Cango Inc
Q2 2022 Earnings Call
Aug 29, 2022, 9:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and good evening, everyone. Welcome to Cango Inc.'s second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. This call is also being broadcast live on the company's IR website.
Joining us today are Mr. Jiayuan Lin, chief executive officer; and Mr. Michael Zhang, chief financial officer of the company. Following management's prepared remarks, we will conduct the Q&A session.
Before we begin, I refer you to the safe harbor statement in the company's earnings release, which also applies to the conference call today, as management will make forward-looking statements. With that said, I am now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir.
Jiayuan Lin -- Chief Executive Officer
[Foreign language]
Unknown speaker
Hello, everyone, and welcome to Cango's second quarter 2022 earnings call.
Jiayuan Lin -- Chief Executive Officer
[Foreign language]
Unknown speaker
During the second quarter, especially in May and April, lockdowns in Shanghai and other cities exacerbated supply chain challenges. Despite a series of favorable policies since June, demand in the automotive market has remained sluggish due to COVID's substantial impact on automotive manufacturing, logistics, and retail sales, as well as heightened risk aversion and weakened consumer confidence amid the pandemic.
Jiayuan Lin -- Chief Executive Officer
[Foreign language]
Unknown speaker
Facing these headwinds, we achieved total revenues of RMB 289 million in the second quarter, of which revenues from our car trading transaction business accounted for RMB 219 million or over 75.6% of our total revenues. Revenues from our traditional business lines, including automotive financing facilitation and aftermarket services facilitation totaled RMB 25.14 million. In terms of revenue mix, our business model of car trading transaction platform with multiple monetization avenues is becoming more and more robust.
Jiayuan Lin -- Chief Executive Officer
[Foreign language]
Unknown speaker
Next, I would like to share the progress of both our trading platform business and traditional business lines in the second quarter.
Jiayuan Lin -- Chief Executive Officer
[Foreign language]
Unknown speaker
I'll begin with the car trading transaction platform business. As a one-stop platform serving car dealers nationwide, Cango is committed to providing safe, secure, sustained, and consistent end-to-end professional car trading transaction services for participants in both the upstream and downstream of the industry value chain. While current favorable government policies, including vehicle purchase tax relief and NEV promotion campaigns in rural areas, focus primarily on car purchases, supporting services also need to be improved, so as to truly make car sales easier for dealers and car purchases simpler and more enjoyable for consumers, especially in the lower-tier markets. Based on transaction scenarios, Cango addresses the unmet needs of medium and small-sized dealers by offering an array of services, spanning car sourcing, car supply, including self-owned cars, warehousing and logistics, and car financing insurance.