From January to November 2024, the cumulative transaction volume of second-hand cars in China was 17.7139 million, a year-on-year increase of 5.74%, with a cumulative transaction amount of 1.165243 trillion yuan. Since 2021, the transaction scale of China's second-hand car market has exceeded one trillion yuan for four consecutive years, making it a truly trillion yuan market. The policy also sets the tone for the growth of the second-hand car industry. In the "Action Plan for Promoting Consumer Goods Trade in" issued by 14 departments including the Ministry of Commerce, it is explicitly mentioned that by 2027, the national second-hand car transaction volume will increase by 45% compared to 2023, and the overall market size will significantly increase.
With the development of automotive industry technology and the continuous adjustment of market policies, consumers' demand for upgrading and second-hand car retail is increasingly expanding. The continuously growing market size and huge potential customer base have brought infinite possibilities for the development of the industry. In the second-hand car industry full of opportunities, CARtech continues to move forward, standing at the forefront of new trends and consolidating its position as the leading domestic second-hand car brand. According to the "2024 Analysis Report on the Top 100 Used Car Dealers in China's Automotive Circulation Industry", the direct operated stores of CARtech occupy 4 seats in the top 10 of the national top 100, marking CARtech as a leading brand of used cars in China.
Against the backdrop of major changes in the automotive industry, the used car industry cannot remain isolated. Looking back at 2024, the price war remains hot, and under the influence of the new energy era, the second-hand car market, which has always had a stable price system, has also entered a rapidly changing era. Although the long-term stable and positive situation remains unchanged, the uncertainty of the short-term market pattern is extremely strong. In the rapidly changing market environment, ordinary consumers find it difficult to understand the real market situation in a timely manner. Users are calling for industry standardization to achieve transparent and worry free car purchasing.
Many challenging factors are driving the second-hand car industry to accelerate iteration and
transformation and upgrading. As a leading brand in the second-hand car industry, CARtech actively plays a leading role in the industry, committed to solving pain points and bottlenecks such as information asymmetry and opaque transactions in the second-hand car industry, and promoting the development of the second-hand car industry towards standardization.
On June 12, 2024, the release of the CARtech Integrity Service Standard and the launch ceremony of the Meichi 001 Super Store were held in Zhengzhou, and the "CARtech Certified Second hand Car User Integrity Service Standard" was released on site, clarifying the "five service commitments" to users. Integrity is the foundation of CARtech, and CARtech aims to establish industry standards for integrity among second-hand car users, safeguarding their rights and interests.
With integrity as the core value, CARtech has established a standardized and regulated system for the entire process of second-hand car transactions. CARtech has achieved "three transparency", including transparency in vehicle condition, price, and service, and is committed to providing users with a transparent process and thoughtful service experience when purchasing a car.
2024 is the first year of digitalization for used cars. With the continuous advancement of technology and the increasing upgrading of user demands, the used car market has ushered in a profound transformation of intelligence and digitization.
On July 18, 2024, CARtech launched its second-hand car online self operated mall-CARtech Car Mall. CARtech connects online shopping malls, offline self operated chain stores, and a unified national integrity ecological service network, forming a high-end second-hand car direct sales chain network that integrates the three networks. And taking the lead in deeply applying AI technology to the second-hand car industry, relying on AI technology,CARtech has built an intelligent interaction engine driven by user needs, providing customized, standardized, and ecological scene solutions for users, becoming a model for second-hand car business models.
At the same time,CARtech is committed to providing one-stop full chain digital services, allowing users to enjoy comprehensive services in various aspects such as car purchase, use, and maintenance. By analyzing user needs, user behavior, product operation and other data generated in each link, services can be further improved through digital links, making users' car life simple and interesting.
Entering 2025, with the stable recovery of the economy and the growth of consumer demand, the Chinese second-hand car market will surely reach a new level and steadily move towards a mature large market. The new opportunities and challenges faced by the second-hand car industry will drive enterprises to continuously innovate service models and improve user experience. Only enterprises that adapt to the new changes in the industry can become true winners.
In the future, CARtech will continue to play a leading role in the second-hand car industry, work together with industry partners to promote the prosperity and progress of the second-hand car industry, and contribute to the high-quality development of China's automotive industry.