Smart Choice Automotive Group Opens Three Used Car Dealerships in Florida
21 October 1997
Smart Choice Automotive Group Opens Three Used Car Dealerships in Florida
TITUSVILLE, Fla., Oct. 21 -- Smart Choice Automotive Group,
Inc. today announced that it has recently opened three
additional First Choice used car dealerships in the State of Florida,
expanding the number of new and/or used car dealerships operated by the
Company to twenty-two.
On October 17, 1997, Smart Choice opened used car centers in Brooksville,
Lantana and Lake Worth, Florida. "These new retail centers are consistent
with our consolidation strategy involving 'dealer-financed' used car lots and
finance companies in the Southeastern United States," stated Gary R. Smith,
President and Chief Executive Officer of Smart Choice Automotive Group, Inc.
"Our objective is to expand our store networks on the east and west coasts of
Florida, and thereby achieve economies of scale in advertising,
administration, centralized purchasing and refurbishing activities."
Brooksville is located on the West Coast of Florida and provides the
Company with access to the northern corridor into the Tampa/St. Petersburg
metropolitan area. The First Choice dealership in Brooksville is located on
Cortez Boulevard (State Highway 50), a primary transportation artery, and has
the capacity to display approximately 150 cars alongside heavily-traveled
State Highway 50.
Lantana and Lake Worth are both located in the West Palm Beach area in
Southeast Florida. Smart Choice has acquired two existing used car lots,
which have been converted to First Choice dealerships. "With the addition of
these two used car centers, First Choice now encircles the entire West Palm
Beach area," noted Joe Alvarez, President of the Automotive Division of Smart
Choice Automotive Group, Inc.
Smart Choice Automotive Group, Inc. operates 22 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.