Uxin Launches Proprietary Used Car Rating System

Rhea-AI Summary

Uxin Limited (Nasdaq: UXIN) has launched a new proprietary rating system aimed at enhancing customer experience in the used car market. This system evaluates the condition of vehicles by leveraging big data analytics to analyze factors like age, mileage, and condition. Each car listed on Uxin’s platform now features a “like-new” score for transparent comparison. Additionally, Uxin has a team of experts curating vehicle selections, further ensuring quality. CEO Kun Dai emphasizes that this initiative aims to build brand trust and improve long-term growth.

Positive

• Launch of a proprietary rating system to improve customer transparency and experience.
• Utilization of big data analytics to determine car conditions effectively.
• Introduction of a 'like-new' score for easy vehicle comparison.
• Expert team curating high-quality used vehicles.

Negative

• None.

BEIJING, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading nationwide online used car dealer in China, recently launched a proprietary rating system that assesses and determines a used car’s condition, provides greater transparency to facilitate the decision-making process for customers and improves the overall customer experience.

Uxin has been dedicated to offering customers great value-for-money used cars and a best-in-class car buying experience by continuously upgrading its online products and services. After the Company transformed and migrated its entire transaction process online in April of this year, it set out to develop a used car rating system in order to further improve the buying experience. By leveraging its big data analytics capabilities, Uxin built a proprietary car rating system by analyzing the massive used car-related data that has been aggregated by its platform over the years, such as car age, mileage, exterior and interior condition, driving and operating conditions, and the correlation between such metrics and pricing. Now, when customers search for used cars on Uxin’s mobile application or website, they will find a “like-new” score placed on each car that delivers a straightforward reading of the car’s condition and enables the easy comparison of different used cars on a customer’s short list.

In addition to the rating system, Uxin also created a team of vehicle experts to handpick used cars from a national pool. On the profile page of all cars, there is also a recommendation that has been compiled by Uxin’s professionals to specify why the car would be worth buying.

(“Like-new” tag with each car; and purchase recommendation by Uxin vehicle expert on car profile page)

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said, “Providing timely transparency on the quality of our cars and their value-for-money profiles are key to earning trust in our brand and generating word-of-month referrals, which is the foundation for the long-term growth of our business. With the help of our rating system that grades a used car’s condition compared with a brand new one, we have been able to upgrade the buying experience for users of our platform by creating a more intuitive sense of the quality of the car that they are getting for the money. Our commitment is to provide quality value-for-money used cars, and we have always been guided by the idea that we only want to sell a car to our customers that we would also sell to our most loved friends and family. We believe this philosophy is the best way to achieve sustainable success.”

About Uxin
Uxin Limited (Nasdaq: UXIN) is a leading nationwide online used car dealer in China. With its offerings of high-quality used cars and premium services, Uxin’s mission is to enable people to buy the car of their choice online. Uxin’s one-stop online shopping mall provides consumers with a nationwide selection of value-for-money used cars, various value-added products and services as well as comprehensive aftersales services. Its online sales consultants offer professional consulting to facilitate a convenient and efficient car purchase for consumers in a timely fashion. Its comprehensive fulfillment network supports nationwide logistics and delivery as well as title transfers between different cities across China so as to fulfill these online transactions.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Uxin’s goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media enquiries, please contact:
Nancy Song
Uxin Investor Relations
Tel: +86 10 5691-6765
Email: ir@xin.com

Eric Yuan
Christensen
Tel: +86 10 5900 1548
Email: uxin@christensenir.com

FAQ

What is Uxin’s new rating system about?

Uxin’s new rating system assesses the condition of used cars, providing customers with a 'like-new' score for better decision-making.

How does Uxin’s rating system enhance customer experience?

The rating system offers greater transparency regarding the quality of used cars, making it easier for customers to compare options.

What factors are considered in Uxin’s car rating system?

Factors include car age, mileage, exterior and interior condition, and driving conditions.

What is the purpose of Uxin's vehicle expert team?

The team handpicks used cars from a national pool to ensure quality and provides recommendations on the vehicle profile pages.

What are the potential impacts of Uxin’s rating system on its business?

Improved customer trust and enhanced decision-making could lead to increased sales and long-term growth for Uxin.