TIANJIN, China, via ETELIGIS INC., 06/09/2015 – – Aiming to capitalize on its position as China’s largest “parallel importer” of foreign luxury vehicles, China Auto Logistics (the "Company" or "CALI") (NASDAQ: CALI), today announced it has begun to develop an advanced database aimed at capturing all available information on the “parallel imported vehicle” industry in China. CALI believes it will be the first company in China to develop a comprehensive database on the industry which will incorporate information ranging from tracking all makes and models imported into China – – including sales data, maintenance schedules, gas mileage, and special features – – to information on customers who purchase the vehicles, including their level of satisfaction, complaints, unanticipated costs, etc.
“With this comprehensive information,” Mr. Tong Shiping, Chairman and CEO of the Company stated, “we anticipate further building our industry leadership by being able to pinpoint potential new customers, and enhancing our ‘one stop’ luxury auto service offerings to meet their needs.”
He stated further, “Given recent developments in our industry such as restrictions on automobile purchases, and the slowdown in China’s economy, it is especially important that we be positioned to continue to have an ‘edge’ on our competitors and be able to maximize our future opportunities.”
Mr. Tong added, “While in the near term we expect to see our results continue to be impacted by the economy and increased competition, we believe that the government–encouraged parallel imported vehicle scheme initiated in late May in the Tianjin Free Trade Zone (“FTZ”) – – which permits companies like ours to compete directly with authorized import dealers – – can provide our company with significant new opportunities over time as FTZs are expanded to other cities, and we are able to plot our path with superior information.”
About China Auto Logistics Inc.:
China Auto Logistics Inc. is one of China’s top sellers of imported luxury vehicles. It also provides a growing variety of "one stop" automobile related services such as short term dealer financing. Additionally, in November, 2013, it acquired the owner and operator of the 26,000 square meter Airport International Auto Mall in Tianjin for $91.4 million, with plans to develop the auto mall, among other things, as the flagship site for a joint venture with Car King (China) Used Car Trading Co., Ltd. In August, 2014, the Company also announced a Strategic Cooperation Agreement with a leading auto dealer leasing and development company (Binhai) to greatly expand its high end imported auto business via the purchase and construction of new auto malls throughout China coupled with a new e-commerce platform. In November, 2014, it launched a retail auto sales operation with Binhai.
Information Regarding Forward-Looking Statements:
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
DGI Investor Relations Inc.
SOURCE: China Auto Logistics