Used-car sector may see stiff competition

CARS, China's largest online used-car dealer, will build more brick-and-mortar stores to attract consumers, after the company raised $818 million in its latest round of financing led by Tencent Holdings Ltd, said Yang Haoyong, CEO of CARS.

The move comes as competition intensifies in the country's used-car sector after favorable government policies were announced to allow cross-region movement of such vehicles for sales.

"Offline experience is important to help consumers make the final decisions. Brick-and-mortar stores can also help us offer better aftersales services," said Yang on the sidelines of the ongoing Boao Forum for Asia Annual Conference 2018 on Tuesday.