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October 22, 2012
06:08 EDTLASLentuo announces joint venture with Fortune Global 500 company based in Asia
Lentuo International announced that it has signed a joint venture, or JV, agreement with a Fortune Global 500 company based in Asia. The agreement will be effective upon government approval. Under the terms of the agreement, Lentuo and the JV Partner will jointly operate Beijing Lentuo Autong Automobile Trading Co. Ltd., or AT, to expand sales and services in the high-end car segment in China. The JV will focus on the expansion of AT's high-end 4S dealerships across China, starting with the new South Beijing Audi 4S dealership that the Company announced on July 23. The JV will scale up its higher margin repair and maintenance services. The JV Partner will invest RMB300M and take a 40% stake in the JV. With extensive experience in operating and investing in high-end car dealerships across Asia, the JV Partner will also act as a strategic investor to help strengthen AT's management and business operations over the long run.
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April 17, 2014
05:27 EDTLASLentuo International launches pre-owned car quality certification program
Lentuo International announced it has launched a quality certification program to support its growing Certified pre-owned car business and improve confidence and transparency in the pre-owned car industry. Effective today all of the company's mid- to high-end 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 generally accepted standards for a particular make and model. Only those cars that successfully pass this inspection will be offered for sale. This will provide much needed price transparency, increase buyer confidence and make financial institutions more comfortable in financing purchases and managing credit risk. These cars, labeled Lentuo Certified Quality will be sold through the O2O platform announced by the company on March 3, which will incorporate the company's flagship showroom in Beijing and additional pre-owned dealerships to be opened as the company expands geographically. Lentuo expects various substantial synergistic effects resulting from the build–up of this dedicated pre-owned car business. Among others, revenues from repair and maintenance should expand as the company will offer discounts to buyers of its certified pre-owned cars.
April 4, 2014
12:00 EDTLASLentuo International falls 8%
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