Will build largest Online-to-Offline platform for certified premium pre-owned cars in China
BEIJING, January 13, 2015 /PRNewswire/ — Lentuo International Inc. (NYSE: LAS) ("Lentuo" or "the Company"), a leading non-state-owned automobile retailer headquartered in Beijing, today announced that its joint venture with Bitauto Holdings Limited ("Bitauto") (NYSE: BITA) and Youxinpai (Beijing) Information Technology Co., Ltd. ("UXIN") announced on August 15, 2014 has been officially registered with the Beijing Municipal Administration of Industry and Commerce.
With operational planning having already begun, the JV will begin developing what is expected to be the largest Online-to-Offline platform exclusively dedicated to certified premium pre-owned cars in China.
The JV is expected to contribute significantly to the premium cars and pre-owned cars businesses of the Company, two of its four strategic pillars. It will initially be centered on Beijing, where sales of pre-owned cars, and particularly premium pre-owned cars, are growing much faster than sales of new cars, and it will gradually expand to other cities. With respect to the expansion outside Beijing, the recently announced BMW dealership in Gaobedian while contributing to geographic diversification, another strategic pillar of the Company, will eventually add to the volume of premium pre-owned cars for sale.
Mr. Hetong Guo, Founder and Chairman of Lentuo International, commented, "The official registration is another step towards establishing the JV and bringing it into full operational mode. Growth in the pre-owned car market in China continues to accelerate, as we expected. According to the most recently published data from the China Automobile Dealers Association, 4.9million pre-owned cars were sold in the first 10 months of 2014, a 16.78% increase compared to the same period in 2013for a total value of 294.4 billion RMB, up 27.08% compared to the same period of 2013. Such strong momentum bodes well for the future of this joint venture and we are looking confidently ahead to see it become fully operational and contribute to further growth and increased shareholder value."
About Lentuo International Inc.
Founded in 1994, Lentuo Group ("Lentuo") is a leading Chinese automobile retailer headquartered in Beijing. Through its many subsidiaries, Lentuo operates 4S franchise dealerships, automobile showrooms, automobile repair shops, a car leasing company, automobile financing and a pre-owned car business.
Lentuo dealership brands include FAW Audi, FAW-Volkswagen, Shanghai VW, FAW Toyota, FAW Mazda, Honda, and Chang’an Mazda. Since its establishment, Lentuo has developed relationships with many other well-known domestic and overseas brands as it expands further into the luxury car market. Annual sales for Lentuo’s dealership brands consistently rank among the top in Beijing and China. On December 10th, 2010, Lentuo was listed on the New York Stock Exchange as the first and only Chinese auto-dealership group.
Over the past 20 years, Lentuo has received various industry awards from the government, OEMs and industry associations. Lentuo has been recognized as a Famous Trademark by the Beijing Administration for Industry and Commerce (BAIC), a Top 50 Auto Dealer in China, a China Automobile Sales and Service Top Ten Enterprise Group, and has been awarded the Outstanding Contribution Award and Distinguished Contribution Award in the China Automobile Dealers Industry by CADA. It is the only triple A-rated Beijing Automobile Works dealership group in China to have been designated an FAW strategic partner, and awarded FAW Audi Sales Award, FAW Audi No. 1 Customer Satisfaction, FAW-Volkswagen National Sales Champion, FAW-Volkswagen Gold Award for Service Satisfaction, Shanghai Volkswagen 6 Star-Rated Franchise Dealer and FAW Mazda National Sales Champion.
For more information, please visit http://lentuo.investorroom.com/.
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content and marketing services for China’s fast-growing automotive industry. Bitauto manages its businesses in four segments: the bitauto.com advertising business, the EP platform business, the taoche.com business, and the digital marketing solutions business.
The Company’s bitauto.com advertising business offers automakers and dealers a variety of advertising services through its bitauto.com website, which provides consumers with up-to-date new automobile pricing and promotional information, specifications, reviews and consumer feedback. The Company’s EP platform business provides web-based integrated digital marketing and customer relationship management (CRM) applications to new automobile dealers in China. The platform enables dealer subscribers to create their own online showrooms, list pricing and promotional information, provide dealer contact information, place advertisements and manage customer relationships to help them effectively market their automobiles to consumers. The Company’s taoche.com business provides listing services to used automobile dealers that enable them to display used automobile inventory information on the taoche.com website and partner websites. The Company provides advertising services to used automobile dealers and automakers with certified pre-owned automobile programs on its taoche.com website. The Company’s digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns and advertising agent services.
For more information, please visit ir.bitauto.com.
About Youxinpai (Beijing) Information Technology Co., Ltd.
UXIN is the leading professional auto auction service provider in China. The company’s core product "Youxinpai.com" is an online auction platform providing a one-stop service offerings, which include online auctions, vehicle evaluations, safe payment methods, after-sales services and long-distance logistics support. The online sales platform provides the most effective used cars auction services to authorized auto dealers, used car dealers and car owners.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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," "target," "going forward," "outlook" and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
Ms. Jiangyu Luo
Lentuo International Inc.
Mr. Christian Arnell
Telephone +86 10 5900 1548
Ms. Linda Bergkamp
Phone: +1-480-614-3004 (U.S.A.)
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