Cheduoduo

About Cheduoduo

Cheduoduo, legally known as Beijing Haoche Duoduo Technology Co., Ltd., is a technology enterprise focused on building a service ecosystem for automobile transactions. The company was founded by CEO Zheng Wei, a serial entrepreneur with 14 years of experience in the used car industry. He holds a Ph.D. in Electronic Engineering and Computer Science from the University of California, Berkeley, and a degree from Tsinghua University's automation department. This background in technology and deep industry experience shapes the company's approach.

The firm operates primarily in the used car market, aiming to provide a convenient and reliable car purchasing experience for consumers. It has established a platform that connects consumers with a wide selection of quality-checked vehicles. A key aspect of its business is the integration of financial services, offering a "financial product supermarket" for used car dealers. This provides dealers with a variety of financing solutions to facilitate sales. For consumers, particularly younger buyers, Cheduoduo offers a product called "Chexiaoji," which is a rent-to-own model for both new and used cars, featuring low down payments and low monthly installments.

The company's business model leverages technology like AI, big data, and cloud computing to manage its platform. This platform integrates numerous services beyond sales, including vehicle inspections, insurance, warranty extensions, appraisals, title transfers, and logistics. By consolidating these services, Cheduoduo aims to create a comprehensive, one-stop-shop experience. It operates large physical showrooms, described as "malls," inviting trusted merchants to supply the vehicles, thereby adopting a relatively asset-light model that utilizes the sourcing strengths of smaller car dealers. In June 2018, the company secured $17.7 million in a Series A funding round from investors including Frees Fund, Yixin Group, Li Xingxing, and Source Code Capital.