Fairlubo

About Fairlubo

Fairlubo, officially Beijing Fairlubo Vehicle Auction Co., Ltd., operates a specialized online auction platform for total-loss and salvage vehicles in China. Founded in June 2011 by Xing Zhanming, the company established itself in Beijing to address the niche market of auctioning accident-damaged cars. The business primarily serves insurance companies, helping them dispose of large inventories of damaged vehicles to mitigate storage and inventory costs, thereby maximizing claim recovery. Fairlubo's business-to-business platform connects these insurers with a network of car dealers and repair shops who are registered members.

The company's core service is its auction platform, which facilitates the sale of vehicles that have been deemed a total loss by insurance providers. Recognizing the difficulty in standardizing condition reports for accident vehicles, Fairlubo developed the HB2.0 auction system. This system allows for simultaneous on-site and remote online bidding, creating a transparent process for buyers. The platform provides comprehensive services to its members, including vehicle inspection, both online and offline auction access, quick settlement, logistics, and transfer of ownership. Revenue is generated through commissions on the vehicles sold through the auction. By 2015, the platform had already auctioned over 20,000 vehicles.

A significant milestone in the company's history was securing a $45 million Series A funding round on February 22, 2016. This investment was led by Legend Capital and included participation from Uxin Group, a major online used car transaction service provider, and Fengshang Capital. This strategic infusion of capital was aimed at enhancing product development and innovation. Later, on January 24, 2020, Fairlubo was acquired by Bochewang (Boche Holding Limited), the largest salvage vehicle auction platform in China, for an amount of $47.6 million, marking a new chapter for the company under a larger automotive services umbrella.