Kelley Blue Book announces a joint venture with Bitauto Holdings, providing internet content and marketing services for the Chinese automotive industry.
Learn more about what KBB, Bitauto and CADA executives have to say.
Kelley Blue Book www.kbb.com, The Trusted Resource® and leading provider of new and used car information today announced a joint venture with Bitauto Holdings Limited (NYSE: BITA), leading provider of Internet content and marketing services for China’s fast-growing automotive industry, and China Automobile Dealers Association (CADA).
“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” said Jared Rowe, president of Kelley Blue Book. “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.”
The new joint venture will operate as a Web-based and mobile product in China, providing comprehensive, up-to-date used-vehicle values for consumers, auto manufacturers, car dealers, finance and insurance companies, and other automotive-related companies. China’s current market for car values and pricing is highly fragmented among vertical and general search websites. KBB.com’s venerable used-car values expertise will be integrated with Bitauto’s deep local Chinese market understanding and solid used-car customer base, and CADA’s authoritative position and its exclusive access to extensive data on China’s used-car market. With this joint venture, Kelley Blue Book can now extend its relationships with automakers onto a more global platform.
“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 William Bin Li, chairman and chief executive officer of Bitauto. “We are confident these values will become the starting point for consumers and dealers seeking used-vehicle pricing information.”
“We wanted to provide greater transparency and confidence for consumers and the valuation products that are being jointly developed will deliver on this,” said Mr. Jinjun Shen, executive vice president and general secretary from CADA. “These innovative new products will provide comprehensive vehicle valuations to meet the needs of a wide range of Chinese auto buyers and sellers.”