From January to July, China's used vehicle transactions were 9.983 million units, up 46 percent year-over-year and 22.5 percent from the same period in 2019, according to data released Friday by China's Ministry of Commerce.

In July, China traded 1.459 million used vehicles, up 15.7 percent year-over-year. The ratio between used and new vehicle transactions reached 0.78, a record high, the data showed.

Analysts call NIO-backed Uxin China's 'Carvana' in the making