder and former CFO of Estonia-based Luminor Bank. In this role, he was “responsible for creating, merging and developing Luminor to become an independent pan-Baltic customer-oriented financial ecosystem to enable an exit from the Baltic markets for the bank owners,” according to his LinkedIn profile.

Earlier in his career, Wallentin worked in private equity at Permira and investment banking at Goldman Sachs.

He holds a master’s degree in economics and business administration from the Stockholm School of Economics and a CEMS master’s in international management from ESADE Business School.

Wallentin commented: “I am delighted to be joining the AUTO1 Group’s executive board and to take on the role of CFO at the beginning of next year. I see enormous potential in the European used car market, and, together with our motivated team, I am looking forward to the promising journey that lies ahead.”

Hakan Koç, chairman of the supervisory board of Auto1 Group, said: “We are delighted to have gained Christian Wallentin, an experienced financial expert and strong leader, for the position of CFO and welcome him to AUTO1 Group. We would like to thank Markus for his many years of excellent service. He has contributed significantly to the financial success of AUTO1 Group, and we wish him all the best.”

Car scams were widespread in Russia in the ‘wild 1990s’. Back then, a standard scheme involved selling a car by proxy. The buyer would hand over the money, only to discover a month later that the vehicle had been reported stolen. Today, instead of forged documents, fraudsters use instant messaging, phishing, and social engineering, Auto.ru said.

It has identified five most widespread scams:

1. The seller offers a car in ‘perfect condition’ at a price well below market value. To explain the low price, they invent an excuse like illness, divorce, or moving to a different region/country.

2. Scammers avoid phone calls, insisting on communicating via instant messaging. This reduces the chances of detection.

3. The buyer is asked to transfer a deposit for a reservation, gas, or delivery of the car from another city.

4. Posing as clients or intermediaries, scammers send fishing links, ask buyers for sms codes or to share phone screens, stealing data and money.

5. Scammers pose as reps of foreign brands, mostly from China, turn the conversation to investments, and lures the client into a pyramid scheme.

Auto.ru noted that the proliferation of such schemes increases by more than 20% in the fall.

Auto.ru has also launched its traditional fall promotion, the “great Traffic Code test’ .This year, it aims to engage more users with new game features, redesigned mechanics, and an expanded prize pool. The top prize is the Moskvich 3 crossover, followed by a number of Yandex TV terminals, bonus points for car maintenance, and free car reports. The annual event is meant to encourage passive users to engage with the site.

Auto.ru is owned by Russia-based IT giant Yandex.

The regulator authorized the takeover of Araba Sepeti Otomotiv Bilişim Danışmanlık Hizmetleri Sanayi ve Ticaret, which operates under the brand name Carvak.com, by Borusan Otomotiv Group.

Mexico-based digital auto retailer Kavak.com sold Araba Sepeti after acquiring the used-car specialist, also known as GarajSepeti, four years ago.

According to c-to-b-to-c Kavak’s website, the company operates in seven countries, including Turkey, where it established inventory, sales, and purchase centers in 21 cities within one year and invested $30 million to expand operations in the Middle East.

The AIM Group has contacted Kavak for details of the acquisition and will update the story when a response is received.

Last year, Borusan Otomotiv Group launched BorusanNext.com.tr, its online service for buying and selling used cars. The dealership chain provides sales and after-sales services through a network of more than 70 outlets nationwide and is jointly owned by industrial group Borusan Holding A.Ş. and Germany-based Giwa Holding GmbH & Co. KGaA.

China-based hybrid auto retailer Uxin Limited has posted revenue of RMB658 million ($91.9 million) for Q2 2025, up 64.1% year on year (y-o-y), according to its unaudited financial report. Revenue growth was mainly driven by retail vehicle sales revenue, which rose by 87.0% y-o-y to RMB608 million in Q2 2025. Retail transaction volume surged 154% to 10,385 units. In contrast, wholesale vehicle sales revenue fell to RMB29.9 million in Q2 2025 from RMB63.9 million in Q2 2024. Wholesale transaction volume fell 19.4% y-o-y to 1,221 units in Q2 2025.

Cost of revenue was RMB624 million ($87.1 million) in Q2 2025, up from RMB376 million in the year-earlier period. Gross margin was 5.2% in Q2 2025, compared against 6.4% in the year-earlier period. The decrease was mainly due to the trial operation of Uxin’s new superstore in Wuhan, which commenced last February. As the store is still in the early stage of operation, it is currently in a gross profit ramp-up phase. The company expects that its overall gross margin will recover in the third quarter of 2025.

Uxin’s loss from operations was RMB43.1 million ($6.0 million) in Q2 2025, down by almost a third from RMB62.5 million in Q2 2024. Its adjusted EBITDA loss stood at RMB16.5 million ($2.3 million) in Q2 2025, down from a loss of RMB33.9 million in Q2 2024.

Uxin has incurred net losses since inception. In Q2 2025, the company incurred net loss of RMB67.6 million and operating cash outflow of RMB132 million, and its current liabilities exceeded current assets by approximately RMB202 million. As of June 30, Uxin had accumulated deficit in the amount of RMB19.7 billion ($2.8 billion).

Based on Uxin’s liquidity assessment, which considers the management’s plan to address these adverse conditions and events… the company believes that it is probable to meet its anticipated working capital requirements and other capital commitments and the company will be able to meet its payment obligations when liabilities that fall due within the next twelve months from the date of this release.

Going forward, Uxin expects its retail transaction volume to range between 13,500 units and 14,000 units. The company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB830 million and RMB860 million.