According to statistics from the China Automobile Dealers Association, the sales volume of second-hand vehicles hit 10.39 million in China in 2016, up from 251,700 in 2000. The industry group predicted that by 2020, 29.2 million second-hand vehicles will be sold nationwide. There is great potential for improvement in China’s underdeveloped trade, compared with the mature second-hand vehicle market overseas. Buyers have had concerns about buying second-hand cars, including a lack of transparency about vehicle conditions, widespread price fraud, and the lengthy process of ownership transference. In recent years, however, e-commerce companies have emerged, trying to bring big data, transparency and third-party guarantees to the chaotic market. The competition over second-hand vehicle provider platforms has been centered on brand building and investment, but technological innovation and service upgrades are expected to play an increasingly important role.
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