HONG KONG/BEIJING: The SoftBank-led Vision Fund is in talks to invest up to US$1.5 billion in Chinese used car trading platform Guazi.com, two people with knowledge of the matter said.That would mark the latest Chinese deal by the mammoth US$100 billion investment fund as it looks to expand in the world's No.2 economy, and would come after it invested 460 million euros in German used car dealing platform Auto1.The fund is likely to invest up to US$1.5 billion in Guazi in a deal that would value the firm at US$8.5 billion before the investment, according to one of the sources, who had direct knowledge of the situation.The two sources, who were not authorised to speak to media, also said the Vision Fund had in the past few months held talks with Guazi's direct rival, Renrenche, which is backed by Chinese ride-hailing firm Didi Chuxing.Guazi, a consumer-to-consumer used car trading platform founded in 2014, is backed by Chinese internet giant Tencent and Sequoia Capital China. Its … [Read more...] about SoftBank’s Vision Fund in talks to invest US$1.5 billion in Chinese used car platform
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Here are the 13 best used-car deals for trucks and SUVs
caption A 2015 GMC Sierra 1500 source GMC Media Some off-lease used SUVs and pick-up trucks can be bought for prices between $17,000 and $48,000. iSeeCars.com analyzed more than 4.1 million cars to find the 10 SUVs and three pick-ups trucks that had the lowest 3-year-old used price. The average depreciation rate for the top-10 almost-new SUVs after three years fell between 41.7% and 47.2%. Pick-up trucks did not have as high a 3-year-old depreciation rate, as the three cars listed had an average of 23.3%. We all love a good deal when we see one. One of the better deals on the market is the purchase of an almost-new off-lease used car, meaning one that has only seen three years of use on the road. The automotive search engine iSeeCars.com recently commissioned a study to look at the used car industry, where they found the best used-car deals out there. But the study also took a more focused measurement of which are the best used cars that … [Read more...] about Here are the 13 best used-car deals for trucks and SUVs
Here are the 10 best used car deals for under $20,000
caption A 2016 Mazda 6. source Mazda Some off-lease used cars can be purchased for under $20,000. iSeeCars.com analyzed more than 4.1 million cars to find the 12 cars that had the lowest 3-year-old used price. The average depreciation rate for new cars after three years is 35%. The 12 cheapest used cars on the lowest used price list depreciated at a rate of 46.3%. There’s nothing better than finding a good deal. And one of the best deals out there is the purchase of an almost-new used car, meaning one that has only seen three years of use on the roads. The automotive search engine iSeeCars.com recently commissioned a study to look at the used car industry, where they found the best used-car deals out there. But the study also took a more specific measurement of which are the best used cars that can be had for the very lowest cost. Among the 4.1 million cars surveyed, iSeeCars.com examined which cars under $20,000 provide the best bargain after … [Read more...] about Here are the 10 best used car deals for under $20,000
Meet the used car dealer who sold 1 million vehicles to China’s ride hailing giant Didi
Li Jian isn’t your typical used car salesman, who have a bad reputation for high pressure sales tactics. The 38 year old looks more like a geeky software programmer. SCMP/Simon Song For the poster child of China’s sharing economy, investing US$200 million in an online used car sales business had many scratching their heads. After all, Didi Chuxing co-founder Cheng Wei once declared that buying a car in the near future will be considered as unusual as buying a horse for transport today. Don’t tell that to Li Jian, founder and chief executive of Renrenche, the company that Didi invested in six months ago. Li isn’t your typical used car salesman, who in the west have a bad reputation for high pressure sales tactics. The 38 year old looks more like a geeky software programmer. But Li was able to convince Didi to buy cars online – and lots of them. “The plan is for Didi to purchase a million second-hand and new cars through us in the coming three … [Read more...] about Meet the used car dealer who sold 1 million vehicles to China’s ride hailing giant Didi
AEONTS steps into used car segment
Aeon Thana Sinsap Thailand Plc (AEONTS), a hire-purchase lender for household products and a credit card issuer, has branched into used car loans to capitalise on strong growth in the business. The company aims to lend 500 million baht worth of used car loans this year.Used car loans have solid growth and the company foresees great business opportunities to expand into its both current and new customer base, said managing director Kiyoyasu Asanuma.The higher excise tax on new vehicles and stable used car prices have encouraged consumers to buy used cars."Last year, we saw a growth in the used car loan segment and greater opportunities to expand our existing customer base. We expect to extend 500 million baht in used car loans this year," he said.AEONTS is offering interest rates from 3.5% per year with the longest tenure seven years and the maximum credit limit, which is equivalent to the purchase price -- without requirement of any guarantors.The local unit of Japan-based AEON Group … [Read more...] about AEONTS steps into used car segment