Used car sector motors into a modern era
A customer (left) checks a second-hand car at an automobile trading company in Suzhou, Jiangsu province. [Photo by Wang Jiankang/For China Daily] The introduction of big data and artificial intelligence has helped resolve the perennial credibility problems of the used car market, providing more opportunities for the sector, analysts said last month. “There is huge growth potential in China’s used car market,” said Zhao Xiang, a transportation analyst at Beijing-based Analysys, a market research house. “With the rapid development of the market and the increase of assessment techniques, consumers’ expectations of a used car are continuously rising,” said Zhao Xiang, a transportation analyst at Analysys. While the market is growing rapidly, credit issues have always acted as a brake on the development of the used car market. In response, players have introduced big data and artificial intelligence to reduce the various transaction risks, the biggest of which are problems with credit. Guazi.com, China’s biggest used car trading platform, said that in order to address credit issues, it has developed a database using big data and artificial intelligence. Chief Technology Officer Zhang Xiaopei said the database stores information on more than 3.5 million cars and from 200 million buyers and sellers.…
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Used car sector motors into a modern era
