HONG KONG, March 3, 2014 /PRNewswire/ -- China Yongda Automobiles Services Holdings Limited ("Yongda Auto" or the "Company" and, together with its subsidiaries, the "Group", stock code: 03669.HK), a leading passenger vehicle retailer and comprehensive service provider in China, is pleased to announce that Yongda Auto has signed cooperation agreement with Malvern Morgan Cars (Beijing) Co. Limited, becoming an authorized dealer of the Britain Morgan Motor, and will provide sales and after-sales service for Morgan Motor in the East China region as its sole agent. The showroom of Yongda Morgan Motor will be located at 1/F, Yongda International Tower, 2277 Longyang Road, Pudong New Area, Shanghai.
As a Hong Kong-listed and specialized passenger automobile dealership group, Yongda is among the best in the industry with regard to brand image, network development, corporate management, team building, customer service and marketing innovation. As a leading passenger vehicle retailer and comprehensive service provider in China focusing on luxury and ultra-luxury brands, Yongda Auto has a strong brand portfolio of luxury and ultra-luxury brands including Bentley, Porsche, BMW, Jaguar Land Rover, Infiniti, Audi, Volvo, Cadillac and Lincoln. It has obtained manufacturers' authorizations to open and operate more than 131 outlets, forming a strong presence in East China, including Shanghai, and has expanded into other regions in China. In addition to new passenger vehicle sales business, Yongda Auto also provides customers with a comprehensive range of automobile-related services through its "one-stop shop" approach. These include after-sales services, automobile rental services, as well as a wide array of services that it offers in connection with pre-owned vehicles, automobile insurance products, vehicle inspection and automobile financing and leasing. The Britain Morgan Motor Company is a motor brand with more than 100 years of history. Designed with personality and style in mind, the Morgan sports car is made from light-weight materials matched with modern high performance engines for a truly exhilarating driving experience. In the past 100 years, Morgan has been striving to produce the first-class sports cars, in order to provide customers sheer driving pleasure, as well as high investment value.
According to China Association of Automobile Manufacturer, China has become the world's largest sales market of automobile since 2009, ranked first for five consecutive years. In 2013, the sales volume in China reached approximately 21.9841 million units, up 13.9% YoY, which makes China the first country that achieved national car sales of over 20 million units in the world. Among which, passenger vehicle sales reached around 17.9289 million, representing an increment of 15.7% YoY. East China is renowned as a substantial market area for numerous automobile brands, and Morgan Motor will also take East China market as a key step in its expansion in China. Yongda Auto has strong brand resources and extensive network in the East China area, with 70% of its retail shops located here. This time, Yongda Auto will be the sole agent for Morgan Motor in East China and provide a full array of sales and after-sales service, to meet the market demand for classic sports cars from automobile enthusiasts, spread the centennial Morgan Motor culture to numerous car lovers, and provide luxury experience of purebred British handmade sports car to high-end vehicle owners. At the same time, this cooperation will enrich the luxury car brand portfolio for Yongda Auto, and accentuate Yongda Auto's continuous focus on the luxury car brand expansion strategy.
