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Cango InvestorRoom Cango Inc. Reports First Quarter 2021 Unaudited Financial Results SHANGHAI , May 31 , 2021 / PRNewswire / -- Cango Inc. ( NYSE : CANG ) ( " Cango " or the " Company " ) , a leading automotive transaction service platform in China , today announced its unaudited financial results for the first quarter of 2021 . First Quarter 2021 Financial and Operational Highlights • Total revenues were RMB1,123.8 million ( US $ 171.5 million ) , a 356.8 % increase from RMB246.0 million in the same period of 2020 , outperforming the high end of the Company's guidance by 7.0 % . The increase was mainly driven by the increased amounts of both financing transactions the Company facilitated and car trading transactions in the first quarter of 2021 . • Car trading transactions revenues were RMB571.6 million ( US $ 87.2 million ) , or 50.9 % of total revenues in the first quarter of 2021 . • Automotive financing facilitation revenues were RMB411.7 million ( US $ 62.8 million ) , a 243.0 % increase from RMB120.0 million in the same period of 2020 . • After - market services facilitation revenues were RMB62.5 million ( US $ 9.5 million ) , a 27.5 % increase from RMB49.1 million in the same period of 2020 . • The amount of financing transactions the Company facilitated in the first quarter of 2021 was RMB10,394.9 million ( US $ 1,586.6 million ) . The total outstanding balance of financing transactions the Company facilitated was RMB47,533.6 million ( US $ 7,255.1 million ) as of March 31 , 2021 . • M1 + and M3 + overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 1.23 % and 0.54 % , respectively , as of March 31 , 2021 , compared to 0.98 % and 0.42 % , respectively , as of December 31 , 2020 . • The number of dealers covered by the Company was 47,017 as of March 31 , 2021 , compared to 48,487 as of December 31 , 2020. The decrease was a result of Cango's efforts to optimize the efficiency of its dealership network by removing certain dealers that failed to meet the Company's standards for operating risks and / or transaction referral capabilities . Mr. Jiayuan Lin , Chief Executive Officer of Cango , commented , " We are pleased with our gradual but steady progress in recent months as China's economy and auto consumption rebound from the impact of the Covid- 19 pandemic . Our total revenues increased 356.8 % year - over - year to RMB1,123.8 million , exceeding the top end of our guidance range , as our efforts to deepen our roots across our three main business lines - car trading transactions , after - market services facilitation and automotive financing facilitation - paid off . We are excited to have formed a partnership with Zhengzhou Nissan in April to develop a new retail model for automotive transaction in China's lower - tier markets , and believe this field has immense potential . " " While we are optimistic about China's auto industry in the long run , we remain mindful of the challenges facing the market at the moment amid ongoing supply chain uncertainty . We expect that chip shortage in the automotive industry may persist for a long time , which could impact our overall business . Concurrently , domestic financial supply and regulatory environment are also undergoing profound changes . We will closely watch and actively respond to the situation , proactively stepping up efforts to cope with any form of uncertainty and keep pace with the changing industry trends through continuous product innovations , " Mr. Lin concluded . Mr. Yongyi Zhang , Chief Financial Officer of Cango , stated , " We are pleased with our solid start to the year , with first quarter total revenues surging 356.8 % year - over - year to reach a new record high of RMB1.1 billion . Moreover , we also managed to deliver operating income of RMB159.5 million even as our bottom line was impacted by the investment loss in Li Auto . Our robust balance sheet positions us well to navigate