58.com to acquire online used car auction business of Uxin for $105m.

58.com, China's largest online classifieds marketplace, agreed to acquire online used car auction business of Uxin, which provides Internet based services, for $105m. "The purchase of Uxin's B2B used car auction platform marks another important step in the roll out of our new "all in service" strategy. Uxin's auction business directly complements our used car business. We are already a leading B2C player in the industry that generates significant consumer traffic to used car dealers in China. With the addition of Uxin's B2B auction platform, we can expand the options we can offer dealers. Once the deal is closed, both teams will quickly join forces and provide more diversified services and integrated solutions to our customers and build a more effective used car trading ecosystem," Michael Jinbo Yao, 58.com Chairman and CEO.