CENTRIX Financial to Serve as Title Sponsor of 2004 CENTRIX Financial Grand Prix of Denver
- CENTRIX Not to Acquire Rights and Assets From Dover Motorsports
- Champ Car Announces Intent to Assume All Rights and Assets and Act as Event Promoter
- Colorado Motorsports Contracted to Provide Management and Support for Event
CENTENNIAL, Colo., March 17 -- CENTRIX Financial, LLC announced today that it will not be acquiring the rights and assets of the Grand Prix of Denver. The Company further announced that it will serve as title sponsor of the 2004 CENTRIX Financial Grand Prix of Denver, which will be produced pursuant to the announced intention of Champ Car to acquire the rights and assets of the Grand Prix of Denver from the Grand Prix Association of Long Beach, Inc. and Dover Motorsports, Inc. Champ Car will also serve as official promoter of the event.
Robert E. Sutton, Chairman and Chief Executive Officer of CENTRIX Financial said:
"We believe in the importance of motorsports, specifically street racing, as a social, cultural and sporting event in the City of Denver. It has become clear to us over the last three weeks that this is the best possible arrangement for the City and the Grand Prix. "This agreement clearly aligns the interests and talents of the involved parties so that we can fully realize the potential of Denver's Grand Prix. We will also continue to benefit from the local talent and dedication of John Frew, who will serve as General Manager of Colorado Motorsports, the group contracted to provide management of the event. "Together, CENTRIX, Champ Car and Colorado Motorsports will now build on the momentum that has come from this agreement and focus on providing the best of all possible events -- one clearly worthy of Denver." About CENTRIX Financial, LLC
Founded in 1990, Denver-based CENTRIX Financial's unique Special Auto Finance programs have helped to put over 70,000 vehicles on the road in the last five years alone. In 1998, the Company's CEO, Robert E. Sutton, introduced a new business model that was designed to address the shortcomings in traditional approaches to the special finance market. CENTRIX is leading the evolution of the auto finance industry. For financial institutions, the Company's programs have brought a previously unknown level of security and profitability to the $200 billion special auto finance lending industry, while helping auto dealers find new ways to reach out to a clientele that represents more than 25% of their potential market. Just as importantly, CENTRIX is providing an underserved consumer group the keys to new opportunities at competitive financing rates and with professional service. Today, CENTRIX provides services across the country through agreements with nearly 7,000 dealerships, has nearly 700 employees and is managing a $1.5 billion loan portfolio.