Uxin reports robust Q2 results

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Uxin Limited, a Chinese leading used car e-commerce platform, reported robust earnings results for the second quarter (Q2), which highlighted the dealer's flourishing to-customer (2C) business that contributed to the bulk of its quarterly revenues.

Total revenues for Q2 registered 63.9 million U.S. dollars, rising 58.3 percent year over year, according to its Q2 earnings released on Monday.

More specifically, revenue from the company's 2C transaction surged to 46.9 million dollars, marking a striking year-over-year growth of 11 times and composing the overwhelming majority of the total revenues.

Uxin's 2C business now solely consists of online used car transactions and relevant revenue streams include commission revenue and value-added services, such as financing product referral, insurance product referral and warranties.

Yet the company's 2B (to-business) transactions reaped 9.9 million dollars, a year-over-year decline of 57.5 percent, due to Uxin's change of approach in serving consumers with car-selling needs and the dealers' growing appetite for retail transactions through the company's 2C platform, said the earnings report.

Gross profit reached 34.1 million dollars in Q2, jumping 101.2 percent year over year.

The strong momentum in Uxin's online used car transaction does not only reflects the growing attraction of its one-stop online used-car-buying product and service offerings, but also demonstrates "consumers' increasing acceptance of buying used cars online from us without actually seeing the car in person when they make the purchase decision," said Kun Dai, founder, chairman and CEO of Uxin, in the report.

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