Bitauto forms JV aimed at high-end car market

|About: Bitauto Holdings Limited (BITA)|By:, SA News Editor

Bitauto (BITA +4.1%) is forming a JV with Chinese auto dealer Lentuo (LAS +7.1%) and auto auction operator UXIN that will leverage the companies' resources to create "an online-to-offline platform focused on high-end used cars in China."

As part of the deal, Lentuo's used car inventory will be added to Bitauto's listings, something Bitauto asserts will "extend the Company's leadership in used car transactions."

Bitauto made fresh highs today. Shares are now up 25% since the company delivered a Q2 beat and strong Q3 guidance on Monday.