AutoChina International Limited Leases 2,559 Commercial Vehicles and Opens 18 Store Branches in the First Quarter of 2011
05 Mai 2011 - 2:30PM
Business Wire
AutoChina International Limited (“AutoChina” or the “Company”)
(NASDAQ: AUTC), China’s largest commercial vehicle sales,
servicing, leasing, and support network, today announced that the
Company leased 2,559 commercial vehicles (primarily Class 8 heavy
trucks) in the first quarter of 2011, compared to 2,505 in the
first quarter of 2010. Since launching its commercial vehicle sales
and leasing business in March 2008, the Company has leased over
23,000 trucks.
During the first quarter, the Company opened 18 new commercial
vehicle financing and service centers, and, as of March 31, 2011,
operated 318 commercial vehicle financing and service centers,
compared to 180 at March 31, 2010. The Company expects to lease
approximately 20,000 commercial vehicles during 2011 and operate at
least 500 commercial vehicle financing and service centers in total
by the end of the year.
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, “We
expected only slight growth during the first quarter of 2011 as the
first quarter is historically the Company’s slowest period due to
the Chinese New Year holiday. While the heavy-truck market in China
continues to grow, we have continued to see a normalizing of
demand, which began in the latter half of 2010. According to the
China Association of Automobile Manufacturers, sales of commercial
vehicles in China in January and February 2011 increased 6.8% year
over year to more than 659,000 units. Despite this short-term
normalizing of demand in the commercial vehicle market, we remain
confident in the market’s long-term prospects and continue to
expect significant growth in our business, which is primarily
driven by the opening of new branch locations in rural areas of
China.”
About AutoChina International Limited:
AutoChina International Limited is China’s largest commercial
vehicle sales, servicing, leasing, and support network. AutoChina’s
operating subsidiary was founded in 2005 by nationally recognized
Chairman and CEO, Yong Hui Li. The Company owns and operates 318
commercial vehicle financing and service centers across China; and
primarily provides sales-type leasing and support services for
local customers. The Company’s website is
http://www.autochinaintl.com.
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 commercial vehicle
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;
- 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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