Jan. 22, 2010 (China Knowledge) - Shuaiche Co Ltd will open its first big-box store for used cars in Longquanyi District, Chengdu, Sichuan Province this year, sources reported.
The big-box store, covering an area of 400 mu, will be the largest of its kind in the world. The total investment of the store will be RMB 1.5 billion.
The retail store is expected to be completed within this year, with an annual trading volume of 55,000 vehicles. The turnover of used car transactions will exceed RMB 10 billion in five years, said Wu Yuzhang, president and CEO of Shuaiche.
The trading volume of used cars in Chengdu grew over 50% last year, and the growth is estimated at 70% to 80% this year, said Wu, adding that the company is very confident of the city's used car market.
Shuaiche is China's first foreign funded used car retailer. CarMax, the largest retailer of used cars in the U.S., is reportedly the foreign investor.
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