SHANGHAI, Jan. 12, 2022 /PRNewswire/ -- Cango Inc.
(NYSE: CANG) ("Cango" or the "Company"), a leading automotive
transaction service platform in China, today announced that "Cango Haoche,"
its B2B WeChat mini program providing automobile dealers with
one-stop transaction, logistics, finance, and insurance services,
is gaining traction with dealers and driving sales thanks to its
new vehicle display function. Cango Haoche is the cornerstone of
Cango's automobile trading transaction business, an important
growth engine for the Company as it evolves into a comprehensive
automotive transaction service platform.
Cango Haoche's new vehicle display service offers dealers a wide
variety of display vehicles at low prices with free shipping to
help them increase sales volume, improve efficiency and better
attract and retain customers. Since the new function's launch,
Cango Haoche has received applications from a total of 350 dealers,
nearly 100 of which are already displaying their vehicles on the
platform. As of today, Cango Haoche has a total of 6,000-plus
dealer partners covering 283 cities in 31 provinces, featuring 74
self-operated car models from 12 brands and 27 car series. Cango
Haoche has amassed over 2 million clicks since its debut in
May 2021, and the proportion of
active car dealers has reached 20%, significantly boosting Cango's
reputation as an automotive trading transaction services
platform.
Mr. Qin from Kunming Yunchejie Auto Sales Services Co., Ltd.,
Cango's long-time dealer partner, is one of Cango Haoche's first
registered users. He frequently utilizes Cango Haoche's vehicle
search and display functions to gain valuable market insights and
diversify his vehicle displays.
During the COVID-19 pandemic, customer visits to Mr. Qin's
offline vehicle display rooms dwindled due to reduced local demand.
Because offline communication was no longer possible, last April
Mr. Qin commenced efforts to connect consumers to his offline
stores using online tools.
Mr. Qin introduced short-form video and live streaming in his
online interactions with buyers, but soon realized that display
vehicles from a single brand were not enough to meet his audience's
diverse needs. He collected feedback from his live streaming
audience regarding brands and models of interest and attempted to
display them one by one. However, he was plagued by a string of
problems, such as limited information sources, huge investment
requirements and complicated procedures.
Cango Haoche's new vehicle display function was the perfect
solution for Mr. Qin. He simply submitted an application for
display vehicles online, which was immediately processed by Cango's
specialists online and offline. The display vehicles he requested
were promptly delivered to his stores within two days.
Mr. Qin was impressed by the efficiency of the service. "Low
price is just one part of the equation," he explained. "Cango
Haoche's platform provides such a broad array of car models that I
can easily find those I need to meet local car buyers' demands at
the right price and have them delivered directly to my stores. It's
an exceptionally efficient and convenient service."
As of the end of the third quarter, we had cooperated with
infrastructure service providers to establish a total of 108
warehouses covering 89 cities across the country, which greatly
shortens Cango's logistics radius in lower-tier markets. Cango's
standardized back-end work model also enables an efficient review
process, facilitating fast delivery of display models.
Mr. Qin has bought out two display vehicles since his adoption
of the display function and renewed his car displays three times.
He has experienced substantial efficiency improvements in customer
retention from his live streaming sessions, a wider range of
personal information left by potential customers and a notable
increase in the number of orders placed. Mr. Qin's story is not
unique – Cango has received overwhelmingly positive dealer feedback
on Cango Haoche's vehicle display function and expects the
feature's popularity to continue to increase dealer adoption and
stickiness.
Cango has been dedicated to the lower-tier automotive market for
more than a decade. Its expansive channel network boasts nationwide
coverage and deep roots in lower-tier markets, benefiting a total
of 50,000 medium- and small-sized dealers. Cango Haoche is a
critical tool for helping lower-tier market dealers stand out from
the competition. By forging a connection between information,
trading, logistics, finance and insurance, Cango Haoche drives
sales and elevates dealers' efficiency and service quality,
empowering them to build an excellent brand reputation.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China connecting dealers, financial
institutions, car buyers, and other industry participants. Founded
in 2010 by a group of pioneers in China's automotive
finance industry, the Company is headquartered
in Shanghai and engages car buyers through a nationwide
dealer network. The Company's services primarily consist of
automotive financing facilitation, car trading transactions, and
after-market services facilitation. By utilizing its competitive
advantages in technology, data insights, and cloud-based
infrastructure, Cango is able to connect its platform participants
while bringing them a premium user experience. Cango's platform
model puts it in a unique position to add value for its platform
participants and business partners as the automotive and mobility
markets in China continue to grow and evolve. For more
information, please visit: www.cangoonline.com.
Media Contact:
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: pr@cangoonline.com
Twitter: https://twitter.com/Cango_Group
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SOURCE Cango Inc.