This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Lentuo International Completes Acquisition Of Toyota Dealership In Zhejiang Province

BEIJING, Nov. 4, 2011 /PRNewswire-Asia/ -- Lentuo International Inc. (NYSE: LAS) ("Lentuo" or the "Company"), the largest non-state-owned domestic automobile retailer in Beijing as measured by its 2010 new vehicle sales revenue, today announced that it has completed the acquisition of the 50% controlling interest of a Toyota dealership, in Zhejiang Province, People's Republic of China. The title of the 50% controlling interest was transferred to Lentuo and officially registered in October 2011.

Lentuo acquired a 50% controlling interest in the dealership for a purchase price of RMB 28.5 million (US $4.4 million) in cash. The dealership sold 1,036 vehicles, serviced 14,182 vehicles, and generated RMB 203 million (US $31.4 million) in revenues during fiscal 2010. The Company expects the dealership to contribute RMB 32 million to 38 million (US $5.0 to $5.9 million) in revenues to Lentuo for the fiscal year ending December 31, 2011.  

"The completion of this acquisition brings the Lentuo brand to yet another province," stated Mr. Hetong Guo, Founder and Chairman of Lentuo. "This dealership is our third to be opened outside of Beijing this year, joining our already completed acquisitions of a Honda dealership in Tianjin and an FAW-Volkswagen dealership in Guangdong Province. We are confident that our continued focus on geographic expansion will offset the impact we've experienced from the Beijing government traffic control measures established in December 2010."

About Lentuo International Inc.

Lentuo is the largest non-state-owned domestic automobile retailer in Beijing, China as measured by its 2010 new vehicle sales revenue. Lentuo operates eleven franchise dealerships, ten automobile showrooms, one automobile repair shop and one car leasing company. Three of Lentuo's eleven dealerships are among the leading dealerships in China for their respective brands.

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.


Jiangyu Luo Lentuo International Inc.Investor Relations DepartmentEmail: luojiangyu@lentuo.netWeb:

Dave Gentry, U.S.RedChip Companies, Inc.Tel: +1-800-733-2447, Ext. 104Email: info@redchip.comWeb:

SOURCE Lentuo International Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs