IRVINE, Calif. -

Taking note of the Eastern country’s growing used-car market, Kelley Blue Book revealed it will be heading East and launching a new Web-based and mobile product in China.

KBB announced a joint venture with marketing company Bitauto Holdings Limited and the China Automobile Dealers Association (CADA). 

The new product will operate as a Web-based and mobile site that will provide used-vehicle values for consumers, auto manufacturers, car dealers, finance and insurance companies and other automotive-related companies, the company explained.

Commenting on the news, Jared Rowe, president of Kelley Blue Book, said, "Through our strategic partnership with Bitauto and the China Automobile Dealers Association, and in recognition of the rapidly growing, emerging China automotive market, Kelley Blue Book will leverage its 87-year history of trusted, vehicle values and automotive expertise to provide vehicle valuation and pricing information to the China market.

"These values will help Chinese consumers feel confident they are making well informed decisions with values leveraging KBB.com’s expertise in values and fair pricing," he added.

What’s behind the move?

KBB shared that China’s used car market is growing — and fast.

The new car-to-used car ratio in China currently it 3-to-1. Within the next seven to 10 years, that’s expected to change and be closer to a 1-to-1 ratio, according to KBB.

William Bin Li, chairman and chief executive officer of Bitauto, provided his take, as well. 

"Bitauto is delighted to partner with Kelley Blue Book and the China Automobile Dealers Association to bring innovative vehicle valuations to China’s used-car market," said Bin Li.

"We are confident these valueswill become the starting point for consumers and dealers seeking used-vehicle pricing information," he added.

Jinjun Shen, executive vice president and general secretary from CADA, shared this move will help not only buyers, but also sellers, as well.

"We wanted to provide greater transparency and confidence for consumers and the valuation products that are being jointly developed will deliver on this. These innovative new products will provide comprehensive vehicle valuations to meet the needs of a wide range of Chinese auto buyers and sellers," Shen concluded.
 

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