PSA has invested in used car supply chain management and transaction services company, FengChe.

FengChe provides a used car management and sales operations system, B2B transaction platforms and used car business advice to OEMs, dealership groups, used car markets and large and medium-sized used car dealers.

FengChe aims to improve used car dealers' business operations and profitability by providing customers with an integrated solution, including a 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.

"After this funding round, the objective for FengChe is to further develop the used car business in China with a more cross-cutting vision," said FengChe founder, Tao Genyuan.

"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 technologies, which will make automobile transactions simpler."

For his part, Marc Lechantre, SVP of the Used Vehicles Business Unit at Groupe PSA, added: "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."