Bitauto went public just as China became the world's biggest car market. The Beijing company ran bitauto.com, a website where Chinese families researched new cars, and Easypass, software that let dealers post prices and inventory online. Its Easypass subscribers grew from 981 dealers in 2007 to 2,783 by September 2010. Automakers paid it for digital ads. In November 2010, investors were eager for Chinese internet stocks, and Bitauto rode that demand to the New York Stock Exchange.

Dealers on the Internet

Bin Li and Weihai Qu controlled Bitauto's main operating companies, one formed in 2002 and one in 2005. Li later founded the electric carmaker NIO. Bitauto had three businesses: the consumer website, the Easypass platform for dealers, and digital marketing for automakers. The bet was that tens of millions of first-time Chinese car buyers would start their search online, and that dealers would pay to meet them there. Bitauto planned custom Easypass editions for dealer groups and automakers.

Twelve Dollars and Tencent

Bitauto sold 10.6 million American depositary shares at $12 each in November 2010 and listed on the New York Stock Exchange as BITA. It sold more shares in 2013. Tencent and JD.com later became major shareholders, and Bitauto added an auto finance business. In 2020, a buyer group led by Tencent took the company private. Bitauto's shares came off the New York Stock Exchange in November 2020.

Cover: The Triumphal Car of Prince Hendrik of Orange, Daniël van den Bremden. Art Institute of Chicago, public domain. Chosen for a grand triumphal car (cars and showrooms).