CHAMCO AUTO Announces 11 Dealer Investors Commit to ZXAUTO NA
PARSIPPANY, N.J. – Eleven American dealer investors have invested in and become joint venture partners with ZX Automobile Company of North America, Inc. (ZXAUTO NA), a wholly-owned subsidiary of China America Cooperative Automotive, Inc. (CHAMCO AUTO).
CHAMCO AUTO is a New Jersey-based management-holding corporation whose mission is to become the first company to import and distribute cars, pickup trucks, SUVs, and other vehicles produced by Chinese manufacturers into North America. Once ZXAUTO NA receives all necessary state and federal approvals, dealer investors are expected to become ZXAUTO NA’s exclusive representatives covering large portions of Maryland, Pennsylvania, Ohio, Florida, New York, Vermont, and Colorado.
“The company has allocated only 100 membership units for investment and 20 are now spoken for, so they’re going fast,” said Bill Pollack, CHAMCO AUTO’s executive vice president of strategic planning and marketing.
In early 2006, Hebei Zhongxing Automobile Company, Ltd. (ZXAUTO), located in Baoding, Hebei, China, executed an exclusive importation and distribution contract with ZXAUTO NA to sell its vehicles throughout North America. CHAMCO AUTO is currently assisting ZXAUTO to homologate vehicles to provide quality, fuel efficiency, and economic value.