(Yicai Global) Jan. 17 -- China's internet finance firm Qudian Inc. yesterday unveiled an online platform that allows car buyers to make purchases with installments. The new platform, Dabaiqiche.com, or Dabai Auto, is designed to provide financing for young people to buy their first cars. It will allow platform users to buy cars with only 10 percent downpayment.  

Qudian [NYSE:QD] has opened over 150 self-run outlets over two months of preparatory period. Dabaiqiche.com allows users to lease cars before buying them. During the installment payment period, users will lease the cars and gain ownership only after the maturity period.

In order to make the platform popular, dabaiqiche's app will even live stream quiz shows, which currently attracts millions of users in China's ever evolving online world. The quiz shows will bring additional flow for the platform, said Qudian's Founder and CEO Luo Min said. Dabaiqiche.com signed a sponsorship agreement with the livestream app "Cheese Superman" to become the primary advertiser of the latter by investing CNY100 million (USD15.5 million).

Qudian was listed with an offering price of USD24 per share on Oct. 18 last year. But its share price has been dropping since as it is suspected of engaging in usury and due to Luo Min's inappropriate comments during a media interview, for which he later apologized. Qudian closed at USD12 per share on Jan. 12, shrinking 50 percent from the initial offering price.