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By Mo Yelin / Dec 03, 2018 12:29 PM / Business & Tech

Photo: VCG

Photo: VCG

Used-car trading platform Guazi has been fined 12.5 million yuan ($1.8 million) for misleading consumers.

The Beijing commerce bureau found that the site, which connects individual buyers and sellers, had overstated its business when it advertised the following claim:

“One year after its creation, the trading volume on our used-car platform has risen to the top.”

The problem? Guazi — which went online in 2015 — only sold 86,000 vehicles during the one-year period from August 2015 to July 2016. Its two rivals sold 400,000 and 90,000 units in the same period, the bureau said.

Guazi said in a statement on Friday that it disputed the bureau’s ruling and has filed for a review of the matter.

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