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Smart Choice Automotive Group Raises $3.75 Million

29 June 1998

Smart Choice Automotive Group Raises $3.75 Million in Additional Capital Via Convertible Preferred Stock Placements

    TITUSVILLE, Fla., June 29 -- Smart Choice Automotive Group,
Inc. , a leading consolidator of the 'dealer-financed' used car
retailing industry in the Southeastern United States, today announced that the
Company has raised $3.75 million in equity capital via the placement of Series
C and Series D convertible preferred stock.
    Sirrom Capital Corporation purchased $1 million of the Series
D preferred  stock,  Argosy Investment Partners, L.P.  purchased $1.5 million
and Odyssey Capital Group, L.P.,  private investment funds, purchased $1
million of the Series D preferred stock.
    In a separate transaction, Smart Choice Automotive Group  placed a total
of  $250,000 of the Series C convertible preferred stock to Craig Macnab, a
director of the Company and president of Tandem Capital, a subsidiary of
Sirrom Capital and to Bob Abrahams, Chairman of Smart Choice Automotive Group,
Inc.  The preferred stock can be converted into common stock of Smart Choice
Automotive Group, Inc., at a fixed price which was above the market price on
the date of the closing of the private placement.
    Joseph Mohr, chief financial officer of the Company, commented that "we
have raised almost $6 million in new equity capital through these transactions
in the past two months.  Funds derived from the sale of $2.2 million in Series
B convertible preferred stock to an investor group led by Jim Walter were used
to open new used car dealerships during the month of June, and these latest
investments will allow Smart Choice to continue its store expansion program
during the balance of 1998."
    "We are pleased to expand our role as a long-term investor in Smart Choice
Automotive Group," stated Craig Macnab, president of Tandem Capital, a
subsidiary of Sirrom Capital .  "We are pleased with the Company's
progress, to date, and very optimistic regarding Smart Choice's future."
According to John Kirwin III with Argosy Investment Partners L.P., "We have
been very impressed with the management team and the business plan developed
by Smart Choice Automotive Group.  We are looking forward to supporting and
participating in the Company's growth and profitability."
    "This illustrates the confidence which individuals and financial
organizations associated with our company have placed in Smart Choice's
ability to effectively deploy capital by consolidating the 'dealer-financed'
used car industry in Florida," noted Gary Smith, president and chief executive
officer of Smart Choice Automotive Group, Inc.  "Including the purchase of
Series D convertible preferred stock, Tandem Capital has now invested over
$8.5 million in Smart Choice Automotive Group since May, 1997."
    Smart Choice Automotive Group, Inc. operates a network of 26 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 Industries subsidiary is one of the
world's largest aftermarket suppliers of Corvette parts and accessories.  The
Company also provides  insurance services to automobile dealerships and its
loan portfolio customers.
    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 (407) 269-9680
   or R. Jerry Falkner, CFA, Investor Relations Counsel at (800) 377-9893.