Smart Choice Automotive Group Announces Record Sales for February
18 March 1998
Smart Choice Automotive Group Announces Record Sales for FebruaryTITUSVILLE, Fla., March 18 -- Smart Choice Automotive Group, Inc. today announced that vehicle sales at its First Choice Auto Finance used car dealerships reached record levels during the month of February 1998. The Company reported that 855 used cars were sold during February as compared to 273 in February 1997. This exceeded the previous monthly record of 653 used car sales in January 1998. Most of the sales were financed through the Company's Florida Finance Group subsidiary, which ended the month of February with a gross receivables portfolio of approximately $66.1 million. Smart Choice Automotive Group, Inc. operates a network of 25 new and used car dealerships in the Southeastern United States. The Company underwrites, finances and services retail installment contracts generated from the sale of used cars by its dealerships. Its Eckler's subsidiary is one of the world's largest aftermarket suppliers of Corvette parts and accessories. The Company also provides training and insurance services to automobile dealerships throughout the United States. Smart Choice Automotive Group, Inc. 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 Reform 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, receivables portfolio risks, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. SOURCE Smart Choice Automotive Group, Inc.