Vice Chairman Of Budget Group, Inc. Joins Smart Choice Board Of Directors
21 April 1998
Vice Chairman Of Budget Group, Inc. Joins Smart Choice Board Of Directors
TITUSVILLE, Fla., April 21 -- Smart Choice Automotive Group,
Inc. , a leading consolidator of the 'dealer-financed' used car
retailing industry in the Southeastern United States, today announced that
Jeffrey D. Congdon has joined the Company's Board of Directors.
As vice chairman of Budget Group, Inc. and president of Budget
Car Sales, Inc., Mr. Congdon's operating and strategic responsibilities
include Budget Car Sales, Inc., Premier Car Rental and Van Pool Services, Inc.
Congdon initially joined Budget in 1980 as an executive officer and
principal shareholder of corporations that owned and operated thirty Budget
franchises. He also owned and operated new and used car dealerships in
Indianapolis, Indiana from 1982 until 1996. In 1990, he became secretary and
treasurer of Tranex Credit Corporation, which provides financing for
purchasers of previously owned vehicles. In 1994, Mr. Congdon was named chief
financial officer and a director of Team Rental Group (now Budget Group). He
was elevated to his current position in April 1997, when the company acquired
Budget Rent-A-Car Corporation.
Prior to his affiliation with Budget, Mr. Congdon served in a variety of
management positions with Avis. He graduated from the University of Rhode
Island with a degree in Business Administration. He and his wife, Linda, have
two children and reside in Indianapolis, Indiana.
"We are extremely pleased that Jeff Congdon has agreed to serve on our
Board of Directors," commented Gary Smith, president and chief executive
officer of Smart Choice Automotive Group, Inc. "His extensive experience in
both finance and automobile retailing should prove invaluable as we pursue our
goal of leadership within the subprime automotive industry."
Smart Choice Automotive Group, Inc. operates a network of 24 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 Industries 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".
This press release includes statements that may constitute "forward-
looking" statements, usually containing the words "believe", "estimate",
"project", "expect" or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to, continued acceptance of the
Company's products in the marketplace, competitive factors, dependence upon
third-party vendors, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission. By making these forward-
looking statements, the Company undertakes no obligation to update these
statements for revisions or changes after the date of this release.
For further information, please contact: Joseph Mohr, Chief Financial
Officer, 888-762-7816, or R. Jerry Falkner, CFA, Investor Relations Counsel,
800-377-9893, both of Smart Choice Automotive Group, Inc.
SOURCE Smart Choice Automotive Group, Inc.