June 19, 2014
/PRNewswire/ -- Lentuo International Inc. (NYSE: LAS) ("Lentuo" or "the Company"), a leading non-state-owned automobile retailer headquartered in
, today announced that it has joined the China Automobile Dealers Association's ("CADA") newly launched Xing Certified Pre-Owned Car Alliance ("Xing Alliance").
This move, said Lentuo, is projected to generate incremental 2014 company revenue of approximately
This new revenue, said LAS chairman and CEO Mr. Hetong Guo, is expected to arise as a result of the Xing Alliance increasing the level of confidence in pre-owned cars, which, in turn, will enhance growth of Lentuo's recently formed certified pre-owned car business and increase its 2014 pre-owned sales by about 800 cars.
Lentuo is the only publicly listed company among the first nine to join the Xing Alliance, which is expected to provide the first pre-owned quality certification standard in
. The Xing Alliance will oversee the nationwide rollout of CADA's pre-owned car technical inspection and analysis procedures. All Xing Alliance pre-owned cars will receive a complete technical inspection and analysis to ensure they have no significant frame or internal damage, are in excellent working order and meet or exceed CADA standards for a particular make and model. Only those cars which successfully pass these standards will receive Xing Alliance Certification.
"We are honored to be among the first nine companies invited to join the Xing Alliance," added Mr. Guo. "We believe our membership will help us to further leverage our solid reputation for quality and reliability in the pre-owned auto market. As this market develops, we expect our association with the Xing Alliance to produce accelerating revenue for our own pre-owned car business."
According to recent data from CADA, pre-owned car sales in
are expected to grow from 10 million cars in 2015 to 20 million in 2020.
About Lentuo International Inc.
Lentuo is a leading non-state-owned automobile retailer headquartered in
. Lentuo operates 12 franchise dealerships, 10 automobile showrooms, one automobile repair shop and one car leasing company.
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