The Company announced that it recorded 1,180 new leases of commercial vehicles (primarily Class 8 heavy trucks) as part of the Company’s sales-type leasing program in the first quarter of 2015, compared to 2,802 vehicles leased in the first quarter of 2014, as a result of the Company’s increasing emphasis on the development of its new Internet-based financing businesses. At March 31, 2015, the Company had 23,069 leased vehicles under its sales-type leasing program. Since launching its commercial vehicle sales and leasing business in March 2008, the Company has leased over 66,000 trucks.
The company reported that K-Lend has originated over RMB 600 million in loans since its initial launch in November 2014. AutoChina created K-Lend to be an online lending marketplace that provides short-term operating capital for SMEs in the transportation industry. K-Lend is a platform through which AutoChina can originate loans and then sell the loans to the public. Currently, individuals may invest on the K-Lend platform and earn an annual interest rate of 6.5% to 8.5%. AutoChina earns origination fees on K-Lend loans.