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CAR Received 2 Billion RMB Credit Support from China Merchants Bank

Release time: 2012.8.2

August 2, 2012, today China Auto Rental and China Merchants Bank jointly announced the signing of a strategic cooperation agreement. China Merchants Bank will provide China Auto Rental with 2 billion RMB of bank credit, in addition to future plans of in-depth cooperation in the field of financial services such as cash management.

According to Roland Berger survey, as China's largest car rental chain service provider, China Auto Rental enjoys its indisputable leadership in terms of fleet size, network coverage, market share, and operating income. China Merchants Bank was established in 1987, is China's first joint-stock commercial bank with wholly domestic shareholding. It is also one of China's most influential commercial banks. This partnership is to integrate the fine resources of both parties, for cooperation on credit business, cash management, domestic and foreign joint business, as well as other financial services, in which China Merchants Bank will provide China Auto Rental with 2 billion RMB credit line.

Merchants Bank commented that: "China Auto Rental is currently the largest and the most influential car rental brand in China. It has good business performance and great development potential. We had good cooperation experiences with China Auto Rental before on customer development and product promotion. This cooperation in financial services is to expand the area of cooperation for China Merchants Bank, it is also an innovation in providing fine customer service. China Merchants Bank and China Auto Rental are willing to work together to jointly promote the popularization of China’s new car lifestyle."

China Auto Rental Chairman and Chief Executive officer, Lu Zhengyao said: "The high efficiency and positive social image of China Merchants Bank makes it a very persuasive brand. China Auto Rental is very proud to cooperate with China Merchants Bank, to integrate both parties' strength and resource, for optimizing service processes, improving service experience, and lowering prices, so as to provide customers with a more cost-saving and high-quality rental experience."