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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.
SOURCE Cango Inc.