BEIJING – Beijing Manheim Motor Vehicle Auction Co., Ltd. (Manheim BAI), the joint venture established by Manheim China Holdings, Ltd. and Beijing Automotive Investment Co., Ltd. (“BAI”), held its grand opening ceremony in Beijing on October 22. Over 100 vehicles were auctioned after the opening ceremony.
Manheim China Holdings, Ltd. is an offshore holding company wholly owned by Manheim, the world’s largest provider of vehicle remarketing services. BAI is a Beijing-based State-owned enterprise with several automotive joint ventures in China.
This is Manheim’s third joint venture in China following Manheim Guopai in Shanghai and Manheim China Merchants in Shenzhen, which opened auction business in November 2006 and January 2007 respectively. According to statistics released in April, Manheim has auctioned 4,100 used cars in Shanghai and 2,400 units in Shenzhen.
Manheim BAI is committed to implement its mature western business model to the Chinese market, modified to meet the needs of its local customers. Manheim BAI focuses on the B2B sector, bringing a live, open auction format along with its internet technology (Cyberlot and Simulcast) to dealers in Beijing and the surrounding areas.
“Manheim is excited to be operating in Beijing with our partner BAI, a Chinese automotive leader,” said Mike Langhorne, Manheim’s senior vice president for international operations. “We’re looking forward to continuing our development strategy in one of the largest new and used vehicle markets in China, capitalizing on BAI’s strength in the Chinese automotive industry. The establishment of this joint venture continues Manheim’s commitment to the creation of a national network to serve our customers.”
“Examining the broad scope of the Beijing used car market, we believe that Manheim BAI will grow very fast through the cooperation and efforts of both companies,” said Zhu Suiyu, vice general manager of Beijing Penglong Automobile Service and Trade Co., Ltd., a subsidiary company of BAI. “This joint venture will quickly help advance Beijing’s used car market,” he added.
Customer service is the top priority for Manheim BAI. “Excellent service is the key to the success of any enterprise,” said Joe Zhou, general manager of Manheim BAI. “Our sole mission is to provide products and services to our customers to help their business’s needs.”