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Smart Choice Automotive Group Intends to Buy Don Cook Motors

19 June 1997

Smart Choice Automotive Group, Inc. Announces Letter of Intent to Acquire Don Cook Motors, Inc. and Ready Finance, Inc.

    TITUSVILLE, Fla., June 19 -- Smart Choice Automotive Group,
Inc. announced that it has entered into a letter of intent to
acquire Don Cook Motors and Ready Finance, Inc. in West Palm Beach, Florida.
Don Cook Motors had gross revenues of approximately $12 million in 1996 and
has three locations in the West Palm Beach area.  Smart Choice plans to change
these locations into First Choice Auto Finance used car centers.  First Choice
Auto Finance is Smart Choice's used car subsidiary.  Ready Finance, Inc. will
be acquired by Florida Finance Group, Smart Choice's captive finance company.
This will increase its total outstanding car finance receivables to
approximately $40 million.
    Gary R. Smith, president and CEO, stated, "Don Cook Motors is one of
Florida's premiere used car dealerships.  We are fortunate to be able to
acquire such a quality, well run organization.  It will greatly enhance our
used car operation in Palm Beach County."  Joe Alvarez, president of the
Company's automotive division, stated, "Don Cook has built a top organization.
We are very excited about putting this acquisition together.
    "For the past twenty years, Cook has established an excellent reputation
for customer service and quality vehicles, for more than 10,000 customers.
Cook's business represents approximately 20% of the used car business in West
Palm Beach.  This is a great opportunity for Smart Choice."  Mr. Alvarez
added, "Don Cook will be a consultant to Smart Choice in our effort to
increase our market share in this area and within the State of Florida.  With
this acquisition, Smart Choice will have more than 30% of the used car
business in the West Palm Beach area, with five locations."
    Smart Choice Automotive Group, Inc., is a leading consolidator of new and
used car dealerships and finance companies.  Smart Choice is one of the
largest used car dealers in the State of Florida, operates a total of fourteen
used car centers and has announced plans to open eight additional used car
centers.  Smart Choice has also contracted to purchase two new car
dealerships, and has entered into a letter of intent to purchase a third new
car dealership.  Smart Choice currently operates in most major markets
throughout Florida and has plans to expand into the southeast states.  In
addition, the Company, including Ready Finance, would serve approximately
6,600 customers and would have gross used car finance receivables of
approximately $40 million.
    Smart Choice Automotive Group, Inc. also operates insurance and dealers
consulting divisions as well as Eckler Industries, one of the nation's leaders
in Corvette parts and accessories with more than 95,000 customers.

SOURCE  Smart Choice Automotive Group, Inc.