SUSTAINABLE mobility specialist Arval, has signed a deal to provide leasing options for the new and used car platform, YesAuto, which launched in the UK in early 2020.
YesAuto is the European arm of Autohome, the number one online car sales portal in China with an 80% market share and 750 million page views a day. The company also operates in Germany, with ambitious growth plans to other regions.
In the UK, it offers customers a new way to search and buy cars, making the process easier, more engaging and COVID-safe, by harnessing innovative technology such as virtual car show rooms and an online car configurator tool. Since April 2020, YesAuto has grown quickly attracting 1.1 million unique visitors and listing 135,000 vehicles from 1,800 retailers by September the same year.
The partnership with Arval will enable YesAuto to add more than 170,000 new car leasing deals to its existing platform. With the new option, YesAuto will be able to cater to the needs of customers who want a new car, without the commitment of actually having to purchase it outright.
Libo Bian, Head of Product Development at YesAuto, said: “Having the right partners is absolutely crucial for us to continue providing a best-in-class user experience. Working with Arval UK means we are now able to give our users the flexibility and options that they need and deserve, instead of being limited to traditional buying options that are not always adapted to them.
With leasing, customers make a monthly payment for a new car that they keep for a longer period of time than rentals – typically a few years – which allows for greater flexibility as there is no obligation to buy.
Paul Hyne, Commercial Director at Arval UK, said: “With its strong presence in China, we are pleased to establish a partnership with YesAuto as it enters the UK car leasing market for the first time. It enables us to take our exclusive lease deals direct to a wide range of consumers through its intelligent online platform and app, which during the global pandemic we’re facing is the new normal for leasing or buying a car today.”
Currently Arval UK funds a fleet of more than 175,000 vehicles in the UK and is part of the Arval Group which leases almost 1.4 million vehicles in 30 countries around the world.
Libo added: “Our aim is always to give our users the best possible experience. Working with Arval to offer car leasing means we can continue to be market leaders in that respect.”
