Chinese online used car dealer Uxin Ltd. said Jan. 16 that the company will sell its salvage car auction platform Fairlubo to Beijing Hengtai Boche Auction Co. Ltd. for 330 million yuan in cash.
Uxin Chairman and CEO Kun Dai said the sale will "further streamline" Uxin's business operations and allow it to focus on its primary online used car sales business and improve customer experience.
The merger of Fairlubo and Boche will create China's leading salvage car auctions company. Under the deal, Uxin has agreed not to engage in the salvage car auction business for five years.
Uxin expects to complete the transactions in the first half of 2020.
As of Jan. 16, US$1 is equivalent to 6.88 yuan.