AutoChina International Leases 3,076 Commercial Vehicles and Opens 82 Store Branches in the Fourth Quarter of 2010
21 Gennaio 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 3,076 commercial vehicles (primarily Class 8 heavy
trucks) in the fourth quarter of 2010, compared to 3,275 in the
fourth quarter of 2009 and 2,849 in the third quarter of 2010.
AutoChina leased 12,561 commercial vehicles during the year ending
December 31, 2010, meeting its guidance of between 12,000 and
13,000 trucks leased for the year. Since launching its commercial
vehicle sales and leasing business in March 2008, the Company has
leased over 21,000 trucks.
As of December 31, 2010, AutoChina operated 300 commercial
vehicle financing centers in 17 provinces or province-level
regions, exceeding its expectation of operating at least 275
locations by the end of 2010. The Company operated 157 branches at
the end of 2009 and 218 branches at the end of the third quarter of
2010. During the fourth quarter, AutoChina continued to make
significant progress expanding its store network into southern
China. The majority of branch openings during the fourth quarter
were in the Jiangsu (13 stores), Hunan (12 stores), Anhui (9
stores), Hubei (9 stores), Jiangxi (8 stores), Liaoning (8 stores),
and Sichuan (8 stores) provinces.
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, “We
expanded rapidly in 2010 to take advantage of the robust
heavy-truck market in China and are pleased to have exceeded our
initial operating goals for the year. According to the China
Association of Automobile Manufacturers, 2010 sales of heavy-duty
trucks in China increased approximately 60% year over year to more
than 1 million units. We continue to expect significant growth in
our business, though it is difficult to predict whether China’s
heavy-truck market can maintain the tremendous pace of growth in
sales that we saw in 2010. We are still very confident in the
market’s long-term prospects, as improvements to highway
infrastructure will only help serve China’s consumer and industrial
demand. We look forward to updating investors on our operational
goals when the Company reports its financial results for the fourth
quarter and year ended December 31, 2010.”
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 300
commercial vehicle financing 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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