China salvage car auction platform Fairlubo raises $45m
Beijing Fairlubo Vehicle Auction, a Chinese online salvage car auction platform, has raised a $45 million round of funding led by PE-backed used car trading platform Uxin.
Legend Capital and Feng Shang Capital also participated in the round, according to a release.
Founded in 2011, Fairlubo operates in a niche market by selling vehicles in disrepair online. Following a similar business-to-business (B2B) model to US-based Copart and IAA, it collects damaged cars from insurance companies and serves as intermediary as the vehicles are sold on to dealers, rebuilders and exporters. By the end of last year, it claimed to have facilitated transactions involving more than 20,000 vehicles.
Like most of the Chinese online used-car auction platforms, Uxin facilitates the trade of cars in good condition. The company received $170 million last year from KKR, Chinse search giant Baidu and US-based hedge fund sponsor Coatue.
Fairlubo said the strategic partnership with Uxin, which has broad coverage of China, should support its growth. The company will use the fresh capital to develop product offerings and scale up its business.
Fairlubo's direct competitor is Bochewang.com, which also specializes in online auctions of salvaged cars. Last month, it raised RMB200 million ($30 million) in Series B funding led by China Pacific Insurance Corporation (CPIC). Other investors in the company include Fosun Kinzon Capital, Sino-Ocean Land, Far East Horizon, New Horizon Capital, and Ping An Insurance.
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