Chinese b-to-b and b-to-c used auto marketplace Uxin (Nasdaq: XIN) saw revenues jump by more than 50% year-over-year in Q2, driven by a 500% jump in b-to-c transaction volume to over 24,500 used cars in the quarter, as the company’s inter-regional logistics network began to pay dividends.

According to the company’s Q2 release, total revenues were 439.2 million RMB ($63.9 million U.S.), up 58.3% year-over-year, of which b-to-c revenue was 322.5 million RMB ($46.9 million U.S.), 11 times higher than the figure for Q2 2018.

Despite this, Uxin slipped back into the red, with losses of around 360 million RMB ($50 million U.S.), compared to net income of 285 million RMB in Q2 2018.

Uxin also confirmed the divestiture of its financing facilitation business — which accounted for more than half of the company’s revenue — to financial technology platform Golden Pacer. Golden Pacer’s majority shareholder is classifieds giant (NYSE: WUBA), which made a $100 million U.S. investment it made in Uxin in late May.

Last week, Uxin announced that COO William Peng has resigned “due to his pursuit of other career interests in the investment area.” Peng’s exit marks the second time that Uxin has shaken up its senior executives in just the past six months.

In August Uxin’s plans to raise over 670 million RMB ($97 million U.S.) through a pair of asset-backed securities (ABS) were scuppered. Uxin first announced the plan to package up outstanding loans issued through its used auto financing and financial leasing businesses in late 2018, but a July 29 deadline for renewing the one of the ABS applications (valued at 300 million RMB) has now passed, while the second ABS — to be jointly issued with Huatai Securities and Tencent — has yet to materialize.

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