SHANGHAI, April 20, 2021 /PRNewswire/ -- Cango Inc.
(NYSE: CANG) ("Cango" or the "Company"), a leading automotive
transaction service platform in China, today announced its
subsidiary Shanghai Cango Network Technology Co., Ltd. ("Cango
Network Technology") has entered into a strategic agreement with
Zhengzhou Nissan Auto Sales Service Co., Ltd. ("Zhengzhou Nissan"),
to jointly develop a new retail model for automotive transaction in
China's lower-tier markets.
Min Gu, General Manager of Cango
Network Technology, commented, "We are honored to have reached this
strategic agreement with Zhengzhou Nissan. Leveraging our efficient
trading service platform, extensive network and industry expertise
in the lower-tier markets, we look forward to collaborating with
Zhengzhou Nissan to build a new retail model for automotive
transaction in these markets."
Xiaoqiang Zhang, Deputy General
Manager of Zhengzhou Nissan, said, "Zhengzhou Nissan has always
adhered to its dual-brand strategy and has been exploring new
segments and consumer markets for many years. Since Cango has been
well-established in the lower-tier markets for more than ten years,
and its performance has been well recognized by the industry, we
expect this new cooperation will not only create a new business
model but a win-win situation for both parties."
As part of the agreement, both parties will collaborate and
innovate in the areas of automotive sales and marketing in the
lower-tier markets through the development of a new automotive
retail model. In addition, Cango Network Technology will also
provide auto financial products and services to all customers of
Zhengzhou Nissan's certified secondary dealer stores. In addition,
Cango Network Technology will leverage its more than 50,000 car
dealers and 80 local warehouses as well as efficient logistics
across the lower-tier markets, serving as an effective supplement
to Zhengzhou Nissan's existing sales channels. In addition, Cango
Network Technology will work to solve Zhengzhou Nissan's efficiency
problem in the lower-tier markets, while offering financial and
other supporting services. Notably, based on Cango's decade-long
industry experience in automotive services in the lower-tier
markets, Cango Network Technology will also help Zhengzhou Nissan
obtain and operate traffic from the lower-tier markets, together
with tailored precision marketing and promotion, as it taps into
emerging rural and suburban markets.
The strategic cooperation with Zhengzhou Nissan marks an
important milestone for Cango in the car trading transactions
business. The move will complement both parties' advantages, as
they jointly explore the new retail model of cars and provide
better quality car-related products and services for the majority
of consumers in the lower-tier markets, making car purchases simple
and enjoyable for customers.
Cango Network Technology, a subsidiary of Cango, is the main
platform of Cango's car trading transactions business and focuses
on auto trading, auto leasing services, used car brokerage and
other businesses. With its deep network in the lower-tier markets,
it offers quality car products and services to customers while also
providing one-stop services for the car purchase process.
Zhengzhou Nissan is a leader in China's pickup truck market. It has achieved
remarkable results since its establishment 28 years ago. With the
rising standard of living in China
and the upgrade in consumption, car buyers have put forward higher
requirements for the new ecology of "people, cars, nature and
society." Zhengzhou Nissan grasps the precise pain points of
consumer demand and continuously enriches its pickup truck product
matrix to meet the various needs of customers.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China connecting dealers, financial
institutions, car buyers, and other industry participants. Founded
in 2010 by a group of pioneers in China's automotive
finance industry, the Company is headquartered
in Shanghai and engages car buyers through a nationwide
dealer network. The Company's services primarily consist of
automotive financing facilitation, car trading transactions, and
after-market services facilitation. By utilizing its competitive
advantages in technology, data insights, and cloud-based
infrastructure, Cango is able to connect its platform participants
while bringing them a premium user experience. Cango's platform
model puts it in a unique position to add value for its platform
participants and business partners as the automotive and mobility
markets in China continue to grow and evolve. For more
information, please visit: www.cangoonline.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Cango's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Caesar Cao
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com
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SOURCE Cango Inc.