Chezhibao

The company provides a one-stop, commission-free service for car owners looking to sell their vehicles through online competitive bidding. For car dealers, it offers a source of pre-owned vehicles. The platform integrates the entire transaction process, from vehicle inspection and valuation to online auctioning, logistics, and financing, aiming to connect car owners with a nationwide network of dealers. Chezhibao developed proprietary technologies including the VPQS used car inspection standard, a remote valuation system, and its core online auction platform to enhance operational efficiency. The business model focuses on creating a data-driven ecosystem that serves both individual sellers and professional buyers, such as dealerships and 4S stores.

Headquartered in Nanjing, China, the company expanded its services to over 100 cities, connecting with more than 100,000 car dealers across 300 cities by 2018. Chezhibao secured significant funding through multiple rounds, including a Series D funding of 800 million RMB in 2018, led by investors like Green Harbor Investment, PAG, and Gobi Partners. At its peak in 2019, the company was valued at 7 billion RMB and named a unicorn enterprise by the Nanjing government. However, the company later faced significant financial difficulties, leading to reports of operational issues around late 2019 and 2020.