Uxin Limited (NASDAQ:UXIN) Q1 2021 Earnings Conference Call - Final Transcript
Sep 08, 2020 • 08:00 am ET
more customer trust and word-of-mouth referrals.Although it takes time to build a reputation and grow at a scale with this used car and service orientated approach, we believe that this is the key to maintaining our long-term competitive advantages and achieving sustainable growth. In order to create the best value and experience across the entire value chain for our customers, we upgraded our used car transaction processed and migrated every sales step online.
In transforming our business, we have upgraded the key points throughout our service process. We viewed a group of inventory collectors to curate the value for money used car from across the country to ensure that the highest tenders of car quality are meet by careful inspection, simplifying our pricing structure to facilitate the customers' purchasing decisions, offer professional consulting fees and purchasing services in a timely fashion from our online sales consultants, working with more financing partners to offer diversified used car finance product and improve overall loan approach -- approval rate for our customer, provider will run program and after-sales services and make the entire purchasing process more convenient and efficient for our customers. All of these efforts have translated into better customer satisfaction and greater trust in our Uxin brand evidenced there by our increased net promoter score among our customers.
To further enhance the customer experience, we have reinforced our role as China's leading online used car dealer and beginning to build our own inventory of new car this months. This will help us to better control our risk of high -- for used car and deliver higher transaction certainty to our customers. As we move up the supply chain and assess used car at a more favorable acquisition price, we will have greater facility in offering more competitive pricing to our customers, further building Uxin as a trusted and go-to-online decision for buying used car.In contrast to the local offline dealers traditional way of acquiring inventory based only on individual experience and user case, our inventory advantage energy comes from our strong data and analytics capability. We will take a more scientific and a systematic approach to procure used car by analyzing the extensive used car user behavior, used car and transactional data aggregated on our platform over the years. We will selectively build our inventory based on our proprietary assessment of customer preference, a car's value-for-money performance as well as real-time market dynamics and trends. In addition, we will offer refurbished -- refurbishments as a new service by reconditioning our car to a like new condition before handling it over to our customers. This will be another key step in ensuring the best overall purchasing experiences as reconditioning can further enhance our cars value-for-money performance.
We believe that our data-driven and quality focus inventory strategy will further enhance customer satisfaction were enabling our to achieve fast -- a faster inventory turn over. This will be another significant milestone for us in solidifying our position as China's leading national wide online dealer