Associated Automotive Group Opens Ft. Lauderdale Dealership

FORT LAUDERDALE, Fla., July 1 Associated Automotive Group Incorporated, a holding corporation which was formed to own and operate various highline and exotic car dealerships, accessory and other automotive businesses throughout the United States, announced today that it has opened its third highline automobile dealership, in Fort Lauderdale, FL.

The dealership carries the trade name, Motorcars Auto Group of Fort Lauderdale, the same name as AAGI's well established, flagship highline auto dealership in Delray Beach, FL, Motorcars of South Florida. The location, 1301 East Sunrise Blvd. in Fort Lauderdale, was the previous site of a Rolls Royce and Bentley new car dealership. The stylishly-finished 6500 square foot auto showroom sits on 1/2 acre of property situated in one of the most prolific areas in South Florida for highline auto dealerships. Within a 1/2 mile radius of the new location is Rolls Royce, Jaguar and Mercedes Benz new car dealerships as well as The New Auto Toy Store.

Commenting on the announcement, David Jacoby, Vice President of AAGI, commented, "We believe there is a significant opportunity to become a dominant highline automotive dealer in Florida and the New York tri-state area, two of the most robust highline markets in the US. We plan to aggressively expand from our well-established bases in Delray Beach, FL and Hasbrook Heights, NJ, both organically and through acquisition, into other areas in Florida and New York that are demographically desirable for highline autos. We expect the new Fort Lauderdale location to be at an annual revenue run-rate in excess of $40 million within 18 months of its opening."

Separately, AAGI has terminated its previously announced letter of intent to acquire Bache Leasing Corp. ("Bache") as Bache has not been able to secure an extension of its real property lease. Bache has only 13 months remaining on its existing lease. Should Bache secure such a lease extension, negotiations may recommence.

About Associated Automotive Group Incorporated

AAGI (www.associatedautomotive.com) was formed to own and operate various highline and exotic car dealerships, accessory and other automotive businesses throughout the United States. AAGI operates through its wholly owned subsidiaries, Motorcars of South Florida, Inc., (www.motorcarsofsouthflorida.com) and C&K Auto Imports, Inc. (www.ckautos.com), leading retail and wholesale highline and exotic car dealership operations. AAGI's strategy is to become the first national operator of retail highline auto dealerships complete with financing facilities and associated services. AAGI plans to attain a national footprint through strategic acquisition of dealerships as well as organic expansion of its existing operations. Its business plan contemplates it will acquire or open several additional highline dealerships in 2002 and 2003. To find out more about Associated Automotive Group www.ysar.com/aagi/home.asp.