Last month, Cango, a leading automotive transaction service platform in China, and SAIC Roewe entered a partnership agreement for comprehensive strategic cooperation in automobile sales, integrated marketing, and other services. The first auto transaction has recently taken place after the agreement was signed.
Under the agreement with Roewe, Cango will purchase vehicles directly from Roewe, for sale through Cango’s broad dealership network. The successful completion of the first transaction after the signing of the partnership agreement with Roewe signifies that Cango has attained complete coverage of the vehicle sale cycle.
Under Cango’s internet-based new retail model, Cango is leveraging its dealership network which covers all provinces across China to promote sales and draw customers for automakers. At the same time, Cango enhances vehicle sales for automakers through its one-stop solution offering order placement, financing, insurance, and other services.
Cango is currently in talks with major automakers in China and news of further partnership agreements will soon be released in the near future. This means Cango will soon be able to provide more vehicle choices from different automakers to consumers.
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, automotive transaction facilitation, 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 is a leading automotive transaction service platform in China. Cango Inc. was officially listed on the New York Stock Exchange on July 26, 2018 (NYSE:CANG).
Cango announced its fourth quarter and whole year results for 2018 last week. In Q4 2018, total revenue was RMB 321.1 million, representing a growth of 12.6% over the previous quarter. In 2018, Cango’s total revenue grew 3.7% year-on-year to RMB 1.0914 billion. As of end of 2018, Cango’s service network covered 353 cities and more than 46,000 dealerships in China, with 89% of the dealerships under the direct sales model.