SHIJIAZHUANG, CHINA -- (Marketwired) -- 11/03/14 -- AutoChina International Limited ("AutoChina" or the "Company") (
During the 2014 third quarter, the Company established five additional commercial vehicle financing and service centers, one in Guangdong province, three in Guangxi province, and one in Guizhou province. The Company also closed five centers, one in Hebei province, one in Liaoning province, one in Shanghai, and two in Zhejiang province. As of September 30, 2014, AutoChina operated 554 financing and service centers in 26 provinces.
New Products -- K-Pay Update and New Peer-to-Peer Lending Platform K-Lend
AutoChina continues to make progress on the development of K-Pay, the electronic payment platform the Company announced in April 2014. K-Pay was developed to provide a convenient method for customers to make electronic payments and for the Company to make credit advances to its customers, allowing customers to pay for their everyday truck-operating needs at participating merchants within the K-Pay network. It is now undergoing trials with a group of more than 2,000 users.
The Company also announced the development of a new peer-to-peer lending platform called K-Lend, an online marketplace that is anticipated to provide short-term operating capital for small- to medium-sized businesses in the transportation industry. For example, it will allow individuals to purchase loans from their peers, such as AutoChina customers.
AutoChina expects to launch both K-Pay and K-Lend nationwide before the end of 2014.
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, "I am extremely proud of what AutoChina has accomplished thus far in 2014. The Company achieved record numbers of new heavy truck leases in each of the first three quarters of 2014. We believe China's heavy truck industry has entered a period of stable growth, which is very different from the explosive growth it saw in 2009-2010. We were pleased with the 7.6% year-over-year growth rate for new leases initiated in the 2014 third quarter, which was in line with our expectations. We continue to operate a network of financing and service centers throughout China, and our ultimate goal continues to be to provide our customers with quality and efficient service. To this end, we are very excited about our new K-Pay and K-Lend products, and we will continue to explore ways in which we can better serve our customers going forward."
About AutoChina International Limited:
AutoChina International Limited focuses on providing innovative financing solutions for China's transportation industry. Founded in 2005, we are China's largest commercial vehicle sales, servicing, leasing, and support network. As of September 30, 2014, the Company owned and operated 554 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:
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.
At the Company
Chief Financial Officer
The Equity Group Inc.
Carolyne Y. Sohn
Senior Vice President