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February 18, 2019

PSA invests in FengChe

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

By Rhodri Morgan

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."

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