Careers at BitAuto Group
Bitauto’s mission is to provide Internet content and marketing services to China’s automotive industry. It aims to maintain and strengthen its position as a leading player by leveraging its existing strengths, and capitalizing on the fast growing used automobile market in China.
The company manages its businesses through three segments, namely, Advertising & Subscription Business, Transaction Services Business and Digital Marketing Solutions Business.
- Advertising & Subscription Revenues – Bitauto offers advertising and digital marketing solutions to automakers and automobile customers in China through its bitauto.com and taoche.com websites, which provide consumers with up-to-date new and used automobile pricing and promotional information, specifications, reviews and consumer feedback. Related revenues account for 41% of net sales.
- Transaction Services – The company offers subscription services via its EP platform which enables dealer subscribers to create their own online showrooms, list pricing and promotional information, provide dealer contact information, place advertisements and manage customer relationships. It also provides automobile customers with transaction services, including automobile transaction, CRM and online automotive financial platform services, which are intended to optimize the automobile purchase experience and facilitate completion of transactions. Related revenues account for 48% of net sales.
- Digital Marketing Solutions – The company provides automakers with one-stop digital marketing solutions, including website creation & maintenance, online public relations, online marketing campaigns and advertising agent services. Related revenues account for 11% of net sales.
The company conducts its operations through subsidiaries and special purpose enterprises (SPEs) in China. Bin Li and Qu Weihai initially founded Beijing C&I Advertising (CIG) in 2002 by to provide digital marketing solutions to automakers. Bitauto was incorporated as an investment holding company by Bin Li and Qu Weihai in 2005.
From 2005 to 2007, the company established multiple SPEs to conduct its business and in 2007, the company acquired Autoworld Media, a provider of television advertising services to China’s automotive industry.
From 2007 to 2008, the company established and acquired several SPEs in the PRC that provide automobile advertising services through radio, television, newspapers and magazines.
In 2008, the company dissolved the operations of Autoworld Media, Autoworld Business Consulting (Shanghai) and Beijing Carsfun Information Technology and in May 2010, liquidated certain SPEs that provided advertising services focused on traditional media (radio, television, newspapers and magazines) to focus on its long-term growth strategy to provide Internet content and marketing services for China’s automotive industry.
Subsequently, the company established multiple subsidiaries to enhance its internet platform including Shanghai Yixin Financing Leasing (2014), Yixin Capital (2014), Yixin Capital Hong Kong (2014) and Shanghai Techuang Advertising (2015).
Business model of BitAuto Group
Bitauto primarily caters to auto dealers (new as well as used car segments) and automakers. The two main customer groups are as follows:
- Major Automakers – The growth of automotive industry has attracted most of China’s major automakers to place advertisements on the company’s website. Of the approximately 82 automakers in China, 77 place advertisements on the company’s website. It also provides digital marketing solutions to many well known automakers in China. The company has internet marketing service agreements with 63 automakers.
- New / Old Car Dealers – The company has over 24,000 new car dealer subscribers annually and enters into service agreements with subscribers to use its EP platform, primarily consisting of new car dealers. Used automobile listing customers increased have increased from 5,200 in 2013 to over 9,000 in 2014 and to approximately 19,000 in 2015.
Bitauto distinguishes itself from many of the general advertising agencies with its in-depth knowledge of China’s automotive industry and ability to offer integrated advertising solutions to automakers.
The company takes care of all aspects of online advertising for its customers. An in-house creative team works closely with automakers to make strategic plans and produce digital advertisements. It also ensures website creation and maintenance services with interactive and multimedia technologies and has extensive experience in handling automaker customers’ daily online media interactions.
Additionally, the company’s EP platform business enables dealer subscribers to create their own online showrooms, list pricing and promotional information, provide dealer contact information, place advertisements and manage customer relationships, which help them effectively market their automobiles to consumers.
Bitauto has employed an experienced sales force across 186 cities to increase its market penetration.
It also acquires customers through its website. Its bitauto.com and taoche.com brand names are well recognized throughout China’s automotive industry and its relationship with partners is well established within the internet marketing industry.
Besides, the company continuously sponsors and organizes events, publishes newsletters and participates in automobile exhibitions to expand its footprint.
To enhance customer experience, the company provides customer services and training to dealer customers to help them fully utilize the potential of EP platform and applications.
Continuous education and training to sales force ensures and conveys the advantages and usage of bitauto.com and taoche.com websites as marketing channels.
Sales and customer support teams also provide dedicated offline assistance to potential car buyers, which facilitates completion of transactions.
Bitauto’s business model caters to the needs of new and used auto dealers as well as to automakers which enables them to advertise, promote and market their products.
Bitauto has partnered with over 590 internet service providers in China to distribute its dealer customers’ automobile pricing and promotional information.
It has partnered with JD.com, the leading online direct sales company in China, and Tencent, a leading provider of comprehensive internet services to engage in online automotive financial platform business.
Bitauto also has joint ventures with KBB and CADA that provides exclusive access to extensive data on China’s used car market.
Bitauto has an extensive sales and service network with representative located across 186 in China and has plans to continuously expand network.
Its database is a rich source of information for customers with pricing, promotional and automobile dealer business information. It has business and contact information of over 38,300 new automobile dealers and used car sellers, over 24 million listings of new automobile pricing and promotional information as well as 2.3 million used automobile listings.
Its internet services are supported and enhanced by a team of more than 800 experienced and dedicated product development employees, including many industry experts with in-depth knowledge of automotive and information technologies and online marketing.
The company’s biggest cost driver is selling and administrative expense, a fixed expense, which accounts for 75% of revenues. The company continuously invests in its sales and marketing personnel as well as marketing expenses to promote brand image.
The second major driver is cost of sales that includes fees paid to business partners and service cost for employees directly involved in revenue generation activities.
Revenue is primarily generated form automobile dealer subscription services through a proprietary EP platform, which enables customers to manage their online marketing efforts via a web browser-based and mobile-based interface.
Advertising revenue is the second major source of sales. Bitauto generates most of its advertising revenues from new automobile advertising revenues through selling advertisements to automakers.
Additionally, the company also generates revenues from the service fees paid by our customers, principally automakers, for the digital marketing solutions its provides, which include website creation and maintenance, online public relations, online marketing campaigns and advertising agent services.
info: Bin is recognized as one of the top 10 most influential and distinguished people in China’s automobile dealer industry in the past 20 years. He previously founded Beijing C&I Advertising Company, Beijing Bitauto E-Commerce Co and Beijing Antarctic Technology Development. Currently, he also serves as the Vice-Chairman of CADA. He has a bachelor’s degree in Sociology from Peking University where he minored in Law.
info: Jingning joined the company in 2009 as Chief Operating Officer. Prior to that, he was the General Manager of Sina Corporation’s business operation department from 2007 to 2009 and the editor-in-chief of Sina’s automotive channel from 2000 to 2009. From 1995 to 2000, he was a journalist and editor for newspapers of China Business Media Corporation. He received his bachelor’s degree in Literature from Capital Normal University.
info: Xuan has over 10 years of operational and managerial experiences with both multinational companies and local Chinese companies. Previously, he served as the company’s Vice President of Finance from 2006 to 2009. He contributed significantly to the growth and successful listing of the company. He has also served as a Manager of both Ernst & Young LLP and PwC. He is a certified public accountant in the State of New York and he received both of his bachelor’s degrees in Finance and Accounting from New York University.
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