SARASOTA, Fla., Oct. 7, 2010 (GLOBE NEWSWIRE) -- Resource Exchange of America Corporation (OTCBB:RXAC), a Florida-based recycling company, comments on the recent boom in China's car market.
China's car sales have continued to rise this year, according to figures from the China Association of Automobile Manufacturers. Earlier this year, Toyota announced that sales in China may overtake those in Europe for the first time ever.
"The latest figures from China are certainly encouraging," says Dana Pekas, CEO of RXAC. "It is clear from what is going on in the automotive sector in China that our decision to expand our focus to include the Chinese market was the right one. "
Car sales for August rose over 55% year on year to 1.21 million vehicles, up from 1 million a month earlier, according to figures from China Automotive Technology and Research Center. The increase compared with 17% year-on-year growth in July and 19.4% in June. By contrast, U.S. figures experienced their worst results in 27 years.
"Given the current decline in U.S. sales, we understand the need to look towards global markets to maintain our strategy of continued growth," concludes Dana.
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About Resource Exchange of America Corporation
Resource Exchange of America Corporation is working to become a recycling powerhouse by rolling up companies within asset recovery, processing and brokering of ferrous and nonferrous scrap metal. With its access to deep-water ports, the company will be able to sell the scrap metal to clients domestically as well as abroad. Resource Exchange of America Corporation will bring together the best companies within the recycling industry and elevate them to excellence, drawing on the strengths of the individual companies while combining forces to achieve synergies and be able to tackle the biggest jobs.
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