Where did you start the last time you were looking to buy a car? With a simple google search, hundreds of options appear ranging from small independent dealers to the larger brand name dealers in your area, and getting in contact with them is as simple as a few clicks. US dealers provide customers with a simple car-buying experience, appealing financing options, and extensive service networks. However, in China, the car purchasing experience is quite different.
In Chinese cities, you will typically find two different types of dealers: 4S dealers and mom-and-pop car stores. 4S car dealers employ a strategy that focuses on sales, service, spare parts, and surveys. This model was first introduced over 20 years ago and largely fails to appeal to the tech-enabled new generation of customers. The 4S dealers have struggled with high start-up costs, thus most are located in higher-tier cities. Car buyers in third-tier cities and below are instead turning to the local mom-and-pop car stores.
In 2010 a group of experienced auto industry veterans came together to launch Cango Inc., a company aiming to make car purchasing simpler and more enjoyable in China’s rural markets. With a clear need for a modern solution, Cango launched and began working on building what today has become the largest dealership network covering lower-tier cities and the county-level markets in China. This dealership network is considered to be a critical gateway enabling the company to acquire first-hand knowledge of car buyers’ demands and preferences. This knowledge, coupled with powerful technology and analytics, has allowed Cango to develop a matrix of products centering on customer needs for auto transaction, financing, and insurance services
Cango’s services focus on connecting car buyers, auto dealers, OEMs, financial institutions and other industry players by leveraging their vast dealer network. They are then able to create a one-stop technology platform to connect and empower all parties along the auto value chain while offering a quick and attractive car purchasing experience to car buyers in the rural Chinese markets.
Through the establishment of a technology-driven service platform, Cango helps OEMs root their marketing and sales services channels into the lower-tier markets; on the other hand, by providing assistance in products circulation, storage, last-mile delivery, retail financing solutions, insurance and other supply chain services, Cango empowers car dealers in the lower-tier markets, thus providing safer, more professional, richer, more effective and higher quality auto transaction services to car buyers in the lower-tier markets.
Cango’s model is unique and allows for benefits to come from all sides. Allowing for customers, dealers, financial institutions, and huge automobile wholesalers to come together under common grounds ensuring that there is a positive transaction for everyone involved. This will allow the automotive industry in lower-tier cities in China to evolve and advance toward a new era of accessibility.
America has been able to run a consistent and effective automotive industry. The way that car purchasing works in the United States has been well refined throughout the years, and parts of China in the past were largely behind. This effectiveness and simplicity is the kind of experience Cango aims to bring to the rural Chinese markets. With its vast dealership network, seamless interface, and emphasis on customer service, Cango has made massive improvements in these underserved areas and is on pace to keep expanding its presence and impacts in these markets.
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