Cheyipai is a China-based online used car trading platform company that has raised $110 million in Series D funding led by Renren with participation from Sequoia Capital, Matrix China, Morningside Ventures and CITIC Capital. Founded in 2006, Cheyipai has become China’s used car trading platform with the highest number of transactions.
Cheyipai has an expansive nationwide car dealer network and a strong technical foundation. Plus the company has created a unique service that is able to “sell a used car anywhere across the country within 15 minutes.” And this gives car owners a quick and efficient platform for getting their car sold.
As of the end of 2014, Cheyipai saw more than 500,000 used car sale transaction. Cheyipai has also built proprietary 268V inspection technology for its used car platform to facilitate speedy transactions. Plus Cheyipai built an 800-person inspection team deployed throughout the country.
“The goal of Cheyipai is to make sure that there is no used car in China remains unsold and make it easier for anyone and everyone who wants to own a car to be able to achieve that dream,” said Cheyipai CEO Yang Xuejian.