---- Ein chinesischer Mitarbeiter im Büro an einem Zweig von AUTO (China Auto Mieten) in Shanghai, China, 16. Februar 2015 gesehen. Auto Inc., Chinas bigge
--FILE--A Chinese employee is seen in the office at a branch of CAR (China Auto Rental) in Shanghai, China, 16 February 2015. Car Inc, China's biggest rental company, surged the most in more than four months in Hong Kong trading on Monday after saying it will begin selling used cars next month to retail buyers, and a substantial shareholder sold its stock at a premium. The company will start with sales in eight cities and expand to about 100 smaller ones next year by acquiring existing dealerships, Chairman Lu Zhengyao said in an interview in Beijing on Friday (9 October 2015). It will initially sell cars that are part of its rental fleet and subsequently offer pre-owned vehicles from other providers as well as new cars, he said. "Demand for used cars will mainly come from the smaller cities in China where the business is still fragmented. It is like we are expanding into some uncultivated land, " said Lu. "We will make the best use of our rental cars as well as take advantage of our lower purchase costs." Car Inc, founded in 2007, will target lower-income consumers in smaller cities rather than big cities where buyers prefer newer vehicles. Sales of pre-owned passenger vehicles in the country will climb six fold from 2013 to 36 million units by 2023, according to estimates by the China Automobile Dealers Association. The company will sell used cars that have run less than 100, 000 kilometers and have been in use for less than three years, said Lu. The vehicles will come with a two-year quality warranty, he said. Car Inc also plans to start selling new vehicles leveraging its bargaining power with automakers, said Lu.
