E-commerce helps power used car sales

BEIJING - Fast developing e-commerce has helped boost sales of used cars in China, as the online secondhand market gains in quality and variety.

The country's largest used car e-commerce platform, Uxin Ltd launched its initial public offering on the Nasdaq last month. Its market value closed at $2.97 billion on July 2 when it debuted.

Dai Kun, founder of Uxin, said the online market for used cars should focus on establishing a product standardization system to give customers confidence in purchasing used cars, like shopping for other products online.