Intelligent Motor Cars Secures High Profile VP; Parent of Sun Auto Promotes Well Known Sales Manager

    FORT LAUDERDALE, Fla.--Nov. 14, 2002--Intelligent Motor Cars, Inc., the parent company of Sun Auto Leasing & Sales, today announced the promotion of Paul Gellenbeck to Vice President of Sales. "This is an important acquisition for us as Paul is one of the most well-known and well-respected figures in the auto wholesale market in South Florida," said Mike Magolnick, IMC's Chief Operating Officer. "Paul's promotion includes a minimum five-year employment agreement, which is key in light of our move to the public market." Intelligent Motor Cars will be trading publicly before the end of the year. Magolnick also reported that Gellenbeck would serve on the company's board of directors.
    Details of the agreement between IMC and Gellenbeck were not disclosed, however sources inside the company say that his executive compensation package, including stock, could be valued at as much as $10 million over the five-year term. Since joining Intelligent Motor Cars in mid 2001, Paul has been directly responsible for more than $10 million in sales as well as the development and implementation of the company's unique and successful sales strategy.
    Paul has been a leader in the South Florida auto industry since 1988, with a background that includes retail, wholesale and export. Prior to Intelligent Motor Cars, Paul owned his own auto sales company called PJ Auto Sales. During the mid to late 1990s, Paul owned Ride Motors, which was the largest automotive export company servicing Nassau, Bahamas. After selling Ride Motors, Paul ran Xtream Auto Wholesale, managing all aspects of the company's wholesale operations.

    About Intelligent Motor Cars

    Intelligent Motor Cars dba Sun Auto Leasing and Sales is one of South Florida's largest car companies, providing services such as sales, service, reconditioning, financing and more. For the past four years, sales have doubled or better each year and the company plans to report $20 million in revenues for year-end 2002. Projections show the company at $40 million for 2003 and close to double that in 2004. The company has several locations throughout South Florida for retail sales. In addition, the company focuses on wholesale, auction and Internet programs to market and sell vehicles to the financially challenged consumer market.