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AutoCorp Reports Q1 Results

7 May 1998

AutoCorp Reports First Quarter 1998 Results

    PHOENIX, May 7 -- AutoCorp Equities, Inc.
(OTC Bulletin Board: ACOR) today reported increased sales and revenue for the
first quarter ended March 31, 1998.
    Revenue increased by $1.3M to $1.6 million for the quarter-ended March
1998 from $338,192 for the same period in 1997.  The increase in revenues is
primarily attributed to the increase in the number of motor vehicles sold in
the period.
    The Company reported a net gross profit for the quarter and the first
profitable month in the Company history for the month of March 1998.  AutoCorp
reduced its net loss for the quarter to $302,562 from losses in the previous
two quarters of $3,740,045.
    "Our financial performance this quarter reflects a turn around brought
about by the installation of new management in January and company wide
chances in personnel and systems," said Andrew J. Kacie, Chairman and Chief
Executive Officer.
    AutoCorp is an automotive holding company that is establishing itself as a
pioneering leader in the sale and financing of used motor vehicles to the non-
prime market and presently operates six used vehicle sales facilities in
Arizona and New Mexico.  Future expansion includes the opening of two lots in
Tucson that the company owns with plans to expand the Company's operations
throughout the Southwestern United States.

SOURCE  AutoCorp Equities, Inc.