IRVINE, Calif. — Kelley Blue Book, a vehicle information today announced a joint venture with Bitauto Holdings Limited, provider of Internet content and marketing services for China's automotive industry, and the China Automobile Dealers Association (CADA).
“Through our strategic partnership with Bitauto and the China Automobile Dealers Association … 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, F&I 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 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 CEO of Bitauto. “We are confident these values will become the starting point for consumers and dealers seeking used-vehicle pricing information.”
Jinjun Shen, executive vice president and general secretary for the CADA, added: “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.”