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Mel Farr Automotive Group, Named #1 African American Owned Business in US

11 May 1999

Michigan Based Auto Dealer, Mel Farr Automotive Group, Named #1 African American Owned Business in The United States

    OAK PARK, Mich., May 10 -- The nation's largest African
American owned auto dealership chain has made history by claiming title to the
country's largest African American owned business of any kind.  Mel Farr
Automotive Group beat out every other company listed on the Black Enterprise
Magazine BE Industrial/Service 100, and the BE Auto Dealer 100 lists.  With
1998 gross sales of $596.6 million, Mel Farr Automotive Group President Mel
Farr, Sr. is already poised to make history again.  After nearly 25 years in
business, the former all-pro running back for the Detroit Lions is geared up
to score his biggest run yet, as he continues his quest to be the first
African American owned company to securitize asset back securities for Triple
M Financing Company, a division of Mel Farr Automotive Group.
    "This is the greatest thing that could happen to me as a businessman,"
said Mel Farr, Sr.  "Realizing that back in 1978 when Black Enterprise had its
first ever BE 100 group assembled at The White House I was the youngest
businessman in the group at age 33, and the oldest was 82.  I knew at that
time that I wanted to be #1, and I always that felt that because of my youth
it was obtainable."  Farr's efforts have propelled his retail auto dealer
chain to include 11 franchises in Michigan and Ohio.  The locations include
three Ford and three Lincoln Mercury dealerships, and one each of Toyota,
Mazda, Volkswagen, Hyundai, Suzuki, and Kia, plus a 13 acre used car Super
Store.  "My goal is to acquire more franchises and set up my used car super
stores in urban markets across the country in order to assist financially
challenged customers who need basic transportation."
    To date, Triple M Financing has approved over twelve thousand customers
for auto loans.  "We are in the process of securitizing $45 million in auto
backed receivables, and so far we have purchasers for approximately 50% of the
securities being offered," says Farr.
    The 54 year old entrepreneur predicts that with securitization completed,
Mel Farr Automotive Group will become a billion dollar African American owned
company.  Since the mid 1970's Mel Farr has been known for his zany television
advertising which features him as "the Super Star Dealer" flying across the
sky wearing his now famous red cape.  On occasion, celebrities including
comedian/actor Sinbad, recording artists Tito and Jermaine Jackson, and
several NFL stars have appeared in the ads with Farr."  It's definitely a
strong ad campaign that has worked well over the years," says Mel Farr
Automotive Group's Advertising and Public Relations Director Charlene M.
Mitchell.  "He's a prisoner of his owned caped image."

    All Media Are Invited to Attend a News Conference

    Interviews along with photo and video opportunities will be available.

    WHEN:  Tuesday, May 11, 1999
    TIME:  11 a.m.
    WHERE: Mel Farr Ford - New Car Show Room
           24750 Greenfield Road (Corner of 10 Mile)
           Oak Park, MI