Cheyipai, a leading domestic second-hand car trading platform, announced on its microblog today that the company secured $50 million of capital injection led by Sequoia Capital and followed by Morningside Ventures, Matrix Partners, and CITIC Capital (source in Chinese). Founded in 2009, the company’s core technology is a normalized used car detection and valuation system 268V, which is developed by its cofounder Wang Tiezhong. Cheyipai charges used car valuation fees from sellers, and transaction-based and other commissions from buyers. The company planned to partner up with 10% of the car dealers in 2014. More and more companies entered this market, like Youxinpai and KBB-like used car valuation service Gongpingjia.