China Auto Logistics Adding Automobile Insurance to Its "One Stop" Services; Also Announces Doubling of Credit Lines to Support Further Services Growth in China's Booming Luxury Auto Market
(firmenpresse) - TIANJIN, CHINA -- (Marketwire) -- 01/30/12 -- (the "Company") (NASDAQ: CALI), one of China's leading developers of websites for buyers and sellers of imported and domestic automobiles, a top seller in China of imported luxury cars, and a leading provider of auto-related services, announced today a series of agreements with several leading Chinese banks and insurers which it expects will permit further rapid expansion of its auto-related services businesses, including a new service of providing auto insurance to individual consumers and dealers.
The Company reported it has now concluded cooperation agreements with five of the leading auto insurance providers in China under which the Company will be qualified to offer automobile insurance to purchasers of automobiles in its auto mall, the largest imported luxury auto mall in Tianjin.
"Auto insurance is particularly important to buyers of the luxury cars we sell," stated Mr. Tong Shiping, CEO and Chairman of the Company, "and we now will be able to offer the very best insurance packages to our customers. We see this as an excellent addition to the 'one stop services' we currently provide and further expect it will attract new customers and help boost our luxury auto sales in this very strong market." Mr. Tong noted discussions regarding final details on how to best execute the agreements with each insurer are in progress and the new service is expected to be launched shortly.
The Company also announced an expansion of its cooperation with three leading Chinese banks which it expects will lead to the further strengthening and growth of its auto-related services.
Under an agreement reached with Bank of China (BOC), one of China's four largest state-owned commercial banks, the Company will soon offer its luxury auto customers the option of installment buying.
Through an agreement developed with China Merchant Bank (CMB), the Company will soon establish an electronic payment platform which, among other things, will help the Company manage cash flow more efficiently.
Agricultural Bank of China has agreed to grant the Company a credit line of RMB 960 million (approximately $152 million) which by itself would represent an approximate doubling of the Company's current aggregate credit line with several domestic banks.
Commenting further on these developments, Mr. Tong stated, "Our expanded credit lines, the new cooperation with BOC and CMB, and our new insurance services business in cooperation with five of China's leading insurers, absolutely places us in a much stronger position to offer our auto related services to more dealer customers and consumers, as well as the opportunity to expand our business to a wider marketplace throughout China."
China Auto Logistics Inc. operates , one of the leading automobile portals for car dealers and consumers of vehicles and auto-related services in China. Additionally, it is one of China's top sellers of luxury imported cars and a leading developer of websites for buyers and sellers of imported and domestic automobiles. These include , China's only site for imported car dealers and consumers; , focused on domestic auto sales, and , a highly popular internet destination for auto drivers attracted by discount cards for a variety of automotive products and services. The Company believes the integration of these wide ranging sites and services in a single portal serving a broad spectrum of China's "auto living" public, as well as the addition of new web-based auto-related services for businesses and consumers, will drive future growth. For additional information visit .
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
Ken Donenfeld
DGI Investor Relations
Tel: 212-425-5700
Fax: 646-381-9727
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Datum: 30.01.2012 - 06:30 Uhr
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