TuanChe Limited Announces Strategic Partnership with Tmall Auto
October 21 2019 - 5:00AM
TuanChe Limited ("TuanChe" or the “Company”) (NASDAQ: TC), a
leading omni-channel automotive marketplace in China, today
announced that it has signed a strategic partnership with Tmall
Auto, the automotive arm of Alibaba Group’s (NYSE: BABA) Tmall,
China's largest e-commerce platform for brands and retailers. This
partnership will further enable both TuanChe and Tmall Auto to
collaborate and explore additional growth opportunities along
China’s automotive transaction value chain.
As part of the agreement, Tmall Auto will work
with TuanChe to integrate its online resources, e-commerce
infrastructure, and big data analysis capabilities with TuanChe’s
pervasive national coverage and proven track record managing
offline automotive operations and sales events. Both companies also
plan to jointly integrate a new data-driven, smart,
online-to-offline automotive transaction service while further
expanding each other’s customer bases and enhancing the
car-purchasing experience for consumers.
In conjunction with these commitments, the
Company has also become the first regional partner for Tmall Auto’s
Bijiabao. Bijiabao is an automotive price comparison product that
offers free price quoting services to automotive shoppers online,
effectively increasing the overall transparency of pricing
throughout China’s automotive industry.
“We are excited to work with Tmall Auto to
provide Chinese consumers with a superior, smarter, and ultimately
more transparent automotive shopping experience,” commented Mr. Wei
Wen, Chairman and Chief Executive Officer of TuanChe. “Since the
second half of 2018, car sales in China have started to deteriorate
as a result of changes in domestic policy and macroeconomic
uncertainties. Major Chinese OEMs are currently facing an
unprecedented industry downturn and are under significant pressure
to reduce their marketing budget while still growing their top-line
sales performance. As a result of this slowdown in the marketplace,
our ability to consistently generate sales leads that are both
accurate and highly relevant is increasingly regarded as a
must-have solution for these suppliers. Our partnership with Tmall
Auto, a dominant player in the e-commerce industry, will further
bolster our ability to facilitate such automotive transactions for
OEMs.”
“Tmall Auto’s massive stream of online traffic
and technological capabilities in big data analysis and AI will
help to bolster our core suite of services along the automotive
transaction value chain. Upgrades to our AI technologies will
enable us to produce more precise user profile analyses, for
example, while cutting-edge big data analysis will support the
development of the smart automotive transaction system. We expect
to put our partnership into action as soon as the 11.11 Shopping
Festival this year, at which point we plan to roll out a variety of
offline sales events throughout our coverage network,” added Mr.
Wen.
About TuanChe
Founded in 2010, TuanChe Limited (NASDAQ: TC) is
a leading omni-channel automotive marketplace in China. TuanChe
offers services to connect automotive consumers with various
industry players such as automakers, dealers and other automotive
service providers. TuanChe provides automotive marketing and
transaction related services by integrating its online platforms
with offline sales events. Through its integrated marketing
solutions, TuanChe turns individual and isolated automobile
purchase transactions into large-scale collective purchase
activities by creating an interactive many-to-many environment.
TuanChe also provides virtual dealership services by connecting
automakers and franchised dealerships with secondary dealers, which
ultimately helps automakers penetrate and expand into lower-tier
cities. Furthermore, leveraging its proprietary data analytics and
advanced digital marketing system, TuanChe’s online marketing
service platform helps industry customers increase the efficiency
and effectiveness of their advertising placements. For more
information, please contact ir@tuanche.com.
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, the
completion of the acquisition of Longye, which can be identified by
terminology such as “may,” “will,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“is/are likely to” or other similar expressions. Such statements
are based upon management’s current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company’s
control. Further information regarding these and other risks,
uncertainties or factors is included in the Company’s filings with
the U.S. Securities and Exchange Commission. The Company does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under law.
For investor and media inquiries, please
contact:
TuanChe LimitedCynthia TanTel:
+86-10-6398-6232Email: ir@tuanche.com
ICR, Inc.Jack WangTel: +1-646-405-6148Email:
tuanche@icrinc.com
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