Uxin Announces First Quarter Financial Results

Uxin (NASDAQ:UXIN), the foremost automotive ecommerce platform in China announced its unaudited first quarter financial results. For the period ending March 31, 2019 Uxin reported US$149.2 in revenue, at a 54.6 uptick compared to this time last year in addition to a net loss of US$42.3 million.

As quoted in the press release:

First Quarter 2019 Operational Highlights

• Transaction volume for the 2C business increased to 78,277 units in the first quarter of 2019, representing year-over-year growth of 39.6%.– Cross-regional transaction volume increased to 20,647 units in the first quarter of 2019, representing year-over-year growth of 48 times.– Intra-regional transaction volume increased to 57,630 units in the first quarter of 2019, representing year-over-year growth of 3.6%.

• Transaction volume for the 2B business decreased to 36,522 units in the first quarter of 2019, representing year-over-year decline of 42.6%, due to the Company’s change of approach in serving consumers with car-selling needs, as well as dealers’ growing appetite for retail transactions through Uxin’s 2C platform.

• GMV for the 2C business increased to RMB8,892 million in the first quarter of 2019, representing year-over-year growth of 61.5%.– GMV for the cross-regional business increased to RMB2,268 million in the first quarter of 2019, representing year-over-year growth of 33 times.– GMV for the intra-regional business increased to RMB6,624 million in the first quarter of 2019, representing year-over-year growth of 21.8%.

• GMV for the 2B business decreased to RMB1,851 million in the first quarter of 2019, representing year-over-year decline of 39.8%.

• Loan facilitation service was provided to facilitate financing for 74,579 used car transactions in the first quarter of 2019, representing year-over-year growth of 63.8%.

• M3+ delinquency rate by balance¹ was 1.45% as of March 31, 2019, relatively stable compared to 1.41% as of December 31, 2018.

Click here to read the full press release.