AutoChina International Limited

(NASDAQ: AUTC)

Investor Presentation – November 2010

November 20102

Forward Looking Statement

Continued compliance with government regulations

Changing legislation or regulatory environments

Requirements or changes affecting the businesses in which the Company is engaged

Industry trends, including factors affecting supply and demand

Labor and personnel relations

Credit risks affecting the Company's revenue and profitability

Changes in the “commercial vehicle” or “heavy truck” industry

The Company’s ability to effectively manage its growth, including implementing effective controls and procedures and attracting andretaining key management and personnel

Changing interpretations of generally accepted accounting principles

Whether the transaction to sell the automobile dealership business is consummated

General economic conditions

Other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission

The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update theinformation contained in this presentation.

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could causeactual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:

November 2010

Company Overview

AutoChina International Limited (AUTC) is China’s largest one-stop commercial vehicle sales, service, leasing, and support network.

As of September 30, the Company had 218 branches, and expects to have at least 275 by the end of 2010.

The Company leased 7,564 commercial vehicles in 2009 and 9,485 commercial vehicles YTD (Sept. 30).

For the year ended December 31, 2009, revenues from commercial vehicle sales, service, leasing, and support (the continuing operation) were $325.5 million, and net income was $15.2 million.

For 2010, the Company believes revenue will be between $600 million and $650 million and net income will be between $42 million and $47 million, with between 12,000 and 13,000 total new vehicles being leased.

Source: Company data

3

Business Overview

Financial Summary

($ in millions, except per share data)

Closing Price as of 10/27/10 $24.70

Diluted Shares Outstanding* 20.1

Market Cap $496.5

Net Debt (06/30/2010) $240.1

Enterprise Value $736.6

2009(1)

2010

Revenue (Midpoint of Guidance) $839.4 $575.0

Net Income (Midpoint of Guidance) 25.0 44.5

EV / Revenue 0.9x 1.3x

PE Multiple 19.8x 11.2x

* Includes employee stock options diluted using treasury stock method.

(1) From Continuing and Discontinued Operations.

November 20104

Sales (continuing operations) of $36.3 million in 2008; $325 million in 2009; $600 million to $650 million projected in 2010

Net income (continuing operations) of $1.2 million in 2008, $15.2 million in 2009; up to $47 million projected in 2010

Mr. Li, the Chairman, CEO, and founder, owns 57% of AutoChina

Entrepreneur with numerous accomplishments

Experienced management team with a strong track record of growth and profitability

635,000 heavy trucks sold in China in 2009, over 1 million forecast for 2010(1)

– ~5x the size of the U.S. market and ~3x the size of the European market

383,000 heavy trucks sold in the first four months of 2010 (up 132% YoY)

Store expansion is the primary driver of new sales

The Company leased 7,564 commercial vehicles in 2009, and expects to lease between 12,000 and 13,000 vehicles in 2010.

Increased number of commercial vehicle sales and leasing branches to 218 since March 2008 launch. Store footprint covers 17 provinces/province-level regions.

Investment Highlights

(1) ACT Research

Attractive Market

High Growth Opportunity

Profitable Business Model

Experienced and Aligned

Leadership

November 2010

Management Team

5

Yong Hui Li - Founder, Chairman, and CEO Born in 1962 and graduated from Tianjin University

Highly accomplished entrepreneur—founder and Chairman of Kaiyuan Group (1994), the parent company consisting of Mr. Li’s holdings in real estate, transportation, and other industries. Founded the first lease-to-buy sales company in Chinese auto industry

Jason Wang - CFO

Possesses over 10 years of experience in finance, capital markets and working with growth companies

Received MBA from the UCLA Anderson School of Management and Bachelor’s degrees from both the Wharton School and the School of Engineering and Applied Science at the University of Pennsylvania

Prior to joining AUTC, served as Director of Research and Analytics at Private Equity Management Group, and also previously worked at QUALCOMM Inc. (NASDAQ: QCOM), where he worked in the venture capital group

Xing Wei - COO COO of AutoChina since September 2008

Former COO of Kaiyuan Real Estate Development Co. and has worked with Mr. Li since 1996

Received Bachelor’s degree in Engineering from Hebei Building Engineering University and Bachelor’s degree in Economics from Hebei University

November 20106

Announces share repurchase program.

The Transformation of AutoChina

March 2008

Commercial Vehicle Sales, Servicing, Leasing and

Support Business launched.

April 2009

Spring Creek

Acquisition Corp.

AutoChina becomes a public company by

merging with the Spring Creek SPAC.

October 2009

Company begins trading on NASDAQ.

June2009

Sale of Automotive Dealership Business

announced for $68.8M.

Partnership with CITIC begins.

March2010

Completed $70M registered direct

offering.

Engaged PWCas independent

Auditors.

July2010

Store expansionreaches Southern China.

Added to RussellGlobal Index.

AutoChina founded with 6 automotive dealerships

primarily located in Northern China’s Hebei province.

Business eventually reaches27 dealerships in size.

2005August2010

Closes on $78M in new bank loans.

November 2010

High Growth Trajectory (Revenue and Net Income)

Source: Company data. 2010 based on the midpoint of issued guidance.

7

Revenue 2008-2010(F) Net Income 2008-2010(F)

(midpoint ofguidance)

(midpoint ofguidance)

$ in 000s $ in 000s

November 2010

$36,298$73,874

$325,454

$322,277

$625,000

$63,036

$201,545

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

2008 6 Mos. 2009 2009 6 Mos. 2010 2010F Q2 2009 Q2 2010

Source: Company data. 2010 based on the midpoint of issued guidance.

8

(midpoint of

guidance)

Revenue 2008-2010(F)$ in 000s

Revenue Breakdown

November 20109

Finance and Insurance Revenues Growing

Q2 2010 Revenue and YoY Comparison

$63,036

$201,545

$0

$50,000

$100,000

$150,000

$200,000

$250,000

US

D in

000s

Finance and insurance

Commercial vehicle

revenue

220% YoY Growth

Q2 2009 Q2 2010 YoY Growth

$1,902 $14,092 640.9%

61,134 187,453 206.6%

Q1-Q2 2010 Revenue and YoY

Comparison

$73,874

$322,277

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

US

D in

000s

Finance and insurance

Commercial vehicle

revenue

336% YoY Growth

Q1-Q2 2009 Q1-Q2 2010 YoY Growth

$2,916 $23,589 709.0%

70,958 298,688 320.9%

November 2010

$1,172$5,493

$15,220

$17,177

$44,500

$3,792

$10,931

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

2008 6 Mos 2009 2009 6 mos. 2010 2010F Q2 2009* Q2 2010Source: Company data. 2010 based on the midpoint of issued guidance.

* Net income for the second and six months of 2009 included income from the Company’s consumer automotive dealership business, which is now classified as a discontinued operation.

10

(midpoint of

guidance)

Net Income 2008-2010(F)$ in 000s

AutoChina Expects Profitability to Accelerate as

Finance and Insurance Revenues Grow

Net Income Breakdown

November 201011

Operational Highlights

18,003 Trucks Sold Since Inception

9,485 commercial vehicles financed YTD, compared to 4,289 in the prior-year period.

105 150 157 180 193 218251

1,507

2,531

3,275

2,506

4,130

2,849

109

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2009 2010

Stores Trucks Sold

The Opportunity

November 201013

U.S. Commercial Truck Classifications

Gross Vehicle Weight Rating(GVWR) Example

Class 8 - The Vehicles AutoChina

Leases

33,001 lbs. <

(15 tonnes <)

Class 7 26,001 – 33,000 lbs.

(11.8 – 15 tonnes)

Class 6 19,501 – 26,000 lbs.

(8.8 – 11.8 tonnes)

Class 5 16,001 – 19,500 lbs.

(7.3 – 8.8 tonnes)

Class 4 14,001 – 16,000 lbs.

(6.4 – 7.3 tonnes)

Class 3 10,001 – 14,000 lbs.

(4.5 – 6.4 tonnes)

Class 2 6,001 – 10,000 lbs.

(2.7 – 4.5 tonnes)

Class 1 0 – 6000 lbs.(0 – 2.7 tonnes)

November 201014

Heavy Trucks: AutoChina’s Current Target Market Segment

635,000 heavy trucks sold in China in 2009

383,000 heavy trucks sold in the first four months of 2010 (up 132% YoY)

Heavy trucks = cargo transporting vehicles / semi- and full-trailer trucks

Short replacement cycle: useful life of heavy trucks in China approx. 3-4 years.

Huge downstream demand, increasing domestic consumption

Heavy truck financing is a highly fragmented market—opportunity for AutoChina to establish itself asa market leader

Customer base predominantly entrepreneurs that carry wide variety of goods– Freight, agricultural products, raw materials

Heavy Truck Sales in China

370,795

236,600307,296

487,500540,448

635,000

> 1,000,000

2004 2005 2006 2007 2008 2009 2010ESource: ACT Research, China Automotive Review, CICC

November 2010

Heavy Trucks: Key Growth Drivers

China’s continued economic advancement

New “charge-by-weight” laws that severely penalize overloaded vehicles will apply to over 90% of highways and provincial roads by the end of 2010

Increase in diesel fuel taxes commenced January 2009

Harmonization of Chinese truck emission rules with those of the U.S. and Europe being introduced in stages between 2010 and 2012

15

November 201016

Increased Interest in China’s Commercial Vehicle Industry

$450,000,000

October 2010

(Joint Venture)

$789,000,000

July 2009

(Minority Stake)

$293,000,000

October 2009

(Joint Venture)

$293,000,000

October 2009

(Joint Venture)

$929,000,000

January 2009

(Joint Venture)

$385,000,000

October 2006

(Joint Venture)

$163,000,000

July 2006

(Joint Venture)

November 2010

The AutoChina Business Model

November 2010

AutoChina’s Business Model: Commercial Vehicle Sales & Leasing Opportunity

Address a Need:

Make commercial vehicle ownership affordable and accessible for owners and

owner-operators

Control Risk:

There are no defined credit rating systems in China

to rely on

Make it Scalable:

Need to be able to dominate a very fragmented market in

order to drive growth

Make it Profitable:

Profitably accomplish all business objectives

18

November 2010

Centralized headquarters

– Planning and analysis

– Control and monitoring

– Checks and balances

Store network– Standardization

– Wide reach, local presence

– Customer support network

Customer Focus– Our customers’ success is

the key to our success

AutoChina Business ModelAutoChina HQ

Growing Network of 218 Stores

ER

P

Sys

tem

Dir

ec

t

Cu

sto

me

r

Inte

rac

tio

n

19

November 2010

20

Long-haul truck owner / owner-operator

Individual entrepreneur(s)

Located in rural China

May operate vehicle in shifts

Typical Goods Transported

Agricultural Goods Building MaterialsRaw Materials

AutoChina Customer Profile

AutoChina empowers these individuals to “be their own boss” by offering affordable financing and support options.

20

November 2010

One-Stop Provider for Truck Owners and Owner-Operators

Our goal is to enable our customers to be successful and profitable.

Registration Licensing Permitting Insurance

Administrative ServicesStore Support Network

GPS Based Location Tracking

Tire Financing Diesel FinancingFuture Value Added Services

Insurance Financing

Financing Services

+ Optional Value-Added Services

Vehicle Financing

21

November 2010

22

Store Network

AutoChina store presence

Map Legend:

Headquarters

218 stores covering 17 provinces and province-level regions

9 new provinces and province-level regions added in Q2 2010

Goal: Cover China by end of 2013

22

November 201023

Franchise-like Market Penetration Strategy

Company-owned, virtually identical, and inexpensive

Employees trained, low skill-set required, extensive SOPs

Effectively target local customer demographic

Highly scalable, located in rural areas

– Costs less than $10,000 USD to open a new store

– Stores hold no inventory

November 201024

Attractive Lease-to-Own Structure that Manages Risk

Local store responsible for initial screening of new customers

– If this screening is successful, formal application is made

Corporate HQ must give final approval for all new customer

– Approximately 50% of these formal applicants are rejected

Minimum initial payment from first-time customers is 25%

(historical overall avg. > 30%)

– Customer has a significant vested interest

Holds no inventory—trucks purchased only after deposits made

26-month lease-to-own structure

CITIC acts as middleman

Customers generally realize over 20% profit margin per vehicle

Value-added services are bundled

AutoChina is the legal owner of the vehicle during the lease. At the end of the lease, title transfers freely to the customer

Should any problems arise, AutoChina owns the vehicle, so it can easily be taken back and sold

AutoChina Retains Ownership of Vehicle

Affordable Lease Payments

Down Payment

Approval and Screening Process

November 201025

Utilize Sophisticated Technology

The location of each vehicle is tracked using an advanced GPS tracking system

– AutoChina customers log on average 90,000 miles per year

Since AutoChina is the legally registered owner of the vehicle during the lease, vehicles can easily be found and repossessed if there is a problem

Since inception through Q2 2010 (over 15,000 leases), just 23 defaults

BeijingShijiazhuang

Map Detail Area

CHINA

November 2010

Sample Lease Economics

A $40,000 truck may cost AutoChina $38,000 to procure (5% gross margin)

Total dollar return of $48,000 in 26 months or 26% total return

Opportunity to earn more as value added services are added to the mix (Example: Tires, Diesel, Insurance financing)

26

COGS $38,000

Initial Payment

$11,400

Lease

Payments

$34,600

GPS $1,000

Insurance

$1,000

Investment Return

TOTAL

$48,000

or

126% Other Value-Added Svcs

Example:

November 2010

Sample Lease Economics

We essentially only finance the amount net of the initial payment ($26,600 in this example)

Total dollar return of $36,600 in 26 months or 38% total return (~19% per year)

Actual IRR is higher due to front-loaded payment schedule

Opportunity to earn more as value added services are added to the mix (Example: Tires, Diesel, Insurance financing)

27

COGS $26,600

Lease

Payments

$34,600

GPS $1,000

Insurance

$1,000

Investment Return

TOTAL

$36,600

or

138% Other Value-Added Svcs

Example (Net of Initial Payment):

November 201028

Summary Financial Results – Second Quarter

2010 Q2 Results

Q2 2010(unaudited)

Q2 2009(unaudited)

Total Revenues $201,545 $63,036

Gross Profit 23,098 4,795

Income (loss) from Operations 18,050 3,296

Net Income $10,931 $3,792

Net Income per diluted share $0.54 $0.38

Adjusted EBITDA $19,015 $8,658

(in USD thousands, except EPS)

November 201029

Summary Balance Sheet

Balance Sheet Highlights

6/30/2010(unaudited)

12/31/2009

Total Cash (including restricted) $51,110 $49,218

Working Capital 55,193 13,731

Total Debt 291,190 164,759

Net Debt (debt – cash) 240,080 115,541

Book Value 203,501 107,275

(in USD thousands, except share numbers and EPS)

Company recently closed bank facilities totaling $78.0 million

November 201030

AutoChina’s Commercial Vehicle Sales and Leasing segment is well positioned to be the dominant player in a fragmented market

– Company expects to lease between 12,000 and 13,000 vehicles in 2010

– Operate at least 275 stores by the end of 2010

Capital-efficient business model with rapid expansion possibilities

Business transformation leading to increased profitability

Accomplished and motivated management team

30

Investment Highlights

A Unique Opportunity to Invest in the Growing Chinese Auto Market

Appendix

November 2010

Earnout Summary

• 2009 EBITDA = $34.1 Million– 2010 90% EBITDA Growth Target = $64.9 Million

32

% of AutoChina Issued and Outstanding Ordinary Shares to be Issued

FY ending 12/31 G > 30% G > 40% G > 50% G > 60% G > 70% G > 80% G > 90%

2009 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0%

2010 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0%

2011 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0%

2012 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0%

2013 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0%

G = EBITDA Growth

November 2010

AutoChina Ownership Summary

33

Type Common Stock Held %

Insiders 13,258,338 67.4%

Secondary Offering 2,000,000 10.2%

Other Float 4,421,528 22.5%

Total 19,679,866 100.0%

Holder Common Stock Held % of Shares OutstandingYong, Hui Li 11,209,706 57.0%Sha, Cheng-Jee 1,295,157 6.6%Liu, Chia-Huei 418,126 2.1%Yu, Tsu-Cheng 258,750 1.3%

Top Holders

Ownership Summary

November 201034

Manufacturer China FAW Group Corporation

Beiqi Foton Motor Co., Ltd.(Auman Brand)

Shaanxi Automobile Group Co., Ltd.

China National Heavy Duty Truck Group Corp.

DongFeng Motor Corporation

Approximate Retail Price $38,000 $37,000 $37,000 $54,000 $37,000

Engine •6 cylinder in-line turbodiesel

•310hp

•58mph top speed

• 6 cylinder in-line turbodiesel

• 296hp

• 53mph top speed

• 6 cylinder in-line turbodiesel

• 290hp

• 62mph

• 6 cylinder in-line turbodiesel

• 335hp

• 62mph

• 6 cylinder in-line turbodiesel

• 310hp

• 60mph

Curb Weight 19,800 lbs. 18,750 lbs. 17,650 lbs. 33,000 lbs. 18,100 lbs.

GVWR(Gross Vehicle Weight Rating)

103,700 lbs.

(Class 8)

102,600 lbs.

(Class 8)

101,500 lbs.

(Class 8)

68,400 lbs.

(Class 8)

97,000 lbs.

(Class 8)

Model Number CA4252P21K2T1A BJ4253SNFJB-S SX4255TR279 ZZ3317N3867C1 DFL4240A2

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