Sina Tech News reported on the evening of January 16, Beijing time,Excellent credit(Nasdaq: UXIN) announced today that it has signed a final agreement with Beijing Hengtaibo Auto Auction Co., Ltd. (BoChe Network) to divest its accident car auction business “Fengshun Lu Bao”.

According to the agreement, Youxin will divest its accident car auction business and sell it to Bocar Network for 330 million US dollars in cash. Youxin promises that it will not be involved in the accident car auction business within the next five years.

To complete the transaction, certain conditions specified in the agreement must also be met. Currently, the deal is expected to close in the first half of 2020.

Dai Kun, founder, chairman and CEO of Youxin said, “We are very happy to have reached a deal with Bocar Network. “Fengshun Lubao and Bobo Auto Network are the two leading accident car auction platforms in China. The integration of their business will consolidate their market leadership position and help promote the development of China's overall accident car industry.”

“At the same time, this asset divestment will further streamline Youxin's business operations and enable us to further strengthen our focus on 2C (for consumers) online used car trading business.” (Li Ming)