Diyichedai

Diyichedai (chedai.com), operating under the brand name 第1车贷 (translating to "No. 1 Car Loan"), is a fintech platform established by Shanghai Feng Zhi Xing Automotive Financial Information Services Co., Ltd. The company was founded in November 2013 by CEO Guo Chao and Chairman Li Haiyan. Both founders brought significant industry experience from their previous roles at Changjiu Group, a major player in automotive logistics and dealerships, identifying a crucial gap in the market. Their journey began by targeting the underserved used car dealership sector, which struggled to secure financing from traditional banking institutions.

The firm's primary business involves providing a suite of financial products and services across the entire automotive value chain. Initially, its core offering was inventory financing and operational loans for used car dealers. This model was built on a robust, hands-on risk management strategy. Instead of relying solely on remote data, Diyichedai established a physical presence in the auto markets it serviced, with teams conducting daily inspections of vehicle collateral and monitoring the operational health of its dealership clients. To further mitigate risk, the company developed its own in-house vehicle appraisal team, which worked in conjunction with external assessors to ensure accurate valuations. This B2B focus on dealers served as the foundation for its revenue, generated from interest and fees on the loans it facilitated.

Diyichedai's strategic vision included expanding into a comprehensive ecosystem. Plans were made to extend services upstream to auto logistics providers and downstream to end-consumers through purchase financing options. This ambition attracted substantial investor interest, leading to a series of successful funding rounds. The company secured an A round in 2015 from investors including an entity of CITIC Group, BAIC Group, and an investment firm co-founded by celebrity Huang Xiaoming. This was followed by a 2.17 billion RMB A+ round in 2016 and a 3.6 billion RMB B round in early 2017, with a subsequent 1.4 billion RMB B+ round announced shortly after. By 2016, the platform had expanded to 83 cities and reported a cumulative loan volume exceeding 12 billion RMB. However, reports emerged in late 2018 of significant operational challenges, including funding issues and major staff reductions, highlighting the intense pressures and capital-intensive nature of the auto finance market.

Keywords: auto finance, used car financing, inventory loans, automotive supply chain finance, dealer financing, fintech, asset-backed lending, vehicle collateral loans, B2B financial services, automotive logistics finance, consumer auto loans, risk management, vehicle appraisal, O2O finance, Shanghai, Guo Chao, Li Haiyan, automotive ecosystem, securitization, P2P lending, car dealer credit, floor plan financing, auto market lending