Smart Choice Automotive Group, Inc. Announces That it has Purchased Two West Palm Beach Used Car Dealerships
2 July 1997
Smart Choice Automotive Group, Inc. Announces That it has Purchased Two West Palm Beach Used Car Dealerships
TITUSVILLE, Fla, July 2 -- Smart Choice Automotive Group,
Inc. announced that it has completed its acquisition of Don
Cook Motors and Ready Finance in West Palm Beach, Florida. Don Cook Motors
has three locations in Palm Beach County with annual revenues in excess of
$12 million. The dealerships will be operated by First Choice Auto Finance,
Smart Choice's used car division. Ready Finance has approximately $8 million
in gross finance receivables and over 1,600 customers. With this acquisition,
Smart Choice's gross finance receivables will exceed $40 million, serving
approximately 6,600 customers.
In addition to this closing, SMCH announced the acquisition of David's
Auto Sales and Fedo Finance in Lake Worth, Florida. Joe Alvarez, president of
Smart Choice's Automotive Division stated, "We are making progress toward
meeting our goals throughout Florida. The acquisitions of Don Cook Motors and
David's Auto Sales along with our other locations in Palm Beach County will
allow us to capture approximately 35% of the independent used car business in
the West Palm Beach area according to Modern Technology Research."
These acquisitions will increase the retail locations to a total of six in
Palm Beach County for First Choice Auto Finance, making it the leader in sales
of used cars valued under $10,000 in Palm Beach County.
President and CEO, Gary R. Smith, commented, "These two acquisitions bring
our total to six dealerships in Palm Beach County allowing us to further
strengthen our presence in this rapidly growing market.
"Furthermore the purchased finance receivables portfolios are expected to
make a meaningful contribution to our interest-earning asset base and are
consistent with our growth strategy. We will continue to seek additional
opportunities throughout out target areas in Florida and the Southeast,"
concluded Smith. Smart Choice Automotive Group, Inc. is one of the most
active acquirers of new and used car dealerships and finance companies in the
southeastern United States. Smart Choice operates a total of sixteen used car
centers in Florida 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 southeastern 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.