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Online Automobile Leasing Platform 'Come Use a Car' Wins RMB 100 Series A

Sohu Auto, 8/17/17

Tianjin-based Gongming Zhongtai International Finance Leasing, operator of online and mobile automobile leasing platform Laiyongche (literally "Come Use a Car"), has won RMB 100 mln in Series A funding, according to an announcement from CEO Lu Yuquan at a press conference in Beijing. The round was led by P2P lending platform Meili Jinrong (Meili Finance) and mobile gaming company Jinke Culture Industry (300459.SZ), with participation from Xingyi Capital and Xu Xuepeng, founder of Yuehui Capital.

The funding will be used to further expand Laiyongche's offline retail channels, purchase new vehicles, and optimize the company's storage and logistics system.

Laiyongche is an automobile leasing platform available through its mobile app and website. Consumers can lease a car for one year for a small down payment, after which they have the choice to buy, continue leasing, or upgrade to a new model. Since the service launched last year, it has provided auto sales services to more than 4,000 households and users. The company's accumulated transaction volume is more than RMB 300 mln. Laiyongche currently operates 60 offline locations covering 20 cities across China.

Keywords: Gongming Zhongtai Laiyongche funding Series A Lu Yuquan automobile financial services M&A Jinke Culture Industry Xu Xuepeng Meili Finance 300459.SZ Xingyi Internet wireless mobile application

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