Lentuo International enters into strategic partnership

theflyonthewall.com

Lentuo International has entered a strategic partnership with a consortium of automobile manufacturers, dealerships, and insurance brokers to form Saneguard Automobile Insurance, an insurance provider in the People's Republic of China. Saneguard will be established by FAW Finance; FAW Car; Changchun FAW Fuwei Automobile Components; Tianjin FAW Xiali Automobile; FAWER Automotive Parts Limited; Jilin Yian Insurance Brokers Ltd.; and four automobile dealership groups, including Lentuo. Approval for the formation of Saneguard was issued by the China Insurance Regulatory Commission, or CIRC. CIRC is expected to provide final approval for Saneguard to commence operations in the second half of 2012.

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