In the first half of 2014, the total transaction volume of secondhand car in e-commerce market exceeded 82,070 in China according to iResearch.

iResearch data showed that in the first half of 2014, transactions of China second-hand car in e-commerce market reached RMB4.7 billion (USD 760 million) , the average transaction price was RMB57,220.5 (USD9301).

Investide accounted for 47.8% of secondhand car online marketplace market share by transaction volume, which making it the most profitable one in this market.

Auction model has an advantage on second-hand car trading platform in e-commerce market for the following reasons:

1. These online trading platforms have resources of off-line second-hand car market
2. Auction model can solve the problem of mismatching of the information in second-hand car market transactions
3.  Auction model provides a solution to the supply difficulties of second-hand car retailers

At present, based on the other e-commerce business model, second-hand car online market is constantly exploring business models in addition to the auction model.

With the implementation of new policies, improved mode for secondhand trading and consumers’ positive attitudes towards e-commerce market, the second-hand car e-commerce market will likely be in rapid development in the coming years.

Taobao auction total turnover exceeded 10 billion in the first quarter this year according to its announcement on 12 August; the first half of 2014 had YoY growth of 1,528%.

According to China Association of Auctioneers, China online auction total turnover exceeded RMB20 billion in 2013, with growth rate of over 200 times compared with 2012; and, Taobao Auction has become China’s biggest online auction platform. Total turnover of Taobao Auction is expected to exceed to exceed the sum of the Sotheby’s and Christie’s in 2015.

Up to now, more than 500 courts, 10 property rights exchange, and more than 200 domestic and foreign well-known auction houses, galleries, art shops have joined Taobao Auction.