RUEIL-MALMAISON, France--(BUSINESS WIRE)--Regulatory News:
Groupe PSA (Paris:UG):
Founded in Shanghai in 2015, FengChe is a leading expert in used car supply chain management and transaction services in China. It provides a used car management and sales operations system, B2B transaction platforms and strategic used car business advice to OEMs, dealership groups, used car markets and large and medium-sized used car dealers.
FengChe continues to innovate in the automotive supply chain and in transaction processes and aims to improve used car dealers’ business operations and profitability by providing customers with an integrated solution, including a reliable used car appraisal system, business process management, sourcing channel management, used car online and offline sales operations, dealer inventory monitoring, auto financing and after-sales management.
The founder of FengChe, Tao Genyuan, said: "FengChe is honoured to receive the investment and the strategic support of Groupe PSA, a leading automotive industry player. After this funding round, the objective for FengChe is to further develop the used car business in China with a more cross-cutting vision. Indeed, the ultimate goal for FengChe is to build a “one stop shop” for the Chinese automotive industry in order to connect the upstream and downstream and provide a closer link between buyers and sellers using innovative technologies, which will make automobile transactions simpler."
Marc Lechantre, Senior Vice President of the Used Vehicles Business Unit at Groupe PSA, commented: "The FengChe investment is an important next step for Groupe PSA as part of the Push to Pass plan to increase our international footprint and revenues. We are very confident that in FengChe we have found a strong, dynamic partner who we believe will be a major player in the Chinese automotive market."
About Groupe PSA
Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all customer expectations. The Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall, and provides a wide array of mobility and smart services under the Free2Move brand. Its ‘Push to Pass’ strategic plan represents a first step towards the achievement of the Group’s vision to be “a global carmaker with cutting-edge efficiency and a leading mobility provider sustaining lifetime customer relationships”. An early innovator in the field of autonomous and connected cars, Groupe PSA is also involved in financing activities through Banque PSA Finance and in automotive equipment via Faurecia.
FengChe is a leading online service innovator in China’s automotive industry that has created an ecosystem platform for OEMs, car dealers and used car markets. FengChe helps OEMs, car distributors and used car markets players to digitalise their business via online technology, big data and intelligence technology. The FengChe SaaS system integrates car appraisal, auto financing and auto insurance resources into the car industry supply chain, thereby efficiently enhancing sales and transactions. FengChe’s strategic consulting services enable manufacturers, car distributors and used car markets to enlarge their market shares. The cross-regional trading platform maximises the value of OEMs, car dealers and consumers.