Explosive growth stock AUTC not found on CAPS??
I wanted to rate this stock and its over $100M mkt cap but CAPS has yet to list it on its site??
! In March 2008, AutoChina entered the commercial vehicle (heavy truck), sales and financing business with the goal of becoming a one-stop provider to customers consisting primarily of entrepreneurial commercial vehicle operators. The Company focused on opening branch offices, linked to its central headquarters, that serve as a base for local grass roots marketing. AutoChina holds no inventory, instead relying on numerous dealers of different manufacturers to supply the commercial vehicles it leases to customers.
In its first nine months of operations, the Company opened 103 branches covering the Hebei, Shanxi, Shandong and Henan provinces and Inner Mongolia and reported revenues of $34.1 million. For the first six months of 2009, AutoChina reported $71.0 million in revenues from its commercial vehicle sales and leasing business. The Company is planning to continue pursuing expansion opportunities across China, specifically in Jiangsu, Anhui, Hubei, and Liaoning provinces. In addition, as part of measures to improve operations, underperforming locations are being evaluated and may be closed where appropriate.
AutoChina’s Chairman and CEO, Mr. Yong Hui Li, noted, “We are very proud of how AutoChina has grown in a short period of time, and expect to accelerate this process in 2010. We are benefiting from a number of positive macro-indicators in AutoChina’s markets. For the first eight months of 2009, China's truck sales grew 61% to 1.9 million units according to data from the China Association of Automobile Manufacturers. We have also seen growth in the heavy-duty and semi-trailer truck market that AutoChina primarily leases and sells, as highway freight volume continues to improve. We believe that we have created a scalable and cost-efficient operating structure well equipped to capitalize on this commercial vehicle expansion in China and build on our position in this highly fragmented and growing market. I congratulate AutoChina’s entire team on reaching this notable landmark today and am sure it will be the first of many more positive developments.”
AutoChina to Webcast Presentation at Roth China Conference
AutoChina also announced that the Company’s CFO, Jason Wang, is scheduled to present at the Roth China Conference this afternoon (Wednesday, October 14, 2009) in Miami Beach, FL. Mr. Wang will be presenting at 1:00 PM Eastern Time. The presentation will also be broadcast live over the Internet via http://www.wsw.com/webcast/roth22/auclf.ob/. To listen to the live presentation, go click the link at least 15 minutes early to register, download and install any necessary audio software.