Used car auction platform Tiantianpaiche completes $100 million D1 round of financing, with Autohome as the investor

Tiantianpaiche, an online used car auction platform, announced that it has completed a US$100 million D1 round of financing, with Autohome as the investor.

"After receiving strategic investment and support from Autohome, Tiantianpaiche has the largest number of car users in China on the one hand, and has also gathered the largest group of used car dealers in China on the other hand." Wang Weiwei, founder and CEO of Tiantianpaiche, said that after the completion of this financing, Tiantianpaiche and Autohome will work together to continue to improve the open used car trading integrity platform based on mobile Internet.

Tiantianpaiche's current core business is online auctions for used cars. Compared with other models, its feature is "buyers from all over the country bid and compare prices, only look at the car once, and bid at the national price". On the Tiantianpaiche platform, a large number of buyers from all over the country participate in online auctions. Buyers and sellers do not need to look at cars and bargain back and forth. The highest bidder gets the right to buy.

According to official data, Tiantianpaiche currently has service outlets in more than 40 cities including Shanghai, Beijing, and Guangzhou, with a maximum monthly transaction volume of nearly 20,000 units. It is expected that by 2020, Tiantianpaiche will be able to achieve an annual transaction volume of 1 million units. Tiantianpaiche is also a cross-regional circulation platform for used cars, and the transfer of used car ownership accounts for more than 60% of the total business volume.

After the completion of this round of financing, Tiantianpaiche's business scope will be further expanded to more cities, improving operational efficiency and user experience, building competitive barriers from multiple aspects such as operational services, product technology, brand reputation, etc., and extending services to the upstream and downstream of the used car industry chain, and expanding into used car retail, used car finance and other fields.

In addition to the US$100 million investment, Autohome will have the right to initiate another US$65 million convertible bond investment in the future. The two parties will continue to strengthen cooperation, jointly extend the industrial chain, and promote the comprehensive upgrading of the used car consumer market.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.