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优 信 UXIN GROUP Uxin Reports Unaudited Third Quarter of Fiscal Year 2021 Financial Results April 28 , 2021 BEIJING , April 28 , 2021 ( GLOBE NEWSWIRE ) -- Uxin Limited ( " Uxin " or the " Company " ) ( Nasdaq : UXIN ) , a leading nationwide online used car dealer in China , today announced its unaudited financial results for the quarter ended December 31 , 2020 . Highlights for the Quarter Ended December 31 , 2020 • The Company has completed the transformation to inventory - owning model during the three months ended December 31 , 2020 , with 99 % of the transaction volume sold from the Company's own inventory . • The Company started to build its first inspection and reconditioning center ( IRC ) in Xi'an . • 2C transaction volume ( completed with the use of online sales ) was 2,307 units for the three months ended December 31 , 2020 , compared with 2,653 units last quarter and 28,302 units ( completed with the use of offline sales ) in the same period last year . • Total revenues were RMB322.9 million ( US $ 49.5 million ) for the three months ended December 31 , 2020 , compared with RMB76.4 million last quarter and RMB466.4 million in the same period last year . Due to the Company's transformation to the inventory - owning model , the revenue in this quarter was recognized on a gross basis . • Gross margin was 2.9 % for the three months ended December 31 , 2020 , compared with negative 22.4 % last quarter and 59.2 % in the same period last year . Due to the transformation to inventory - owning model , revenue recognition and classification of costs and expenses are significantly changed compared to the same period last year . With the transformation completed , gross margin is expected to rise in the coming quarters . • Non - GAAP adjusted loss from continuing operations was RMB162.5 million ( US $ 24.9million ) for the three months ended December 31 , 2020 , compared with RMB178.3 million last quarter and RMB576.5 million in the same period last year . • Net loss was RMB172.9 million ( US $ 26.5 million ) for the three months ended December 31 , 2020 , compared with RMB258.9 million last quarter and RMB966.7 million in the same period last year . Mr. Kun Dai , Founder , Chairman and Chief Executive Officer of Uxin , commented , " We are pleased to report that we have completed our strategic transformation into an inventory - owning model in the quarter ended December 31 , 2020. This successful transition reflects our commitment and ongoing efforts to better serve our customers with our online products and services . Operating as a nationwide online used car dealer with our own inventory , we now have much stronger control and management over the entire service and supply chain from the selection and quality of our used car inventory , to online car consulting for buyers and customer service and our own delivery and aftersales services nationwide . To strengthen our ability to provide used cars of high quality and value - for - money , we are building our own inspection and reconditioning centers , or IRCS , where we can refurbish selected inventory to a like - new condition . Our first IRC in Xi'an has been in operation since March 2021. " " With these ongoing improvements to our product and service offerings , we have been closely monitoring our net promoter score , or NPS . We have seen our NPS increase to 42 during the reported quarter , up from 30 in the quarter ended September 30 , 2020 and only 10 in the quarter ended June 30 , 2020. The significant improvement in NPS represents the recognition by our customers of our value proposition that we are providing even higher quality , value - for - money used cars and best - in - class online car purchasing services . It also gives us greater confidence that we are heading in the right direction with our online business . " “ China's used car market has huge growth potential and the Chinese government continues to introduce preferential policies for the industry . The value - added tax on used car sales has been cut to 0.5 % from 2 % in May 2020. The General Office of the State Council has recently required all regions to remove restrictions on cross - regional transactions and title transfers of used cars . The government has also published its blueprint for the digital documentation of used cars . Registration and other documentation will be completely digitized for online transmission and recognition . This will simplify the documentation process , reduce title transfer costs , and increase efficiency of cross - regional used car transactions . Digital documents will begin testing in designated regions this June , expand to major cities in September , and be adopted nationwide in the first half of next year . As a leading online used car dealer in China , Uxin believes these policies will create a more efficient and sustainable environment for the used car business in the long run . We will closely monitor government policies , improve vehicle quality and develop services to a higher level to contribute to the transformation of China's used car industry . " " Last week , we entered into a strategic partnership with JD.com to launch our self - operated online store for used car transactions through JD's platform . The collaboration will provide consumers with one - stop online used car purchase solutions including used car inspection , purchasing , insurance , and aftersales services , and includes plans for joint development of data management , technology , inspection standards , and integrated supply chains in the used car business . We are committed to using big data and internet technologies to empower the used car industry , in order to raise industry standards and the level of services . We believe the cooperation with JD.com will offer our customers a higher quality and more reliable used car purchasing experience than exists the market at present . " Mr. Dai added , " We are encouraged by the recognition of our success by two well established Asian funds , with which we have entered into a binding term sheet for a potential investment of up to US $ 300 million . These investors have expressed strong belief in the potential of China's used car market . They have acknowledged Uxin's leading market position , strong branding , and the capacity to provide high quality cars and services to the