Northeast Auto Acceptance Corp.'s First Quarter Revenue Rises 38% to $13.9 Million

MERRICK, N.Y.--June 7, 2005--Northeast Auto Acceptance Corp. (OTC: NAAC) announced today that the company's first quarter 2005 revenue rose 38% to $13,924,710. Net income for the 3-month period increased 32% to $280,034. The company recorded net income of $212,897 on revenue of $10,090,387 in the same period a year ago.

Bill Solko, CEO of the company commented, "We are very satisfied with the results of the first quarter, and we feel there are tremendous opportunities for continued growth in the year ahead. We continue to see strong demand in the market place without any signs of a slowdown. Our Northeast Online internet sales division has proven to be a nice complement to our core business, and we believe that we will see further growth in that area as well. We are certainly looking forward to the future and for the opportunity to continue to establish ourselves as one of the premier companies in the industry."

About Northeast Auto Acceptance Corp.

Northeast Auto Acceptance Corp. focuses on the wholesale segment of the auto industry. The company specializes in the marketing of vehicles on a national basis, which allows them to take advantage of seasonal and geographical pricing disparities. Northeast, a leader in this highly fragmented industry, has sold more than $250 million worth of vehicles during its 10 years of operation. The company has offices in the New York metropolitan area.

STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Statements other than historical facts contained in this press release are "forward-looking statements." Such statements are based on management's beliefs and assumptions, and on information currently available, and involve uncertainties and other factors which may cause our actual performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by theses forward-looking statements. Factors include, among others, our ability to finance our operations and the ability to obtain such financing; the successful completion of any prior and future acquisitions; any uncertainties relating to the integration of acquired businesses and operations; any disputes with, and claims asserted by, our creditors and other third parties; uncertainties relating to business and economic conditions in markets in which we operate; uncertainties relating to customer plans and commitments; the timely development and market acceptance of our products; and the highly competitive industry in which we operate. We undertake no obligation to update any forward-looking statements in this press release.