On Nov. 23, APARTSMAN, an ELV (end-of-life vehicle) dismantling and processing company, received RMB 50 million (USD 7.8 million) in a round of pre-A series funding from Jiangsu Chenlong Group, boosting its valuation to USD 39 million.
APARTSMAN, based in Beijing, has branches in places like Hong Kong, Guangzhou, America and Japan. APARTSMAN’s main businesses include intelligent vehicle dismantling by experienced overseas technicians and selling dismantled parts to developing countries through its e-commerce platform.
Zhu Jiangang, CEO of APARTSMAN, said the market for dismantled vehicle parts in China is expecting a surge in the near future, up to RMB 600 billion. Dismantled parts and second-hand parts are the future of China’s auto parts in the after-sales market, according to Zhu.