Auto marketplace Guazi.com has allocated ¥500 million ($70.6 million U.S.) to launching a widespread advertising and sales promotion campaign.
Guazi.com, based in China, earmarked the investment sum as the government is commemorating consumption promotion month in September, according to several media reports.
The September plan also covers a blitz of advertisements across several cities simultaneously with the objective to encourage the migration of used-car dealers from offline to online mode.
The auto marketplace, launched in 2015 and operated by CheHaoDuo, has so far raised around $4 billion of funding, with its main investors including Sequoia Capital China and SoftBank Vision Fund, according to Crunchbase and CBInsights.
Other major auto marketplaces in China include AutoHome.com.cn, Yiche.com and Dongchedi.com.
