Loan on zero percent down payments is also provided , however in such cases , rate of interest charged has increased in 2017 . Used vehicle finance penetration in China has increased from 2016 to 2017 . Major companies which provide used vehicle financing services in China are 100credit . co , Pingan Bank , Weizhong Bank , Xin , Ant Financial , DBS , Hong Leong Finance , May Bank , Tokyo Century Leasing , United Overseas Bank , Pahouche and many others .
Competition Scenario – ( Online Channel ):
Major companies in used vehicle market in China are Guazi , Uxin Group , and Renrenche . Guazi has comprised of the maximum share in the sale of used vehicle in China from online channels during 2017 . On the other hand , Uxin Group has comprised of the second highest market share in sale of used vehicle during the same year . Renrenche has been accounted for the third highest market share in the sale of used vehicles during 2017 . These three companies cover majority of the total sales of used cars from online channels during 2017 . Online used vehicle companies compete on various parameters such as the number of cities covered , providing value-added services , performing number of quality checks before listing vehicles and portfolio of Vehicles . They provide various services such as vehicle inspection , consultancy services , financing and insurance of Vehicles , door to door Vehicle delivery services , transfer of Vehicle registration and after sale services .
Guazi provides its services in more than 200 cities of China whereas Uxin Group has more than 200 offline stores to provide after sale services to its customers . Renrenche has a presence in over 80 cities in China . There are various business models prevailing in the online used vehicle market of China such as C2C , B2C , C2B , B2B , and C2B2C .
Future Outlook and Projections :
By Volume : It has been expected that there will be a reduction in average replacement age of vehicles in china . This will lead to increase in average ticket size of vehicles . Moreover , online penetration in the used vehicle market is expected to maintain the growth trend till 2022 showcasing maximum potential to grow . Online companies such as Guazi are focusing to expand its portfolio of services by expanding into used vehicle finance . Renrenche has planned to open multiple offline stores by 2018 . In China , sale of used vehicles through financing is expected to reach up over 13 million units by 2022 ,
Key Topics Covered in the Report China Used Vehicle Market Size ( 2012-2017 ) China Used Vehicle Market Overview