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Cai Xu: Used vehicle e-commerce must focus on information transparency and service

Vehicle information transparency must be taken care of if “Internet+” were to change how used vehicles are traded, according to Cai Xu, co-founder of cheyipai.com, a leading online used vehicle trade portal.

“Both the seller and the buyer in a used vehicle transaction lack full knowledge of the condition and value of the vehicle being transacted and therefore it is difficult to establish a credit assurance system,” said Cai. “We provide value-added services and package them into a new service for professional used vehicle dealers, which represent the ‘B’ in cheyipai.com’s C2B2C platform, and then push this packaged service to end-consumers. This will eliminate buyer doubts in a transaction.”

Cheyipai.com’s used vehicle trade volume reached 300,000 units last year, after the platform was launched in 2010 and only a few thousand units were traded in 2011.

Cai attributed this success to cheyipai.com’s focus at the very beginning on offline service.

“The first thing we did when we entered the industry was to build our offline service team, which total about 1,200 people,” said Cai. “Their primary responsibilities are to inspect real conditions of every vehicle and make sure information is accurately transferred to cheyipai.com’s platform. They are also involved in introducing additional services such as warranty extension, quality assurance and financing products.”

The C2B2C used vehicle ecosystem platform, according to Cai, essentially provides customers the ability to buy a used vehicle at ease thanks to its vehicle inspection, quality assurance, trade credit and service network systems.

Cai believes that there will be an opportunity for online and offline sales to integrate and forecasts that for a long time to come, e-commerce and traditional channels will adapt to changes and find appropriate paths for development.

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