Why Is Cango Stock Trading Higher Today?

The Cango Inc (NYSE:CANG) stock is up 7.54% at $3.85 in the premarket session on the last check Friday.
The Chinese automotive transaction service platform clocked Q2 revenue growth of 245.5% year-on-year to $146.6 million (RMB946.7 million).
Car trading transactions revenues increased 55.2% Y/Y. Automotive financing facilitation revenues rose 111.2% Y/Y.
Non-GAAP EPS of $0.62 missed the analyst consensus of $1.62.
Cango sees Q3 revenue between RMB700 million - RMB750 million.
The board also authorized a share buyback of up to $50 million.