Used car dealer raises $162m

CARS, China's largest used car dealer by sales volume, said it has successfully raised another $162 million and seen its valuation jump to around $6.6 billion, as it looks to ramp up its New Retail business.

In just three years, CARS has raised $2.3 billion, the highest amount among Chinese car service platforms, including an $818 million round in March, and around $600 million in October last year. Its valuation has soared six fold, up from $1 billion dollars in September 2016.

The group now owns three brands: Guazi, the one-stop service platform for used cars; Maodou, the leasing and renting platform for new cars; and online auction platform Chesupai.