A press conference of the settlement of Carmart No 1 in Wuhan was held in Carmart No 1 Park, Hubei province on Nov 28.
Carmart No 1, an innovative second-hand auto trading service platform, was jointly established by Taiyuan Sunshine (Industrial) Group, Zhejiang Transfar Group and Globaltop E-Commerce Co Ltd in 2016.
It is committed to building a comprehensive service platform for the trading of second-hand cars, providing solutions for consumers and auto dealers via an integrated online and offline business model.
Wuhan is the first stop for Carmart No 1 in its attempt to promote its strategic layout nationwide, with a total investment of one billion yuan ($151.27 million). The project is expected to be completed and put into operation in December, 2017 with an estimated income of 9 billion yuan and a expected profit of approximately 120 million yuan.
Consumers and auto dealers gather at the second-hand auto trading market in an artist's rendition. [Photo/WeChat account of the WHDZ]
In the future, the platform will rely on the abundance of resources from the three shareholders and insist on the simultaneous development of both industry and capital management. It will build 120 intensive and intelligent auto service industrial parks in the seven regions — North China, East China, Central China, South China, Northeast, Northwest and Southwest China.
Data released by China Automobile Dealers Association (CADA) said that in October, 2017, over one million second-hand cars were traded in 1,068 second-hand car markets from 31 provinces in China, with a trading amount of 62.10 billion yuan.
The second-hand car market in China has been transferring its position from being a subordinate to being dominant.
Carmart No 1 Park in Jiangcheng Avenue, Wuhan, Hubei province [Photo/WeChat account of the WHDZ]
More than 200 guests attended the conference, including officials from the Investment Promotion Bureau of Wuhan and Wuhan Economic and Technological Development Zone, several media and relevant associations.
