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AutoChina International Leases 2,849 Commercial Vehicles in the Third Quarter of 2010; Opens an Additional 25 Store Branches Du

^{Published on 2010-10-18 05:35:15 - Market Wire}
 

SHIJIAZHUANG, China--([ BUSINESS WIRE ])--AutoChina International Limited (aAutoChinaa or the aCompanya) (NASDAQ: AUTC), Chinaa™s largest commercial vehicle sales, servicing, leasing, and support network, today announced that the Company leased 2,849 commercial vehicles (primarily Class 8 heavy trucks) in the third quarter of 2010, an increase of 12.6% compared to 2,531 in the third quarter of 2009. AutoChina has leased 9,485 commercial vehicles through the first nine months of 2010, and expects to lease between 12,000 and 13,000 trucks for the year ending December 31, 2010. Since launching its commercial vehicle sales and leasing business in March 2008, the Company has leased 18,003 trucks.

As of September 30, 2010, AutoChina operated 218 commercial vehicle financing centers in 17 provinces or province-level regions, up from 193 branches at the end of the second quarter of 2010 and 150 branches at the end of the third quarter of 2009. The majority of branch openings during the quarter were in the Jiangxi, Hubei, Hunan, and Sichuan provinces as the Company continued its expansion into southern China. Several stores were also opened in the Liaoning province in northeast China. The Company expects to operate at least 275 locations by the end of 2010.

About AutoChina International Limited:

AutoChina International Limited is Chinaa™s largest commercial vehicle sales, servicing, leasing, and support network. AutoChinaa™s operating subsidiary was founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li. The Company owns and operates 218 commercial vehicle financing centers across China; and primarily provides sales-type leasing and support services for local customers. The Companya™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:

• Continued compliance with government regulations;
• Changing legislation or regulatory environments;
• Requirements or changes affecting the businesses in which the Company is engaged;
• Industry trends, including factors affecting supply and demand;
• Labor and personnel relations;
• Credit risks affecting the Company's revenue and profitability;
• Changes in the commercial vehicle industry;
• The Companya™s ability to effectively manage its growth, including implementing effective controls and procedures and attracting and retaining key management and personnel;
• Changing interpretations of generally accepted accounting principles;
• General economic conditions; and
• Other relevant risks detailed in the Companya™s filings with the Securities and Exchange Commission.

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.