Cango Inc. Launches Cango Haoche APP

SHANGHAI,June 21,2022 -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"),a leading automotive transaction service platform in China,today announced that the Company launched its Cango Haoche mobile application (the "APP") on June 20,2022. Built on the success of its Cango Haoche WeChat mini-program,which was introduced last year,the APP marks an important milestone for Cango in transforming its business into a one-stop automotive transaction services platform empowering the whole automotive chain.

With this new APP,Cango aims to meet dealers' evolving and diverse demands more promptly and accurately with a stabler and more robust system,as well as smoother and richer functionality. The APP provides end-to-end services to dealers,especially small- and medium-sized dealers in lower-tier markets,ranging from steady vehicle sources and nationwide warehousing and logistics services to support for financial and insurance services. In addition to the WeChat mini-program's original services such as online car search,vehicle source listing and model search,the new APP supports real-time inventory inquiries for proprietary vehicles,enabling registered dealers to access inventory status and make decisions accordingly. Furthermore,Cango optimized the APP's online payment feature,providing dealers with greater convenience and security for their online transactions.

Gu Min,Vice President of Cango Group,commented,"Despite the multitude of players in our industry,as yet there is no comprehensive platform providing integrated car trading transactions,financial,insurance and implementation services,especially in lower-tier markets. Our Cango Haoche APP represents a tremendous step forward in our efforts to fill that void. Cango has been cultivating its presence in lower-tier markets for over a decade and boasts deep market insights as well as a broad understanding of dealers' needs. Our platform and tools directly address dealers' pain points by providing one-stop,end-to-end services and serving as a trusted partner on their journey,supporting them as they grow."

Going forward,the Cango Haoche APP and WeChat mini program will run in parallel. Dealers can easily conduct car searches,check vehicle sources and review trending recommendations of proprietary car models on the mini-program,while accessing increasingly efficient empowerment services and functions on the APP,strengthening user stickiness. To provide a more interactive experience and further increase user loyalty,the Company will periodically launch discounts,coupons,gifts and other special offers through the APP.

Recently,favorable policies such as the reduction of the passenger vehicle purchase tax and promotion of new energy vehicles (NEVs) in rural areas have stimulated demand for automotive consumption,particularly in lower-tier cities. This policy support,along with largely unmet consumer demand in lower-tier markets,bodes well for Cango given the Company's extensive knowledge of and experience with a wide dealer network in those markets. Cango will leverage these opportunities to continue building its end-to-end closed service loop,empowering dealers and connecting the upstream and the downstream of the industry through platform services covering vehicle sources,finance,insurance,warehousing,logistics,and supply chain finance.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting car buyers,dealers,financial institutions,and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry,the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data,Cango has established an automotive supply chain ecosystem,and developed a matrix of products centering on customer needs for auto transaction,auto financing and after-market services. By working with platform participants,Cango endeavors to makes car purchase simple and enjoyable,and make itself customers' car purchase service platform of choice. For more information,please visit: www.cangoonline.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things,the "Business Outlook" section and quotations from management in this announcement,contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about Cango's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development,financial condition and results of operations; Cango's expectations regarding demand for,and market acceptance of,its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers,car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release,and Cango does not undertake any obligation to update any forward-looking statement,except as required under applicable law.

Media Contact:

Juliet Ye

Cango Inc.

Tel: +86 21 3183 5088 ext.5581

Email: pr@cangoonline.com

Twitter: https://twitter.com/Cango_Group

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