Uxin Shifts Its Business Model Again
It's been a rocky 15 months for Uxin (NASDAQ: UXIN) since the Chinese online used-car dealer went public.
The company already announced one major change in its business model at the end of last year, saying it would downplay its "2B" dealer-focused, auction-based business by removing certain services like inspections, a move that has since led to a sharp decline in revenue from that segment.
In July, Uxin said it was divesting its loan facilitation business in a deal with Golden Pacer, a Chinese financial technology platform. As a result of that move, Uxin's second-quarter results were delayed by a month as the company has had to adjust its financial statements. When the report finally came out on Monday, it became clear that Uxin's business had taken a step back in a sense, as revenue had fallen due to the divestitures, which will include its entire intra-regional business, which had been the greatest source of its revenue.
Source Fool.com
