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.

Emma Lee

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via lixin@sixthtone.com or Twitter.

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