Smart Choice Automotive Group Approved As Volvo Dealer
3 September 1997
Smart Choice Automotive Group Approved As Volvo Dealer For Ft. Pierce/Stuart Area - The First Publicly Owned Volvo Dealership in the Southeast
TITUSVILLE, Fla., Sept. 3 -- Smart Choice Automotive Group,
Inc. today announced that it has been approved by Volvo Cars of
North America, Inc. as an authorized Volvo dealer for the Fort Pierce/Stuart,
Florida area, and is the first publicly owned Volvo dealership in the
Southeast region. The authorization is effective immediately and follows
Smart Choice's acquisition of the Motor Cars of Stuart dealership from Jack
Winters Enterprises, Inc., which was recently completed.
Located on heavily traveled US Highway 1 in Stuart, Florida, the Volvo
dealership generated revenues of approximately $21 million in 1996. It will
be managed by Buddy Whitaker, who was previously General Sales Manager with
Volvo Palm Beach Motors in West Palm Beach, Florida. Mr. Whitaker has over 15
years experience in the automobile industry and was General Manager of Palm
Beach Rolls-Royce (the largest Rolls-Royce dealer in the U.S.) before joining
Volvo Palm Beach Motors.
According to Gary R. Smith, President and Chief Executive Officer of Smart
Choice Automotive Group, Inc., "The acquisition of this Volvo dealership is
valuable to Smart Choice in that it will allow the Company to expand its
customer base and further leverage its administrative and marketing
infrastructure in Florida. This newest location in our retail network will be
operated as both a new car dealership and a used car superstore. We intend to
participate in the Volvo Select Used Car Program, which offers a one year
warranty on cars that pass a 110-point inspection, and we plan to offer
financing to qualified used car buyers through our Florida Finance Group
subsidiary."
"We now have the only Volvo dealership between North Palm Beach and Ft.
Pierce, Florida," commented Joe Alvarez, President of the Automotive division.
"Volvo has expanded the number of models in its new car lineup, which now
includes a sporty convertible. In addition, Volvo's reputation for safety and
its outstanding 4-year or 50,000-mile warranties are consistent with Smart
Choice's emphasis upon providing dependable transportation and outstanding
customer service at each of our 19 retail locations throughout the State of
Florida."
Smart Choice Automotive Group, Inc. operates 19 new and/or used car
dealerships in Florida. The Company also underwrites, finances and services
retail installment contracts generated from the sale of used cars by its
dealerships. Smart Choice currently operates in the following Florida
markets: West Palm Beach, Orlando, Stuart/Ft. Pierce, and Tampa/St.
Petersburg. Through wholly-owned subsidiaries, the Company also provides
training, insurance and financial consulting services to unaffiliated
automobile dealerships throughout the United States. Its Eckler division is
one of the nation's largest aftermarket distributors of Corvette parts and
accessories and services over 95,000 customers.
The Company is headquartered in Titusville, Florida and its common stock
trades on Nasdaq under the symbol "SMCH".
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Act of 1995.
Investors are cautioned that actual results may differ substantially from such
forward-looking statements. Forward-looking statements involve risks and
uncertainties including but not limited to, continued acceptance of the
Company's products in the marketplace, competitive factors, the availability
of credit lines to finance customer purchases, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange Commission.
SOURCE Smart Choice Automotive Group, Inc.