Gongpingjia, Used Car Valuation Platform, Secured $3.5 Million Funding

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Gongpingjia, a KBB-like used car valuation service, received $3.5 million funding from Morningside Ventures (report in Chinese).

As a third-party data service, Gongpingjia helps car dealers and buyers by providing an objective price, since unbiased value is undeniably essential for getting a fair deal. The company integrates the used car information based on searching engines in a bid to report on the current price, historical price and price changing trends of used cars.

Different from KBB, Gongpingjia also offers valuation service for a specific car by taking car conditions and depreciation factors into consideration. Gongpingjia gained access to insurance settlement records of a certain car via cooperation with insurance companies, which enabled Gongpingjia to give a more precise valuation according to the actual conditions of the used car.

The data of Gongpingjia comes from three sources. 1). In-house searching engine. The platform collects tens of thousands of used car trade-in prices per day to track their market value. 2). Trading data from car dealer partners. 3). Data from the China Automobile Dealers Association. Gongpingjia’s car valuation accuracy rate reached 93.65%.

Used car market is favored by investors recently. Souche, a used car consignment sales O2O platform, secured tens of million dollars of Series B financing from Sequoia Capital and Morningside Venture this September (report in Chinese). Several other services in the industry like Kaixinche, Taochele, AKD are reportedly in talks with venture capital.