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Benzinga
Benzinga
Business
The Bamboo Works

Macro Headwinds Accelerate Cango's Drive to Car Trading from Auto Finance

Cango China United States WeChat

Key Takeaways:

  • Cango’s revenue fell 30% in the first quarter, led by a 74% decline in its legacy auto financing business that the company is de-emphasizing in favor of broader auto trading services
  • The company launched an app version of its Cango Haoche this month, expanding last year’s rollout of a WeChat mini-app that it is positioning at the center of its new business model
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