Kaixin Auto Holdings is a China-based auto dealer focused on sourcing and selling new and used premium imported vehicles — including brands like Audi, BMW, Mercedes-Benz, Bentley, and Porsche — targeting buyers in smaller Chinese cities. Kaixin's model is straightforward auto retail: buy inventory and resell it to individual buyers at a markup, through a network of physical dealerships supplemented by an online platform where customers can browse inventory before visiting a showroom. However, Kaixin's operations have essentially ceased — the company sold roughly 525 vehicles in 2023 and zero in both 2024 and 2025, and as of end-2025 operated just one dealership. The company has undergone repeated transformations since originating as a SPAC in 2017, including a reverse acquisition by Haitaoche (a new car importer) in 2021, a short-lived pivot into new energy vehicles in 2023, and the disposal of its original used car business in 2024. Today, Kaixin is effectively a shell in restructuring mode, with most operating assets sold off. In December 2025, Kaixin agreed to acquire Zhejiang Ordinary Smile Auto Sales, a Chinese auto wholesale and retail business, in what appears to be an attempt to rebuild a functioning auto retail operation.