APCO EasyCare Vehicle Service Contract Program Installed
15 July 1998
Automobile Protection Corporation - APCO - EasyCare Vehicle Service Contract Program Installed at Hatfield Automotive Group (Subsidiary of Sonic Automotive, Inc.)ATLANTA, July 15 -- Automobile Protection Corporation announced that the EasyCare(R) vehicle service contract program has been installed at Hatfield Automotive Group in Columbus, Ohio. Hatfield Automotive Group was recently acquired by Sonic Automotive, Inc. , a publicly owned retail automotive consolidator, ranked as the 8th largest dealership group by Automotive News in May 1998. Hatfield Automotive Group operates 6 stores, representing Toyota, Lincoln- Mercury, Dodge, Jeep, Chrysler-Plymouth, Hyundai, Kia and Volkswagen franchises, with combined 1997 new and used unit sales of 20,000. Larry I. Dorfman, President/CEO of APCO stated: "We are delighted to install EasyCare(R) vehicle service contract program at the newest member of Sonic Automotive, which has selected EasyCare(R) as its exclusive service contract program. The EasyCare(R) program includes the finest coverage products in the industry, supported by extensive field training and development and world class claims adjusting services. EasyCare(R) is designed to achieve the highest level of customer satisfaction in the industry, which Sonic Automotive has chosen as a means to distinguish itself as one of the leading automotive retailers." B. Scott Smith, President/COO of Sonic Automotive stated: "We are excited to have the Hatfield Automotive Group join the rapidly expanding Sonic Automotive organization. Our goal at Sonic Automotive is to integrate the EasyCare(R) vehicle service contract program into each of our acquired dealerships as soon as possible, in order to enable us to realize the additional profitability which EasyCare(R) brings to our operations." APCO, established in 1984, is a leading marketer and administrator of products and services to automobile and recreational vehicle dealers. The Company's core business is the marketing and administration of EasyCare(R) Vehicle Service Contracts and the EasyCare(R) Certified Pre-Owned Vehicle Merchandising Program. The Company also administers warranty and service contract products under private labels for financial institutions, an insurance company and a manufacturer. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: To the extent that this news release discusses financial projections, information, or expectations about the Company's products or markets, or otherwise makes statements about the future, the Company's statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The specific risk factors are described in the Company's Form 10-K that has been filed with the Securities & Exchange Commission in connection with its 1997 year.