Intelligent Motor Cars 3Q and Year End Report

FORT LAUDERDALE, Fla.--Nov. 2, 20031, 2003--Intelligent Motor Cars Group, Inc. (OTCBB:IMCG), today reported on the company's financial standing and projection for the year end.

Excerpt from today's executive manager meeting, Mike Magolnick, the Company's Chief Operating Officer reported the following: "When we became a reporting company early in 2003, we projected that the year would be spent building and executing our business strategy, which included a migration from our primary business being wholesale sales to retail sales. In the third quarter of this year, we achieved a significant goal by opening our first big retail dealership. Original projections showed the dealership selling an average of 30 vehicles per month; however actual sales in September were 49 vehicles sold, in October actual sales were 67 vehicles sold and in November, we just revised our projection up to a potential 85 vehicle sales."

When asked about the Company's financial position and year end, Mr. Magolnick reported: "The Company has spent a lot of money this year on two major initiatives. One - to become a public reporting company we spent close to a million dollars when all was said and done. This obviously took a great deal of working capital off the table, but when all was said and done, it was certainly worth it. Two - to migrate from wholesale as a primary business to retail. This migration was a huge success for the Company. The positive revenue and net profit results from the retail side will greatly offset our anticipated losses this year. In fact, we expect that at the end of November, we will be about six months ahead of our original projections in terms of sales and retail customer base."

Although no direct comments were made in regards to the Company's expansion and acquisition plans, Magolnick did report that the Company is still on track to expand under its original strategy.

About Intelligent Motor Cars

Intelligent Motor Cars, Inc. d/b/a Sun Auto Leasing and Sales, is a diverse South Florida car company, which provides, among other services, sales, service, reconditioning, and financing. For each year of the past four years, IMC's sales have doubled or better. In addition to retail sales, the Company focuses on wholesale, auction and Internet programs to market and sell vehicles to the financially challenged consumer market.

Certain statements in this press release constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Intelligent Motor Cars Group, Inc. ("the Company"), or automobile related industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements, including that the Company's current revenue levels are not necessarily indicative of its future revenue levels or future financial performance. The Company's future operating results are dependent upon many factors, including: (i) whether the Company is able to obtain sufficient funding to fund its expansion plans; (ii) whether the Company is able to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments in the automobile industry; (iv) federal, state and local regulations pertaining to health and environmental quality standards; licensing/registration; financing; consumer protection; and safety; (v) the Company's ability to collect on receivables from high risk credit clients; (vi) the Company's ability to efficiently price and negotiate acquisitions on a favorable basis; (vii) whether the Company efficiently integrates the operations of other automobile dealerships it may acquire; and, (viii) any negative economic conditions that would negatively affect the Company's business and expansion plans. Further information regarding the Company's business and its financial results may be obtained from Company's periodic and other filings with the Securities and Exchange Commission which are available for review at http://www.sec.gov under "Search for Company Filings."