BEIJING, March 20, 2012 /PRNewswire-Asia/ -- Lentuo International Inc. (NYSE: LAS) ("Lentuo" or the "Company"), the largest non-state-owned automobile retailer in Beijing as measured by new vehicle sales revenue in 2010, today announced that construction of its flagship FAW-Volkswagen dealership remains on schedule.
When opened in the second half of 2012, the Company's flagship dealership, located in Wangsiyingxiang, Beijing, will be the largest FAW-Volkswagen dealership in the world. It will offer customers the latest model FAW-Volkswagen vehicles and provide the highest standard in automobile repair and maintenance services. The flagship store will also provide a full-suite of value-added services, including vehicle financing and insurance, leasing services, used-car sales, and aftermarket automotive supplies. Lentuo's corporate headquarters will move into the flagship location when completed.
"FAW-Volkswagen's flagship location will be the brand's fourth dealership in our network of top-performing stores," stated Mr. Hetong Guo, Founder and Chairman of Lentuo. "We are very pleased to have this opportunity to continue our track record of success and strengthen our relationship with this venerable manufacturer."
In June 2011, the Company's corporate headquarters was temporarily moved to No. 56 South Road of East 4 Ring Road in the Chaoyang District of Beijing. The move was a result of the Company's TongDa FAW-Volkswagen dealership, which opened in June 2011, taking over the site of Lentuo's previous corporate headquarters at No. 18A Huagong Road, Guangqumenwai, Chaoyang District, Beijing. Winner of the manufacturer's sales competition in November 2011, the Company's TongDa FAW-Volkswagen dealership has achieved an average of 200 vehicle sales per month.
Mr. Guo continued, "Our original corporate headquarters in the Central Business District of Beijing, a prime location with convenient transportation access for customers, was ideally situated to become the site of our high-volume TongDa FAW-Volkswagen dealership. The strong sales performance of this location since its opening confirms that our management team made the right decision in placing a dealership at this strategic site."
About Lentuo International Inc.
Lentuo is the largest non-state-owned 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.
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.
Lentuo International Inc.
Investor Relations Department
Email: [email protected]
Dave Gentry, U.S.
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 104
Email: [email protected]
SOURCE Lentuo International Inc.