Uniprime Capital Acceptance First Acquisition Shows Improvements
27 October 1998
Uniprime Capital Acceptance Inc.'s First Acquisition Shows Dramatic Improvements; Sales and Gross Profit Per Car More Than Doubled
LAS VEGAS--Oct. 26, 1998--Uniprime Capital Acceptance, Inc. (OTC BB: UPCA) (Uniprime) announced today that after only 17 days of operating under Uniprime's proprietary sales and operating program, "The OK Deal", car sales of its initial acquisition of a Rochester, N.Y. car dealership had jumped from 49 automobiles for the previous month to 50 automobiles sold in the first 17 days of October, and gross profit increased from $1,100 per car for the previous month to $2,773 per car for the first 17 days of this month.
Gary I. Tabb, President and Chief Executive Officer of Uniprime, said, "I am not surprised at these early results. Our unique sales and operating system has been producing these kinds of spectacular improvements for hundreds of dealers all over the country for more than 25 years. I had anticipated that this acquisition alone would add as much as $3.0 million to our asset base and more than $1.0 million to net profit within one year. These early results confirm our initial estimates. This also reaffirms our belief that we can be more profitable than the average results of the publicly traded auto dealer segment ."
Uniprime Capital Acceptance, Inc. has focused its efforts on becoming a mega-auto dealership enterprise, with plans to implement its tried and proven sales system in a chain of vehicle dealerships throughout the nation. Its primary emphasis will be to produce a higher than industry net profit rather than focus principally on sales growth.
Certain information contained in this release includes "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
This release is available on the KCSA Worldwide website at www.kcsa.com