Groupe PSA steps up international expansion, invests in FengChe

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Groupe PSA, the French auto giant,  has stepped up its international expansion in the used car business with its recent  investment  in FengChe, a leading Chinese provider of used car supply chain management and transaction services. The deal was sealed in Shangai, China on Monday.

Founded in Shanghai in 2015, FengChe is a leading expert in used car supply chain management and transaction services in China. It provides a used car management and sales operations system, B2B transaction platforms and strategic used car business advice to OEMs, dealership groups, used car markets and large and medium-sized used car dealers.

FengChe continues to innovate in the automotive supply chain and in transaction processes and aims to improve used car dealers’ business operations and profitability by providing customers with an integrated solution, including a reliable used car appraisal system, business process management, sourcing channel management, used car online and offline sales operations, dealer inventory monitoring, auto financing and after-sales management.

Commenting on the deal with Groupe PSA, the founder of FengChe, Tao Genyuan, said,  “FengChe is honoured to receive the investment and the strategic support of Groupe PSA, a leading automotive industry player. After this funding round, the objective for FengChe is to further develop the used car business in China with a more cross-cutting vision. Indeed, the ultimate goal for FengChe is to build a “one stop shop” for the Chinese automotive industry in order to connect the upstream and downstream and provide a closer link between buyers and sellers using innovative technologies, which will make automobile transactions simpler.”

On his part, Senior Vice President of the Used Vehicles Business Unit at Groupe PSA, Marc Lechantre, said,  “The FengChe investment is an important next step for Groupe PSA as part of the Push to Pass plan to increase our international footprint and revenues. We are very confident that in FengChe we have found a strong, dynamic partner who we believe will be a major player in the Chinese automotive market.”