Uxin releases latest quarterly report Trading volume increased by 37.5% year-on-year

While "missing cores" plague new car consumption, it also gives the second-hand car market more space. Uxin Group, an online dealer of used cars, recently released the latest quarterly financial report showing that the transaction volume of used cars in the second quarter increased by 37.5% year-on-year, returning to the rapid growth channel.

According to Uxin's latest unaudited financial data for the second quarter of fiscal 2022, as of September 30, 2021, Uxin's used car trading volume was 3648 units, compared with 3011 units in the previous quarter, up 21.2% sequentially; up 37.5% year-on-year; total revenue was RMB346 million, compared with RMB278 million in the previous quarter, up 24.5% sequentially; up 352.7% year-on-year, gross margin was 4.2%, and negative 22.4% in the same period last year; at the same time, losses continued to narrow, The overall operation is back on a rapid growth track.

The impact of chip shortage on the new car market has given the used car industry room for rapid growth. According to the data of China Automobile Dealers Association, from January to November 2021, the cumulative transaction of used cars nationwide was 15.9669 million units, an increase of 26.38% year-on-year, which has exceeded the level of last year. In addition, the monthly transaction volume ratio of used cars to new cars reached a record high of 0.83 in 2021.

However, Uxin Group itself is also looking to improve its performance in various ways. Since last year, Uxin began to transform its self-built inventory model, and proposed to "create a word-of-mouth sales volume" and include NPS (Customer Net Recommendation Index) in the assessment target. At present, the Uxin NPS index has achieved four consecutive quarters of improvement, reaching 56 points.

In addition, Uxin has also begun to enter the new energy used car business, including the establishment of a new energy vehicle source collection, testing and renovation system. At present, it has been listed on the shelves of Tesla, Weilai, Ideal and other domestic and foreign hot brands. Uxin's layout of new energy vehicles has greatly enriched consumer choices and will also bring more development opportunities for Uxin in the future era of new energy vehicles.

Lin Feng, chief financial officer of Uxin Group, introduced in the financial report that in addition to the total transaction volume and revenue growth, Uxin's operating expenses were further optimized. Uxin's second financing fund is planned to arrive at $50 million, of which $27.5 million has been put in place in advance, and the remaining part will be in place as scheduled.

Dai Kun, founder, chairman and CEO of Uxin, said that Uxin opened the second used car IRC in Hefei, Anhui Province, Uxin used car Hefei hypermarket, which has been further improved in terms of environment, inventory, brand and service. Uxin will continue to strengthen the construction of the whole process system from the supply chain to the sales terminal, continuously improve operational efficiency and service capabilities, and bring customers a one-stop worry-free car purchase experience.

WeChat public number: used car wisdom Pan Pan (id: carman228)

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