South Korea’s National Carrier, Korean Air, Creates New Customer Experience with CyberSource Payment Services

– Korean Air develops new Passenger Service System (PSS) that simplifies and secures bookings for customers in 45 countries

– New PSS system is powered by CyberSource global payment and fraud management capabilities to improve customer experience and manage fraud risks

SINGAPORE, March 19, 2015 /PRNewswire/ — CyberSource, a Visa Inc. company (NYSE: V), and one of the world’s largest providers of eCommerce payment management services, today announced a strategic partnership with Korean Air, South Korea’s national carrier and largest airline, to provide secure online payment acceptance capabilities and enhance the overall customer experience.

Korean Air is ranked among the top 20 airlines[1] in the world in terms of the number of passengers carried, and its passenger and cargo divisions currently serve 126 cities in 45 countries around the world. The airline’s focus on growth and quality service has garnered it industry recognition in recent years with a string of accolades, including the “World’s Most Innovative Airline” from the 2012 World Travel Awards. As part of its drive to improve customer satisfaction, the airline is currently in the process of developing a new Passenger Service System (PSS), which will constitute a Global Payment System, a system to integrate all payment and acquiring services. With CyberSource’s global payment gateway solution, Korean Air will be able to securely accept a wide range of payment methods, including debit and credit cards and alternative payments across its sales channels.

Korean Air believes that the implementation of its new Global Payment System, complemented with CyberSource’s solutions and expertise, will allow the company to take its customers’ experience to the next level. The company is confident that its partnership with CyberSource will address the diverse payment preferences of its customers, who come from 45 countries around the world.

The payment solution will be further enhanced with Decision Manager, CyberSource’s fraud management solution, featuring the World’s Largest Fraud Detection Radar. With insights derived from over 60 billion transactions processed annually by Visa and CyberSource, as well as supplemented by over 260 real-time global validation tests, Decision Manager will enable Korean Air to automatically screen more inbound orders faster, with increased accuracy.

“The online travel industry is global in nature and customers have high expectations on airlines and travel providers in terms of payment security and overall experience. CyberSource believes payment management is a key enabler of airline differentiation and is proud to work with an established airline company like Korean Air to help the carrier achieve its business objectives towards global expansion,” said Poon Khye Wei, Senior Regional Director, Greater China and Korea, CyberSource.

Iain Jamieson, Country Manager, Korea & Mongolia, Visa, believes that this partnership is in line with the South Korean government’s drive to enhance the eCommerce sector through various laws and regulations, including those covering consumer protection and electronic payments.

Flyer Preferences: Savings Matter More Than Movies, Meals In APAC

Expedia’s 2015 LCC Airline Index Reveals Asia-Pacific Travellers’ Attitudes Towards Low Cost Carriers; Asia-Pacific Travellers More Likely to Give Up Bathroom Privileges Than Carry-on Luggage

SINGAPORE, March 16, 2015 /PRNewswire/ — Today the Expedia group’s Global Tour & Transport team released the latest results of its Low Cost Carrier (LCC) Airline Index, a study conducted by Northstar that examined Asia-Pacific travellers’ attitudes towards LCCs. Spurred by LCC growth, supply in Asia-Pacific is expected to increase by 9.5% year-on-year during March 2015*, great news for the 94% of travellers willing to sacrifice perks to save money, according to the study.

Logo – http://photos.prnewswire.com/prnh/20150123/170969LOGO

The Expedia 2015 Asia-Pacific LCC Airline Index polled approximately 3,200 travellers in Australia, New Zealand, Japan, South Korea, Hong Kong, India, Malaysia, Philippines, Singapore, Thailand and Taiwan, expanding on Expedia’s 2014 Western European LCC Airline Index studying the tradeoffs between fares and frills. The survey examined perceptions regarding customer service and perks between LCCs and traditional carriers and asked about which sacrifices travellers were most willing to make to save money. What factors were travellers most likely to consider in choosing an LLC? And what do travellers do with the savings? According to the study, the most important deciding factor when choosing a carrier is the airline’s safety track record.

Men are slightly more willing to sacrifice amenities such as pillows and blankets, free checked luggage and bathroom privileges to save on fares. In addition to gender, younger fliers (under 35) believe giving up legroom and carry-on luggage makes the most sense versus fliers that are 55+ and willing to forgo full-meal service to keep fuller pockets.

No Movies Needed

More than half (56%) of Asia-Pacific travellers were willing to give up in-flight entertainment to save money, followed closely by full meal service (49%) and pillows and blankets (48%). Travellers in Asia-Pacific ranked legroom, bathroom privileges and carry-on items as the amenities they would be least likely to give up to save money.

In-flight Entertainment

56%

Full Meal Service

49%

Pillows and Blankets

48%

Snacks and Beverages

47%

Ability to Choose Seat in Advance

44%

Free Checked Luggage

22%

Legroom

21%

Bathroom Privileges

19%

Carry-on Luggage

17%

To Go or Not to Go

The complete list shows that travellers in Asia-Pacific rank their carry-ons as more important than bathroom privileges. Those deeming toilet time least important were Malaysian travellers, with nearly half (47%) saying they would give up an airplane bathroom to save. Travellers in Japan placed the highest priority on bathroom privileges, with only 2% willing to sacrifice them to save money.

Asia-Pacific fliers (76%) are willing to accept a slightly lower level of customer service from an airline to save money. Travellers in Thailand were most agreeable to this tradeoff (93%), followed closely by those in Hong Kong (91%). Travellers in the Philippines are least likely to sacrifice service to save (56%), with travellers from India not far behind (59%).

Shorter is Better

It’s not just legroom that matters – flight length is also important to Asia-Pacific fliers, with most willing to consider a LCC for a weekend getaway (51%). Asia-Pacific travellers are least likely to choose LCCs for long-haul (6+ hours) and honeymoon flights. Slightly more than a third of those surveyed would consider a LCC for a flight up to 3 hours. For a flight approaching five hours that figure drops to 23%, and tumbles to 7% for a flight up to eight hours long. Only 1% of study participants would fly a LCC up to 16 hours. Younger fliers expressed more willingness to fly longer on a LCC, with 35% of fliers under 35 willing to fly more than three hours, versus 27% among those 55 and older.

Trading Air Savings for Hotel Splurges

Almost half (46%) of Asia-Pacific travellers agree when booking a flight on a LCC they spend more money on a hotel. This is particularly true among travellers from Taiwan (71%) and Thailand (62%), as well as those under the age of 35 (53%). Across Asia-Pacific, Malaysian travellers were the most likely to use LCCs.

The study found that Asia-Pacific travellers are well-educated on ways to save, with one-third (32%) of those surveyed reporting that they often or always book their hotel and flight together as a package booking. This is most common among travellers in Taiwan (53%) and South Korea (45%). Another study by Expedia on airline pricing trends showed that travellers booking flights and hotel or car together can save up to $540 USD across all destinations.

For country specific results of the Expedia 2015 Asia-Pacific LCC Airline Index, click here.

About the Study

This study was conducted on behalf of Expedia by Northstar, a globally integrated strategic insights consulting firm. The study was conducted among 3,263 adults aged 18 years of age and older in Australia, New Zealand, Japan, South Korea, Hong Kong, India, Malaysia, Philippines, Singapore, Thailand and Taiwan who have flown in the past two years. Surveys were completed online from February 13 to 22, 2015 using the Kantar-owned GMI (Global Market Insite) and Lightspeed Research amalgamated group of panels. Sampling quotas and weighting were used to ensure the sample is representative of the APAC countries represented in terms of age and gender. Assuming a probability sample, the margin of error would be +/-1.7 percentage points, 19 times out of 20.

About the Expedia group

Expedia, Inc. (NASDAQ: EXPE) is one of the world’s largest travel companies, with an extensive brand portfolio that includes leading online travel brands, such as:

  • Expedia.com®, the world’s largest full service online travel agency with localized sites in 31 countries
  • Hotels.com®, the hotel specialist with localized sites in more than 60 countries
  • Hotwire®, a leading discount travel site that offers opaque deals in 12 countries throughout North America, Europe and Asia
  • Travelocity®, a pioneer in online travel and a leading online travel agency in the US and Canada
  • Egencia®, the world’s fifth largest corporate travel management company
  • eLong™, a leading mobile and online travel service provider in China
  • Venere.com™, an online hotel reservation specialist in Europe
  • trivago®, a leading online hotel metasearch company with sites in 49 countries
  • Wotif Group, a leading operator of travel brands in the Asia-Pacific region, including Wotif.com®, lastminute.com.au®, travel.com.au, Asia Web Direct®, LateStays.com, GoDo.com.au and Arnold Travel Technology
  • Expedia Local Expert®, a provider of online and in-market concierge services, activities, experiences and ground transportation in hundreds of destinations worldwide
  • Classic Vacations®, a top luxury travel specialist
  • Expedia® CruiseShipCenters®, a provider of exceptional value and expert advice for travellers booking cruises and vacations through its network of 180 franchise locations across North America
  • CarRentals.com™, the premier car rental booking company on the web

The company delivers consumers value in leisure and business travel, drives incremental demand and direct bookings to travel suppliers, and provides advertisers the opportunity to reach a highly valuable audience of in-market consumers through Expedia® Media Solutions. Expedia also powers bookings for some of the world’s leading airlines and hotels, top consumer brands, high traffic websites, and thousands of active affiliates through Expedia® Affiliate Network. For corporate and industry news and views, visit us at www.expediainc.com or follow us on Twitter @expediainc.

About Expedia Global Tour & Transport

The Expedia group Global Tour & Transport team supports global, integrated strategies for air, car, package, rail, cruise and insurance products for Expedia, Travelocity, Wotif Group, Hotwire and Expedia CruiseShipCenters. In addition, the team manages Expedia’s relationships with 400+ airlines and connectivity partners, and dozens of car rental companies and cruise lines helping them efficiently reach the 60+ million consumers shopping within Expedia’s trusted travel brand portfolio.

About Northstar

Northstar is a strategic marketing insights and consulting firm that aligns leading edge, customized research techniques and cultural context with proprietary and proven strategic marketing frameworks and models to drive insights to impact. Northstar’s suite of services relate to the most critical elements of brand, customer and marketing strategy, with sector expertise in travel and tourism, retail, automotive, CPG, food & beverage, financial services, pharma / health care, transportation and fashion / luxury. For more information, please go to www.northstarhub.com.

Trademarks and logos are the property of their respective owners. © 2015 Expedia, Inc. All rights reserved. CST: 2029030-50

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Baird Capital Leads Investment in Shanghai-Based Used Car Auction Platform

SHANGHAI, March 9, 2015 /PRNewswire/ — Baird Capital announced today that its China Growth Equity team has entered into agreement to lead a Series A financing round in Carsing, a Shanghai-based used car auction platform. The capital will support Carsing’s expansion to serve China’s automotive market, the largest and fastest-growing in the world. Terms of the deal, which is subject to standard registration and pre-closing conditions, were not disclosed. FLAG Squadron Capital and Delta Capital also participated in this financing round.

Carsing was founded in 2009 by Lin Zhe, a seasoned entrepreneur with deep experience in the Chinese automotive market. The company, which currently has 15 locations in Shanghai and Shenzhen, aims to improve consumers’ experiences when selling used vehicles by providing inspection services and facilitating transactions to automobile dealers through wireless mobile auctions. Through this financing, the investors will leverage their knowledge of the Chinese market to help grow Carsing’s domestic footprint.

“The Chinese automotive market is a rapidly expanding opportunity and Carsing has pioneered a unique business model,” said Yongshan Zhang, Principal with Baird Capital’s China Growth Equity team. “We found Carsing’s service model answers a critical demand in the supply side of the market, and its experienced leadership and solid track records are an excellent combination. We are excited to partner with the company to drive further business growth.”

“We’ve monitored Carsing’s growth for a couple years,” said Greg Ye, Partner with Delta Capital. “Carsing has established a clear leadership position in Shanghai and successfully expanded to Shenzhen in 2014. We believe Carsing is properly poised for further national expansion with this round of financing.”

“The used car landscape in China today is hindered by information asymmetry and inefficient distribution channels,” said Zhe, Founder and CEO of Carsing. “We strive to bring transparency and order to the market through disintermediation and rigorous transaction rules. This year we plan to grow to at least 9 cities by opening 30 stores, and continue to provide the best experience for our customers.”

About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Baird Capital’s China-based growth equity team provides capital to companies with substantial operations and opportunities in China. Baird Capital leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in Asia, a pro-active portfolio operations team and a deep network of relationships which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visitwww.BairdCapital.com.

About FLAG Squadron Capital
FLAG Squadron Capital Management is an independent private capital solutions provider with $4.7 billion of assets under management. Founded in 1994, FLAG offers a diverse platform of investment options that spans venture capital, private equity, and real assets, as well as customizable fund administration and reporting services. FLAG is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. For more information, see http://www.flagcapital.com.

About Delta Capital
Delta Capital is a leading growth equity investment firm in China, specializing in early growth equity investments in consumer and technology sectors. Founded in 2010 by several industry veterans, Delta has raised and managed two RMB funds and one USD fund. With an experienced team combining decades of investment and executive management experience in China, Delta can provide entrepreneurs not just growth capital, but also significant strategic and operational help. Delta was named a Top 20 Domestic VC Firm by Zero2IPO and The Best Growth Equity Investor by ChinaVenture in 2014. For more information, please visit: http://www.delta-capital.cn.

China’s Largest Used Car E-business Cheyipai Receives $110 Million in Financing

BEIJING, March 2, 2015 /PR Newswire/ — China’s largest used car e-business trading platform Cheyipai announced that it has completed a new round of financing valued at $110 million. Renren Inc. (NYSE: RENN) was the lead investor of this D-round financing with secondary investors Sequoia Capital, Matrix China, Morningside Ventures and CITIC Capital. The sole financial adviser was Hina Group.

Founded in 2006, Cheyipai has now become China’s used car trading platform with the largest number of transactions. With a strong technical foundation and an expansive nationwide car dealer network, Cheyipai has created a unique service capable of being able to “sell a used car anywhere across the country within 15 minutes,” providing used car owners with quick and efficient platform for getting their car sold. By the end of 2014, more than 500,000 used car sale transactions had taken place on the Cheyipai platform.

Cheyipai has created a new ecosystem based on applying the online to offline (O2O) model to the sale of used cars. Leveraging the “268V” inspection technology which is proprietary to Cheyipai, the used car platform has trained and continues to train the inspection team through its “268V” inspection institute. So far, Cheyipai has built an 800 person-strong inspection team deployed throughout the country, able to provide designated location and on-site testing services to potential used car owners. During 2014, Cheyipai developed a technology-based solution for the used car industry and aggressively expanded its service network across the country. Cheyipai has now built four operation centers strategically located across the country to maximize geographical reach and set up dozens of secondary service centers as well as established a sales network covering more than 300 cities nationwide.

Cheyipai plans to further strengthen its offline services throughout the country by continually recruiting new inspectors and improve the training provided to all inspectors in an ongoing move to constantly perfect its inspection and after sales services. The company also plans to strengthen professional cooperation at all levels across the industry. The goal of Cheyipai is to make sure that there is no used car in China remains unsold and make it easier for anyone and everyone who wants to own a car to be able to achieve that dream, said Yang Xuejian, CEO of Cheyipai.

Review of Cheyipai Financing:

  • Round-A financing, 2011, amount of financing: $5 million investor: Morningside Ventures.
  • Round-B financing, March, 2013, amount of financing: $20 million investor: Matrix China.
  • Round-C financing, Feb. 14, 2014, amount of financing: over $50 million investor: led by Sequoia Capital with secondary investors Matrix China and CITIC Capital.

Wen Xin
Tel: +86-186-0132-0766
Email: wenxin@cheyipai.com

Photo – http://photos.prnewswire.com/prnh/20150209/174217

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chinas-largest-used-car-e-business-cheyipai-receives-110-million-in-financing-300043379.html

eDreams, the Largest Distributor of Online Flights in the World, Arrives in Japan

BARCELONA, Spain, Feb. 16, 2015 /PRNewswire/ —

The online travel agency offers flights from more than 440 operators, with more than 150,000 different combinations and more than 550,000 hotels in 40,000 destinations

eDreams, the largest distributor of online flights in the world, has chosen Japan to continue its process of international expansion. Starting this January, the company, which is the largest online travel agency in Europe and the fifth-largest worldwide (as well as being Europe’s largest e-commerce company) will offer flights from more than 440 aircraft operators, with over 150,000 different combinations and over 550,000 hotels in 40,000 destinations, plus car rentals, for Japanese travellers.

(Logo: http://photos.prnewswire.com/prnh/20150216/730963)

The company’s aim is clear: to achieve the leading position in Japan, just as it currently has in Europe, thereby covering an international presence in a total of forty-four countries around the world. To do this, eDreams has focused all its efforts on adapting its range of services to the tastes and needs of the Japanese market, from the language to the currency, through a wide range of domestic and low-cost flights. All of this, while keeping its prices and customer service at the same level, which has allowed eDreams to achieve one of the highest rates of customer satisfaction and repetition. Additionally, the company has a dedicated, local team in Spain with different profiles for marketing and call centre, among others.

The Director of Business Development at eDreams, Pablo de Porcioles, emphasizes that “although price is the main reason why our over 15 million customers worldwide first used our service, eDreams’ levels of quality and service have always managed to exceed their expectations, making clients faithful to the company, and turning the company into the clients’ traveling companion.” And the quality of pre- and post-sales service is highly valued by customers. That’s why the expert team of eDreams agents helps users to have an unparalleled travel experience, and why millions of euros a year are invested in technology that facilitates the process of searching, booking, payment, billing and post-sale control.

With these services, Porcioles acknowledges that “we hope that, in the not-too-distant future, Japan will be the largest travel market in the region. For this to happen, we have created competitive content that is able to successfully meet the demands of this market.” Porcioles notes that “eDreams has a wide range of airlines that will allow it to compete, both in regard to international flights, as well as domestic flights and low-cost, with key players of the moment.”

In recent years, according to JETRO (Japan External Trade Organization), both international and domestic flights have grown significantly in Japan. The first, accounting for 20% of the total, has grown by over 20% since 2004. Meanwhile, domestic flights, which account for 80% of flights, have increased almost 11%. In addition, there is ample room for growth in the segment of low-cost airlines, which are relatively new to the Japanese market.

With this release, eDreams, the online travel agency, continues to work on one of its key pillars, internationalization as the basis of its success. This comes after having expanded to ten new countries in 2012, to Greece and the Netherlands in 2013, and to Russia last June. These are operations that have allowed the company to geographically diversify its business and position itself as an attractive option for users on five continents thanks to its combination of supply, price and service.

About eDreams: 

eDreams (http://www.edreams.es) is one of the main online travel agencies in Europe. The business serves clients in Spain, Italy, France, Portugal, Germany, the United Kingdom, Australia, Brazil, Canada, Mexico, Chile, India, Peru, Venezuela, Argentina, Colombia, Switzerland, Turkey, the United States, Singapore, the United Arab Emirates, Hong Kong, South Africa, New Zealand, Indonesia, the Philippines, Egypt, Morocco, Thailand, Greece, the Netherlands, Russia and the global English-speaking market. eDreams has registered one of the largest rates of growth in the European market for Internet travel sales. The company has a wide selection of flights, hotels, flights with hotels, and other products, and are available for its clients through all the major reservation systems that operate the latest technologies for prices and searches.

Didi Dache Appoints Jean Liu as President

BEIJING, Feb. 5, 2015 /PRNewswire/ — On February 4, 2015, China’s largest mobile-based transportation platform Didi Dache announced that it has appointed its COO Jean Liu as President, who will be in charge of Didi’s general operations. The appointment marks a new era for Didi with two leaders, Cheng Wei as the Company’s Founder, Chairman of the Board and CEO, and Jean Liu as the Company’s President.

Didi Dache's new President, Jean Liu, previously a Managing Director of Goldman Sachs' Principal Investment Area in Asia

Didi Dache’s new President, Jean Liu, previously a Managing Director of Goldman Sachs’ Principal Investment Area in Asia

Didi Dache is China’s largest mobile-based transportation platform with more than 70% market share. Based on its latest round of funding, Didi Dache was valued at more than $3.5 billion. In 2014, Didi Dache launched Didi Black, an executive transportation service,  on top of its taxi business and the number of employees increased from 100 to 2,000. Currently, the daily volume of completed requests on Didi’s platform exceeds multiple millions, which is higher than the globally combined completed requests on Uber.

Jean Liu, previously a Managing Director of Goldman Sachs’ Principle Investment Area in Asia, joined Didi Dache as COO in August 2014 and led the Company’s new business Didi Black, PR and branding, government relations, as well as human resources.

Cheng Wei, Founder of Didi Dache, said, “We welcome more world-class talents to join us as we continue to build a world-class enterprise. Jean Liu is the very person with the talent that we are looking for. During Jean’s first half year in Didi, she completed Didi’s biggest round of funding of $700 million, and led Didi Black, PR and GR teams to a new level. Jean Liu is an honest and sincere person, who has quickly become a great member of Didi and is loved by everyone.”

Jean Liu added, Thanks to all Didi fellows, especially the trust from Cheng Wei and his support during my first half year in Didi. As China’s largest mobile-based transportation platform, we have the dream to transform the way people communicate and offer high quality, efficient and affordable options of commuting to people around the world. We will do even better in 2015 and we will never stop the pursuit for our dreams.”

Logo – http://photos.prnasia.com/prnh/20141017/0861407513-a
Photo – http://photos.prnasia.com/prnh/20150205/0861500928

LightInTheBox Opens First North American Fulfillment Center

BEIJING, February 4, 2015 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a global online retail company that delivers products directly to consumers around the world, today announced that it officially opened its first self-operating North American fulfillment center in Reno, Nevada on January 28, 2015.

Located adjacent to Reno-Tahoe International Airport, the facility will provide fulfillment and return services for orders across the United States and further all over North America.

LightInTheBox started the North American Fulfillment Center project late 2014 in collaboration with the Company’s technical team in Seattle, which helped with the preliminary site selection and renovation, and currently providing full dimension of technical and operational support on the Company’s global order processing and inventory management. This effort is part of the company’s strategy of establishing leadership in global ecommerce fulfillment and logistic planning. The company opened its self-operating European fulfillment center in early 2014.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “Last year we were very glad to see significant increase of customer satisfaction with the addition of our European fulfillment center. After months of hard work, we were excited to deliver the very first package from our first self-operating global fulfillment center in North America on January 28th. The facility will be increasingly responsible for shipping and return services in the United States, and more broadly, it represents the execution of an important component of our strategy of providing localized services globally, in order to improve logistical efficiency and enhance customer satisfaction.”

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com and other websites and mobile applications, which are available in 27 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

LightInTheBox
Ms. Iris Wang
Tel: +86(10)5692 0099
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lightinthebox-opens-first-north-american-fulfillment-center-300030680.html

Proto Launches Web Portal Site “GooAUTO” to Link Used Car Exporters in Japan with Overseas Buyers

NAGOYA, Japan, January 20, 2015 /PRNewswire/ — New Web Portal Site Supports Disclosure of Vehicle Quality Information and Escrow Services to Promote Transactions between Sellers and Buyers -Proto Corporation announced on January 20 that it will start offering “GooAUTO (http://www.gooauto.com)” as a web portal site for exporting used cars from January 20, 2015.

“GooAUTO” offers the “disclosure of vehicle quality information” and “secure escrow service” as supplementary services, which will provide a venue for used car exporters in Japan (sellers) and overseas buyers (buyers) to do business smoothly.

Characteristics of GooAUTO

  1. “GooAUTO QUALITY INFORMATION”
    Quality information on motor vehicles will be provided with photos and descriptions of necessary parts of each vehicle so that overseas buyers can easily identify the vehicle’s condition.
  2. Global PayHUB
    Safe and secure transactions will be provided by utilizing escrow services which include “secure payment” by financial institutions, “marine insurance” and “arrangement of international shipping for documents required.”
  3. Global Standards for used car exports
    The initial target focuses on the New Zealand market which has strict regulations for compliance standards before expanding our operations to other countries with similarly tough standards.

GooAUTO QUALITY INFORMATION

Vehicles with disclosed quality information will have a “GooAUTO QUALITY INFORMATION” sticker to differentiate from other vehicles.

(Image: http://prw.kyodonews.jp/prwfile/release/M102910/201501156893/_prw_OI1fl_g0dP712M.jpg)

About Proto Corporation

Company name: Proto Corporation
President: Kenji Kamiya
Head Office: 23-14, Aoi 1-chome, Naka Ward, Nagoya, Aichi Prefecture 460-0006, Japan
Business Description: Provider of the automobile information on new and used cars, car parts as well as on daily life and related services.
Founded: October, 1977
Established: June, 1979
URL: http://www.proto-g.co.jp/

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/proto-launches-web-portal-site-gooauto-to-link-used-car-exporters-in-japan-with-overseas-buyers-300022687.html