AutoChina International Opens 150th Commercial Vehicle Sales and Leasing Branch in China
14 October 2009 - 11:30PM
Business Wire
AutoChina International Limited (“AutoChina” or the “Company”)
(NASDAQ: AUTC, AUTCW, AUTCU), a leading one-stop commercial vehicle
sales and leasing company in China offering its customers
affordable lease-to-own options, today announced the opening of its
150th branch. The 150th branch is in Yulin City in Shaanxi
province, which represents an expansion into a new area.
In March 2008, AutoChina entered the commercial vehicle (heavy
truck), sales and financing business with the goal of becoming a
one-stop provider to customers consisting primarily of
entrepreneurial commercial vehicle operators. The Company focused
on opening branch offices, linked to its central headquarters, that
serve as a base for local grass roots marketing. AutoChina holds no
inventory, instead relying on numerous dealers of different
manufacturers to supply the commercial vehicles it leases to
customers.
In its first nine months of operations, the Company opened 103
branches covering the Hebei, Shanxi, Shandong and Henan provinces
and Inner Mongolia and reported revenues of $34.1 million. For the
first six months of 2009, AutoChina reported $71.0 million in
revenues from its commercial vehicle sales and leasing business.
The Company is planning to continue pursuing expansion
opportunities across China, specifically in Jiangsu, Anhui, Hubei,
and Liaoning provinces. In addition, as part of measures to improve
operations, underperforming locations are being evaluated and may
be closed where appropriate.
AutoChina’s Chairman and CEO, Mr. Yong Hui Li, noted, “We are
very proud of how AutoChina has grown in a short period of time,
and expect to accelerate this process in 2010. We are benefiting
from a number of positive macro-indicators in AutoChina’s markets.
For the first eight months of 2009, China's truck sales grew 61% to
1.9 million units according to data from the China Association of
Automobile Manufacturers. We have also seen growth in the
heavy-duty and semi-trailer truck market that AutoChina primarily
leases and sells, as highway freight volume continues to improve.
We believe that we have created a scalable and cost-efficient
operating structure well equipped to capitalize on this commercial
vehicle expansion in China and build on our position in this highly
fragmented and growing market. I congratulate AutoChina’s entire
team on reaching this notable landmark today and am sure it will be
the first of many more positive developments.”
AutoChina to Webcast Presentation at Roth China
Conference
AutoChina also announced that the Company’s CFO, Jason Wang, is
scheduled to present at the Roth China Conference this afternoon
(Wednesday, October 14, 2009) in Miami Beach, FL. Mr. Wang will be
presenting at 1:00 PM Eastern Time. The presentation will also be
broadcast live over the Internet via
http://www.wsw.com/webcast/roth22/auclf.ob/. To listen to the live
presentation, go click the link at least 15 minutes early to
register, download and install any necessary audio software.
About AutoChina International Limited:
AutoChina International Limited is a leading one-stop commercial
auto financing and sales company in China. AutoChina’s operating
subsidiary was founded in 2005 by nationally recognized Chairman
and CEO, Yong Hui Li.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about the Company. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements, based
upon the current beliefs and expectations of the Company's
management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
meaningfully differ from those set forth in the forward-looking
statements:
- Continued compliance with
government regulations;
- Changing legislation or
regulatory environments;
- Requirements or changes
affecting the businesses in which the Company is engaged;
- Industry trends, including
factors affecting supply and demand;
- Labor and personnel
relations;
- Credit risks affecting the
Company's revenue and profitability;
- Changes in the automobile
industry;
- The Company’s ability to
effectively manage its growth, including implementing effective
controls and procedures and attracting and retaining key management
and personnel;
- Changing interpretations of
generally accepted accounting principles;
- Whether the transaction to sell
the automobile dealership business is consummated;
- General economic conditions;
and
- Other relevant risks detailed in
the Company’s filings with the Securities and Exchange
Commission.
The information set forth herein should be read in light of such
risks. The Company does not assume any obligation to update the
information contained in this press release.
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