SHIJIAZHUANG, CHINA--(Marketwired - May 1, 2014) - AutoChina International Limited ("AutoChina" or the "Company") (OTCBB: AUTCF), China's largest commercial vehicle sales, servicing, leasing, and support network, today announced that it recorded 2,802 new leases of commercial vehicles (primarily Class 8 heavy trucks) as part of the Company's sales-type leasing program in the first quarter of 2014, an increase of 124.0% from 1,251 vehicles leased in the first quarter of 2013. At March 31, 2014, the Company had 15,924 leased vehicles under its sales-type leasing program. Since launching its commercial vehicle sales and leasing business in March 2008, the Company has leased over 52,000 trucks.
During the 2014 first quarter, the Company established three additional commercial vehicle financing and service centers, one in Hunan province, one in Jiangxi province, and one in Guangdong province. As of March 31, 2014, AutoChina operated 549 financing and service centers in 26 provinces.
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, "We were very pleased by the record number of new heavy truck leases initiated in a first quarter since the launching of our commercial vehicle sales and leasing business in 2008. The first quarter of the year tends to be a slower period due to the Chinese New Year holiday, but we believe some of the momentum from the recovery of China's heavy truck industry in 2013 has carried over into 2014. We expect 2014 will be a year of stable, incremental growth as the country continues to develop its economy and infrastructure. Our focus at AutoChina continues to be on serving our customers, and we intend to continue gradually expanding our physical presence and growing our business while exploring ways in which to improve and enhance the level and quality of our services."
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. As of March 31, 2014, the Company owned and operated 549 commercial vehicle financing centers in 26 provinces 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.