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Planet Honda Makes Announcement

2 July 1999

Planet Honda Makes Announcement

    UNION, N.J.--July 1, 1999--Planet Honda, the top-volume Honda dealership in the Northeast and one of the top five in the country, announces today that it will be offering an employee stock ownership plan to its organization. The dealership, approaching $110 million in revenues, employs 154 workers.
    "The move is meant to give employees a stake in the company and to assure consumers that whenever they do business at Planet Honda, they're dealing with an owner," says Timothy Ciasulli, Planet Honda's president and chief executive officer.
    Ciasulli's goal is to turn his employees into millionaires and to build a positive image for auto dealerships.