Three broken arms brought 1.8 billion yuan of blood back to Youxin in total.
With a tight cash flow, Uxin, which has been hit by both the epidemic and second-hand car prices, can only break its arm again in order to ensure the country’s business. Learning , 58 the same city Announced a cash acquisition of $ 105 million Youxin B2B used car online auction business.
The second takeover of 58 of Uxin’s business has entered the used car market with great fanfare. Yao Jinbo showed his ambitions in an interview in October 2018, when he said he would focus his energy on real estate and cars. 58 doing second-hand car business, especially for B2B auction business, the advantage lies in the channel and traffic integration of low-frequency used car business.
The divestiture is not difficult to understand, and the transaction on the B side has not been the business with the highest turnover of Youxin. The financial report shows that the revenue share of 2B transactions in 2016, 2017, and 2018 were 2.93%, 5.194%, and 6.06%, respectively. In GMV, compared with 2C business, the transaction volume of 2B business has also been declining.
In the past year, Youxin has sold its business as a whole for the third time. In July 2019, Youxin sold its loan assistance business to Golden Pacer (58 Finance) and received $ 100 million in cash. In January 2020, Youxin sold ‘s accident car auction business to Boche.com for 330 million yuan, and promised to stop engaging in accident car auction business within 5 years.
The divestiture of the business was also accompanied by cost-cutting measures and restructuring of various staffing of Youxin.
Earlier, it was reported exclusively that during the epidemic, Youxin also reduced salaries for some positions and only provided basic wages that met the minimum living security standards at the workplace. Some people familiar with the matter said that this part will account for 20% proportion.
After Youxin CTO Qiu Hui, CMO Wang Xin, COO Peng Weilian, CSO Jing Wenbing and Yuxin Yuan, General Manager of Yuxin Finance Department have already left, successively around the Spring Festival this year, Youxin also made a series of open letters. Adjustments, include: Zhang Zhitian serving as the Group’s COO and reporting to Dai Yi; the original car source management center was upgraded to a supplier management center, Zhang Jianli was serving as the general manager of the center, reporting to Zhang Zhitian, and so on. Some insiders said that a series of adjustments indicates that Youxin will continue to focus on national purchases and further strengthen segment management.
Youxin COO Zhang Zhitian said in an interview before, “The online purchase business of the country has exceeded 100,000 units, and the profit turning point is already close.However, the inflection point is close, whether it can be profitable or not is still unresolved. With the 1.8 billion yuan of blood returned from the three broken arms, Youxin may be better for the winter.
With a tight cash flow, Uxin, which has been hit hard by the epidemic and second-hand car prices, can only break its arm again in order to ensure the country’s purchase business.