New car platform eyeing bigger presence in more county-level regions

Chehaoduo Group, parent company of Chinese online used car platform Guazi, is looking to expand its new car business to more county-level regions, as well as further develop its used-car business, to offset slowing growth in China's automobile consumption industry, a top company official said.

The company plans to upgrade its over 300 offline direct stores for new cars and establish over 1,000 such stores in 1,000 county-level regions of China this year.

"Demand for new cars is slowing, while that for used cars is constantly expanding, thanks to the government's favorable policies, an increase in car ownership, people's transformation to a more rational consumption attitude, as well as the growing number of people who plan to change or buy cars," said Yang Haoyong, CEO of Chehaoduo Group.