Uniprime Capital Acceptance, Inc. Announces Formation Of Insurance Company
16 June 1999
Uniprime Capital Acceptance, Inc. Announces Formation Of Insurance Company
LAS VEGAS--June 15, 1999--Uniprime Capital Acceptance, Inc. OTC BB:UPCA (Uniprime) announced that it would be forming its own insurance group to handle extended service contracts.Anticipating accelerated dealership acquisitions and subsequent growth of new and used vehicle sales, Uniprime today announced that it has made application for its own insurance group to handle the distribution of extended warranties to its upcoming dealerships.
Keenly aware of dealership "profit centers" and their potential impact on its bottom line, Uniprime has been planning on creating its own insurance entity and today moved ahead with those plans. The move will provide Uniprime with substantial tax benefits and additional working capital to use on its long-term dealership acquisition program.
Taking it one step further, it will also provide Uniprime with the opportunity to directly control one of the most profitable areas of dealership revenues while contributing significantly to net profits at both the dealership and corporate levels.
The new company will be backed by one of the largest re-insurers in the industry and provides both professional administration of claims with safety of claim fulfillment for the holder of the extended policy.
This is but another step in Uniprime's plan to better serve its customer base through direct control of its product line distribution, while adding to its market value on behalf of its Uniprime stockholders.
Uniprime Capital Acceptance, Inc. is embarking upon an aggressive dealership acquisition program and looking to acquire a minimum of fifty (50) retail automotive dealerships over a 3-1/2 year period, which it believes will place it among the top ten mega-dealership groups in the country in overall unit sales.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, delays in the acquisition of car dealerships, changes in economic factors affecting the sale of cars, and other risks detailed from time to time in company documents furnished to investors.