BEIJING, Aug. 15, 2014 /PRNewswire/ -- Bitauto Holdings Limited ("Bitauto" or "the Company") (NYSE: BITA), a leading provider of Internet content and marketing services for China's fast-growing automotive industry today announced that it has entered into an agreement to establish a joint venture (the "JV"), with Lentuo International Inc. (NYSE: LAS) ("Lentuo" or "the Company"), a leading non-state-owned automobile retailer headquartered in Beijing, and Youxinpai ( Beijing) Information Technology Co., Ltd. ("UXIN"), a leading professional auto auction service provider in China.
The JV will integrate the companies' nationwide resources into an online-to-offline platform focused on high-end used cars in China. The addition of Lentuo's substantial offline used car inventory to Bitauto's listings will further enhance customer choice, helping to extend the Company's leadership in used car transactions.
" China's used car market is set for rapid growth in order to meet the growing needs of customers in China. We are pleased to cooperate with Lentuo and are confident that the combination of Bitauto's established and growing online presence, technological know-how and analytical capabilities together with Lentuo's diversified and high quality offline resources will make this joint venture a success ," said Mr. William Bin Li, Chairman and Chief Executive Officer of Bitauto.
Mr. Hetong Guo, Founder and Chairman of Lentuo International commented, "We are extremely excited that major and well established companies in the Chinese pre-owned car market such as Bitauto and UXIN have decided to partner with us. The experience we have accumulated over the past few years, the range of our services and products and the demonstrated quality of our technical resources and processes, coupled with the extensive online resources and demonstrated business success of Bitauto and UXIN constitute the best possible combination of talent and track record in the pre-owned car market in China. We have no doubt that this JV will realize its objectives and achieve great success."Mr. Chris Kun Dai, Chairman and Chief Executive Officer of UXIN added, "We are excited to be a part of this JV. Our leading online auction platform and strong expertise in auctioning used car cars, and the quality of Lentuo's extensive and rigorous certification process will maximize the value of car inventories and build a leading business that will contribute to a healthier used car market in China." About Bitauto Holdings Limited Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content and marketing services for China's fast-growing automotive industry. Bitauto manages its businesses in four segments: the bitauto.com advertising business, the EP platform business, the taoche.com business, and the digital marketing solutions business.