DJ Uxin Sells Its Car Salvaging Business for RMB330M >UXIN
By Chris Wack
Uxin Limited (UXIN) said Thursday it is selling its salvage car-related business to Beijing Hengtai Boche Auction Co. Ltd. for 330 million Chinese yuan ($48 million) in cash.
The online used car dealer said it agreed not to engage in the salvage car auction business for a period of five years.
The transaction is expected to close in the first half of 2020.
Uxin said the sale will streamline its business operations and allow it to increase focus on its online used car transaction business.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 16, 2020 06:29 ET (11:29 GMT)
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