Smart Choice Automotive Group Announces Retirement of Ralph Eckler
20 October 1997
Smart Choice Automotive Group Announces Retirement of Ralph Eckler
TITUSVILLE, Fla., Oct. 20 -- Smart Choice Automotive Group,
Inc. today announced that Ralph Eckler has decided to retire
as President of its Eckler's subsidiary and resigned his position as a member
of the Company's Board of Directors effective October 1, 1997.
Ralph Eckler founded Eckler Industries, Inc. (now a subsidiary of Smart
Choice Automotive Group, Inc.) as a one-man bodyshop in 1961 when, with a keen
automotive interest and a love of sports cars, he began restoring old
Corvettes as a sideline to his work at his father's gas station in Rock
Island, Illinois. Eckler's moved to Titusville, Florida, in 1973 and is today
one of the world's largest aftermarket suppliers of Corvette parts and
accessories and the largest aftermarket manufacturer of fiberglass body panels
for Corvettes. With 105 employees and yearly sales exceeding $15 million,
Eckler's serves over 95,000 customers. Its catalogs offer over 17,000 items
and are mailed to more than 400,000 Corvette owners, parts dealers and repair
shops in the United States and abroad.
Smart Choice Automotive Group, Inc. was formed in January 1997 via the
merger of privately-held Smart Choice Holdings, Inc., a used car retailing and
financing company, into Nasdaq-traded Eckler Industries, Inc. The name of the
Company was subsequently changed to Smart Choice Automotive Group, Inc. and
Gary R. Smith, formerly President of Smart Choice Holdings, Inc., became
President and Chief Executive Officer of the Company.
"We are deeply indebted to Ralph Eckler for his valuable contributions to
our Company and its Board of Directors," noted Gary R. Smith, President and
Chief Executive Officer of Smart Choice Automotive Group, Inc. "He is a
legend among Corvette afficionados around the world and has built one of the
most valuable mail-order franchises in the automotive aftermarket parts
industry. Eckler's is widely-recognized as an innovator and leader in design
and craftsmanship, with a coveted reputation based on fast service and better-
than-factory quality fiberglass products for Corvettes dating back to the
original 1953 model."
"Under Ralph Eckler's leadership, Eckler's has achieved widespread
recognition for its revolutionary aftermarket designs and innovations during
the past 36 years," continued Smith. "Such innovations have included the one-
piece tilt front end, hood scoops, hatchbacks, spoilers, and large wheel
openings to accommodate wide tires, to name but a few."
Smart Choice Automotive Group, Inc. operates 19 new and/or used car
dealerships throughout the State of 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's subsidiary
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.