SouCheNow.com, based in Beijing under the brand name JiPin Auto, has been launched as an Internet portal that will allow consumers and dealers to efficiently and transparently trade used cars in China through its proprietary web and mobile applications, according to the company.

The used car market in China saw 5 million vehicles traded in 2012, and according to the Chinese Automobile Dealers Association, this number is expected to reach 20 million annually by 2017.

"Both consumers and dealers in China have been frustrated by their inability to efficiently buy or sell a used car, with any degree of confidence that the transaction will be economically sound," said Yahui "Mike" Liu, president & CEO of SouCheNow.com. "Customers who are unable to transact within their personal network have been forced to deal with an informal network of largely unregulated agents."

The consumer app, which allows consumers to both buy and sell used cars through the SouCheNow.com portal, was launched in early June 2013. The solution provides customers with full price discovery and transparency, counterparty ratings system, and simplification of the cumbersome registration and sales process, according to the company.

The SouCheNow.com product lineup includes:

• Website: search, interactive live chat and product specialists, used car valuations and listings, dealer listings, transaction capabilities, banner advertising

• Mobile apps (consumer and dealer): all of the above plus live auction and bidding, and a feature to match buyers and sellers. The mobile appraisal app is currently used by more than 200 car dealers and allows for online bidding through the SouCheNow.com portal

• Call center: to assist and close transactions, technical assistance, product specialists

SouCheNow.com is a private company and majority-owned by Canadian investors. Commitments have been received from Peter Gilgan, Founder & CEO of Mattamy Homes, Canada's largest new home builder, and the original founders including the Budd Group, a Greater Toronto Area based auto dealership. The financing is expected to close in September 2013.