Chinese auto marketplace Uxin has sold its vehicle auction site, Fairlubo, to b-to-b used car trading platform Boche for around RMB 330 million ($45.6 million U.S.). The cash deal is expected to be completed in the first half of 2020.
Under the agreement, Uxin will divest its salvaged vehicle-related business to Boche and will agree not to enter that market for the next five years.
The divestment will allow Uxin to focus on its online used-car transaction business, said Uxin’s chief executive officer Kun Dai.
“We are confident we will become consumers’ top destination for online used-car purchases in China and we believe our focus on improving customer experience will eventually set us apart in the market,” Dai said in a news statement.
Founded in 2011, Uxin (Nasdaq: UXIN) has more than 1,500 service centers in over 230 prefecture-level cities throughout China.