HONG KONG, June 5, 2013 /PRNewswire/ -- China ZhengTong Auto Services Holdings Limited ( "ZhengTong Auto" or the "Company" and, together with its subsidiaries, the "Group", stock code: 1728), a major premium branded 4S dealership group in China, announced that it has entered a strategic cooperation agreement with PICC Property and Casualty Company Limited ( "PICC P&C"). Pursuant to the agreement, it is proposed that the parties will cooperate in the terms of owned vehicle insurance, agent vehicle insurance, renewal of policies, maintenance cooperation, roadside assistance, and sales of other insurance products.
Through this cooperation agreement, PICC P&C will provide professional insurance service to ZhengTong Auto including developing a dedicated brand of insurance products, establishing a team specific for insurance cooperation, establishing and utilizing one-stop service at the Group 4S Stores, enhancing the customers' insurance rates and maintenance rates at 4S Stores, enhancing the brand value of the Group and economic benefits. Meanwhile, the partnership can realize a wider and deeper cooperation between PICC P&C branches and the Group's 4S Stores.
Being industry leaders, ZhengTong Auto and PICC P&C join forces to strengthen the corporate development and customer experiences. Through working closely together, they can further systemize the cooperation between 4S Stores and branches to optimize service flow, improving operating efficiency, enhancing service quality for a higher satisfactions and values to customers. Leveraging these, they bring a win-win situation to dealers, insurance companies and customers.
Mr. Wang Kunpeng, Chief Executive Officer of Zhengtong Auto, said, "We are pleased to have this strategic cooperation agreement with PICC P&C. It reveals their confidence in our development and provides favorable support to the rapid development of our automobile financing and insurance agency business. We will strive for synergies and win-win situation. Looking ahead, we will continue to consolidate our leading position in the premium and ultra premium branded automobile dealership market and after-sales services in China to make our core competitive edges stand out for tapping market opportunities and rapid development of the Group."
About China ZhengTong Auto Services Holdings Limited
ZhengTong Auto is a major premium branded 4S automobile dealership group in China focusing on premium brands such as BMW/ MINI, Audi, Land Rover, Jaguar and Volvo. In addition to the premium brand dealership, the Company also operates dealership stores for ultra premium brand such as Lamborghini and Porsche, and middle market brands such as Nissan and Honda. The Group has a total of 87 4S Stores in China, which provides the Group with strong presence in both established and affluent automobile markets as well as rapidly developing regions. Each of ZhengTong Auto's 4S dealership store integrates the four principal automobile-related businesses: sales, spare parts, service and survey, and offers a broad range of automobile sales and after-sale services.
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