|
Medford, MA – August 13, 2007 —
Cross Country Automotive Services (Cross Country), a leading provider of vehicle and driver programs announced that it completed a strategic investment in the United Automobile Association (UAA), one of the largest nationwide automobile clubs in China. With China’s automotive market rapidly growing, this partnership will leverage Cross Country’s experience servicing the needs of vehicle owners, both on and off the road, to provide strategic and operational assistance to this market-leading company. Cross Country joins Legend Capital, lead investor in Series A, and Kleiner Perkins Caufield & Byers (KPCB) who also participated in this strategic investment.
“We are excited about the opportunity to be involved in the growth of the Chinese auto market through UAA” said Michael Saxton, president of Cross Country Automotive Services and member of UAA’s board of directors. “And, we’re confident that our more than 35 years delivering high quality service to stranded motorists will be of great assistance to UAA. We see a lot of synergy between Cross Country and UAA and are in a good position to help them build a robust infrastructure and capture significant market share.”
Established in March 2005, UAA provides Chinese automobile owners and drivers with a full range of flexible and relevant automobile and travel-related services such as emergency roadside assistance, auto insurance, auto repairs, hotel accommodations, airline tickets, roadmaps and travel guides. UAA has been honored by Business Watch Magazine as one of China’s 100 fastest companies and has obtained ISO9001:2000 certification from the British Standard Institute. The company is also named a 2007 Top Venture 50 by Zero2ipo, a well-known PE/VC advisory and research company in China.
“Cross Country brings a depth of experience that cannot be replicated in China at this time” said Lu Zhengyao, president and founder of UAA. “We are confident that their expertise and leadership will help us to bring value to the growing automobile industry in China.”
Cross Country president Michael Saxton participated in a recent press conference in Beijing China along with UAA president Lu Zhengyao. Mr. Erhai Liu of Legend Capital and Ms.Tina Ju of KPCB also participated in the conference.
About UAA
United Automobile Association (UAA) is currently one of the largest nationwide automobile clubs in China, providing Chinese motorists with a full range of auto and travel-related services such as emergency roadside assistance, auto insurance, auto repairs, hotel accommodations, airline tickets, roadmaps and travel guides. Headquartered in Beijing, UAA has branch offices in 5 major cities, including Beijing, Tianjin, Shanghai, Guangzhou and Chengdu. Its nationwide accessible call center is located in Langfang, Hebei. By June 2007, the number of UAA members and business partners has exceeded 1.7 million and 18,000 respectively.
About Cross Country Automotive Services
Headquartered in Medford, Massachusetts, Cross Country Automotive Services ( www.CrossCountry-Auto.com ) is a leading provider of integrated vehicle and driver programs in North America. Over 1,800 Cross Country employees serve more than 100 corporate clients and their more than 75 million customers each year. Cross Country Automotive Services is a member of The Cross Country Group, one of the largest privately-held providers of customer service programs in North America.
|
