If you're shopping for a car in China, Bitauto (NYSE:BITA) wants to be there to help. The company announced that it has entered into an agreement with storied American auto price information provider Kelley Blue Book and the China Automobile Dealers Association to establish a joint venture. Neither the terms of the deal nor the structure of the joint venture were made public.
According to Bitauto's press release heralding the news, the enterprise "will provide Chinawide vehicle valuation products via Web and mobile to consumers, automakers, auto dealers, along with insurance, finance and other automotive-related companies that seek vehicle valuations."
Bitauto added that it has witnessed growing demand for pricing services, particularly in the nation's used-car market. It said this is "now entering a period of rapid development."
Total sales of automobiles in China stood at 19.3 million units in 2012, a 4% gain from the previous year's tally of 18.5 million.
Fool contributor Eric Volkman has no position in Bitauto. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.