Cango Inc. (NYSE:CANG) Q1 2023 Earnings Call Transcript

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And at Cango we launched Cango U-Car app in Q1. And this app has been offering vehicle condition reports, evaluations, online auctions, car searches, listing, inventory purchases and also logistics and financing and insurance services. By the end of Q1 our dealer network included nearly 6,000 used car dealers in 179 cities across 29 provinces. Cango U-Car saw monthly active users above 35%, transactions doubling monthly from January and also 513,000 accumulated page views and 26,000 total unique visitors. And in April Cango U-Car obtained online auction qualifications and we also upgraded the auction services. Now this upgrade allows individuals and repossessed vehicles to be auctioned, and all registered dealers nationwide to list the use cars for B2B auctions.

Thank you.

Operator: Thank you. We have no further questions at this time. I’ll hand the call back to management for closing remarks.

Jiayuan Lin: Thank you all for your participation. That closes today’s earnings call.

Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.

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