Hello rakp, Yes, the BMW deal is still on. The company did get approval to open the the dealership in Gaobeidian. The of the problems that contribe to the slow down is waiting to get approve by the China official, the administration of industry and commerce officials. The company now has that approval. Lentuo has several different projects they are working. My research and help from other professional has discovered. Lentuo was waiting on the approval for the joint venture between Lentuo, Bitauto Holdings, and Uxin. The company release this information to market about a JV in August. There was delays in getting the JV approval. In January 13, 2015 The Market received a PRNewswire of the officially registration with Beijing Municipal administration of industry and commerce.
Lentuo, Bitauto, and Uxin is now an officially registered. The Joint venture project suppose to had started in December of 2014. The companies were not allow to JV without the approval of the Chinese official.
Lentuo, Bitauto Holdings, and Uxin is to become the largest pre owned cars JV in China. Each company is bring something to the table. Lentuo is bring its Sterling reputation, dealerships (locations), CADA license and ect. Bitauto holdings expertise in online/offline advertising, locating pre-owned, getting the merchandise that need for business, and ect. Uxin is to provide their expertise experience in auction pre owned cars on line or at the dealership location that has been on the market for at lease 45 days. The companies was to generated 1.2 billion dollars by the end of 2015, but the delay in getting China official approval and registration slow things down. Lentuo own 60% of the JV, which would had created over 700 million for the company by the end of 2015.
P.S. The companies has the Official Registration its a go. I'm buying more.
