According to ifr, the ants group-supported large search vehicles are scheduled to land at nasdai at the earliest in june, raising a maximum of $100 million, and the company received an offshore listing in april and submitted an f-1 document in may. Compared to the current hot ai, chip lanes, the second-hand car industry internet enterprise has not raised a significant amount of money, but it has moved away from the traditional second-hand car electrician logic, with the focus on the b-ender operating system model. It doesn't sell cars in front of the stage, it helps others sell them faster in the back。
Unlike the heavy asset routes of melons, eugenics, carvana owns a door shop, hoards at the end of c, car searches provide businesses with full-chain system services such as inventory control, pricing, vehicle testing, auctions, logistics, etc., and do not profit from direct-face terminals. In 2025, domestic second-hand car trades exceeded 20 million cars, with a total of rmb 129 trillion. The industry is large but widely dispersed, with a large number of small and medium-sized drivers relying on personal experience for pricing, off-line processing, stock-turning and miscalculation of prices, and the loss of profits. The next round of the used car industry is expected not to be “who speaks more about c-end brands” but to be “who can digitize the actions of drivers”。
Founded in 2012, the company has multiple lines of operation in deep-drive b: the main windmill camper saas, car easy-to-capturing b2b auctions, 268 v for car profiling, car operators for car logistics, 168 for new car lines, and the entire plate has moved from experience-driven to digital control of car operators. Large vehicle search light assets operate without the pressure of large stock depreciation; the long-term storage of data by car dealers in the system and the high cost of replacing service providers for migration are therefore referred to as “digital hydropower” service providers in the used car industry。
According to the financial statements, in 2025 the grand search camp received $677 million, which is nearly 30 per cent lower than the 2024 figure of $948 million, resulting in a net loss of from $157 million to $94. 6 million. The recovery stems from the proactive contraction of financial flows by enterprises, not the contraction of the main operations. From the first to fourth quarters of 2025, by comparison, the total income from major search vehicles showed a steady upward trend, with a narrow net loss balance approaching the balance of gains and losses。
The landing of ai is key to the corporate valuation upgrade. Second-hand vehicles are non-standardized, new energy used vehicles are stacked with battery health, residual value fluctuations are problematic and artificial pricing and detection errors are prominent. The traditional teacher's practical experience is digitized with data on the origin, trade and detection of vehicles that have been deposited for many years, the landing of large vehicles, price-fixing, smart car tests, inventory warning tools, etc。
Businesses have chosen us stock to be listed, and innersdak has endorsed vertical saas and industry infrastructure narratives. For the logos shopify and carvana, what really matters is the digital operating system of chinese used car dealers. Usu is more familiar with the descriptions of the platform, saas, data networks and vertical trading infrastructure。
The more fragmented the industry and de-standardized the car, the higher the value of the digital platform, the more reflected behind the ipo, the fact that china's used car market has begun to move into a new phase of “system-policing, data-pricing, ai-assisted trading” from the “man-to-man search, car-to-man” phase. In the second-hand car industry, there is no shortage of people who sell cars, and what is missing is a system that allows all drivers to sell them. (extension)
