Car King hopes to steer secondhand market
By Li Ning and Richard Fu |
April 30, 2012, Monday
|
Print Edition
Print Edition
A parking space big enough for 1,000 cars and a maintenance workshop capable of handling 100 vehicles at the same time have made Car King the largest player in China's secondhand auto market.
Now, the Shanghai-based company is looking to set standards in an industry that has been plagued by irregularities.
The used vehicle market is booming in China, with turnover expected to exceed 200 billion yuan (US$31.7 billion) this year, according to the China Automobile Dealers Association. However, the sector is also facing a crisis of confidence as some dealers have been found to cover up the problems and reset the odometers of used cars while selling them, among other undue behaviors.
Car King, which is situated on Jinyuan No. 1 Road in Jiangqiao Town, Jiading District, wants to change the situation by working out a secondhand car trading standard similar to that in the United States. The company hopes this could become a benchmark for the domestic industry some day.
The customer at Car King will get a detailed report of the car he wants to buy, including all its problems and repair history. Also, the company provides one-stop services that include insurance policy, car loan, license plate transfer, and interior decoration.
The customer can also enjoy the right of getting refund without giving any reason within seven days, three-month and 5,000-kilometer quality warranty and 24 hours after-sales service. At Car King, every service has a price tag, which makes it like shopping in a supermarket.
The company also imposes a "zero tolerance" policy while taking in cars. It only accepts cars that have been used for less than six years and driven less than 120,000 kilometers.
It rejects any car with major damages and questionable ownership.
Each car has to undergo checks on 245 items and secure certifications for 232 items, with another reexamination by a team of technicians before it's delivered to the buyer.
In one example, Car King recently took in a five-year-old Volkswagen Polo with an alleged driving distance of only 40,000km. Car King doubted the figure and investigated the car's maintenance record. Finally the car was rejected for it had already been driven over 70,000km.
Car King has already made its first round of investment of 150 million yuan from investors including Legend Capital, Chen Xiao, the former chairman of GOME Electrical Appliances, and Li Haichao, founder of 51auto.com.
Integrity and after-sales service are the two things most needed in today's secondhand car market in China, said Li Haichao, CEO of Car King.
Now, the Shanghai-based company is looking to set standards in an industry that has been plagued by irregularities.
The used vehicle market is booming in China, with turnover expected to exceed 200 billion yuan (US$31.7 billion) this year, according to the China Automobile Dealers Association. However, the sector is also facing a crisis of confidence as some dealers have been found to cover up the problems and reset the odometers of used cars while selling them, among other undue behaviors.
Car King, which is situated on Jinyuan No. 1 Road in Jiangqiao Town, Jiading District, wants to change the situation by working out a secondhand car trading standard similar to that in the United States. The company hopes this could become a benchmark for the domestic industry some day.
The customer at Car King will get a detailed report of the car he wants to buy, including all its problems and repair history. Also, the company provides one-stop services that include insurance policy, car loan, license plate transfer, and interior decoration.
The customer can also enjoy the right of getting refund without giving any reason within seven days, three-month and 5,000-kilometer quality warranty and 24 hours after-sales service. At Car King, every service has a price tag, which makes it like shopping in a supermarket.
The company also imposes a "zero tolerance" policy while taking in cars. It only accepts cars that have been used for less than six years and driven less than 120,000 kilometers.
It rejects any car with major damages and questionable ownership.
Each car has to undergo checks on 245 items and secure certifications for 232 items, with another reexamination by a team of technicians before it's delivered to the buyer.
In one example, Car King recently took in a five-year-old Volkswagen Polo with an alleged driving distance of only 40,000km. Car King doubted the figure and investigated the car's maintenance record. Finally the car was rejected for it had already been driven over 70,000km.
Car King has already made its first round of investment of 150 million yuan from investors including Legend Capital, Chen Xiao, the former chairman of GOME Electrical Appliances, and Li Haichao, founder of 51auto.com.
Integrity and after-sales service are the two things most needed in today's secondhand car market in China, said Li Haichao, CEO of Car King.
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