SUZHOU, China, May 2, 2018 /PRNewswire/ -- China Commercial Credit Inc. (Nasdaq: CCCR) (the "Company"), a Chinese financial services firm, announced that it will launch luxury car rental business. BATCar, the luxury car rental business, aims to become China's leading high-end car rental platform, providing high quality mobility and business services to the country's high-net worth consumers. The Company intends to work out flexible rental solutions via BATCar to satisfy various demands such as self-driving, chauffeuring and special events. CCCR plans to raise US$3 million to finance vehicle purchases and general operation of BATCar. As of today, the Company has received over US$1 million of subscription from investors.
The Company has appointed Mr. Zhe Ding as Chief Operation Officer and named Mr. Jin Ding Chief Product Officer for BATCar. The Company intends to start the BATCar operations in the second half of 2018.
Demand for car rental in China has grown rapidly, driven by rising household income, increasing expansion of tourism and travel industry, and fast-developing mobile Internet technology. According to latest estimates by iResearch Consulting Group, a professional market research and consulting company focused on China's Internet industry, China's car rental market will post a revenue of 78.3 billion yuan (US$12.5 billion) in 2018, representing a 15% year-over-year increase, and revenue in the market will rise to 89.9 billion yuan in 2019.
Meanwhile, China's luxury car rental market is in its nascent stage, falling short of growing demand from the country's rapid expansion of the middle class. Currently, luxury car rentals are targeted mainly at companies that need to equip their senior executives with premium vehicles. Due to geographic limits and strict requirements, traditional luxury car rental companies can't sufficiently meet various demand from individual consumers.
As COO, Zhe Ding will oversee the day-to-day operations of BATCar, making full use of his experience and resources in the Internet and automotive aftermarket industries to help the company tap new growth. Zhe Ding once was co-founder and Coo of a China's leading web-based car rental platform, where Ding served as COO. Zhe Ding has rich experience in Internet, media and automotive industries from his previous roles.
Jin Ding will oversee product development of BATCar. Jin Ding joined CCCR from Alibaba Group, where he served as a product specialist for a core business unit of Alibaba, which has more than 430 million users world-wide. Jin Ding has abundant experience in Content output and platform building in the field of information service.
Chenguang Kang, CEO of CCCR, said: "BATCar is critical to the success of the Company as we are in the process of strategic transformation. I'm very excited to have Zhe Ding and Jin Ding joining us. By integrating CCCR's strength in the financial service sector with China's booming car rental market, the company hopes to find a fresh, solid source of revenue to benefit our shareholders."
About China Commercial Credit
China Commercial Credit, founded in 2008, provides business loans and loan guarantee services to small-to-medium enterprises ("SMEs"), farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders.
For more information, please contact:
Mr. Long Yi, Chief Financial Officer and Director
China Commercial Credit, Inc.
Tel: +86 13584802352
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