Flash Acquires GPS Provider Navicom Corporation

SCOTTSDALE, Ariz., March 9 -- Flash Automotive Acceptance Corporation announced today the completion of its acquisition of Navicom Corporation as a wholly owned subsidiary in a share exchange for 100% of the common stock of Navicom.

Navicom Corporation is a Scottsdale based Arizona corporation that markets Global Positioning Satellite (GPS) tracking devices primarily to financial services companies for use in the recovery of motor vehicle collateral (see www.navicomgps.com). The Navicom GPS devices are a valuable tool for any vehicle fleet in need of tracking and locating and its markets include transportation and fleet companies as well as the financial services recovery business.

"Flash has been Navicom's biggest customer so we are pleased to make this strategic acquisition to further position Flash as a key player in the buy-here pay-here financial services market with this new profit center" said Stan Wilson, Chairman and CEO of Flash.

Flash Automotive Acceptance Corporation (Flash) is a publicly traded automotive holding company with its primary focus in the consolidation of the buy-here pay-here market of non-prime vehicle financing while also being positioned to maximize investment opportunities in all aspects of the retail automotive arena. The Flash plan seeks to capture each of the profit centers in the retailing of automobiles including new, used, retail, wholesale, finance, insurance and aftermarket in both the franchised new car and independent used vehicle sales markets.

The statements contained in this release, which are not historical statements of fact, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve a number of risks and uncertainties. The actual results of future events could differ materially from those stated in the forward-looking statements herein.

For further information, call Dean Becker, President, at 801-438-1010.