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Turlock Auto Plaza Secures $6.7 Million For Dealership Acquisition and Loan Retirements

19 August 1999

Turlock Auto Plaza Secures $6.7 Million For Dealership Acquisition and Loan Retirements

              - Falcon Financial Delivers Capital for Area's Only
                 Chrysler/Plymouth/Jeep/Dodge/Subaru Dealer -

    STAMFORD, Conn., Aug. 18 -- Turlock Auto Plaza has secured
$6.7 million in financing from Falcon Financial, a specialty lender to
automobile dealerships.  The dealership used the funds to purchase a
Chevrolet/Mitsubishi store in Sacramento, Calif.  In addition, Turlock Auto
Plaza, based in Turlock, Calif., used the funds to pay off existing loans.
    "The primary objective in seeking financing from Falcon Financial was to
generate enough funds to expand our business and buy another auto dealership.
No other lender was willing to lend us this much capital on a long-term basis.
In fact, nobody else was even close.  Falcon really stepped up to the plate
and made this acquisition possible," said Leonard G. Harrington III, president
of Turlock Auto Plaza.
    Harrington said Falcon Financial's executives were "topnotch"
professionals who coordinated a seamless transaction and were responsive to
his business agenda.
    Turlock Auto Plaza is the only Chrysler/Plymouth/Jeep/Dodge/Subaru dealer
in Turlock.  The business was formed and incorporated in 1993 when Harrington
and his lifelong friend, Robert E. Field purchased Guyett Motors Inc., an
ailing Chrylser/Plymouth/Dodge dealership located in downtown Turlock.  As the
duo began to build their business, they found their vision to be greater than
the amount of space available in the downtown location.
    The partners acquired 14 acres of land in the Turlock Auto Mall -- located
two hours east of San Francisco -- and built a 32,000-square-foot facility on
six acres, relocating the establishment in November 1997.  Their formula for
success included adding franchises for Jeep and Subaru, as well as a Thrifty
Car Rental business.
    "The Turlock Auto Plaza is the ideal candidate for our loan program and we
at Falcon Financial are pleased to have the opportunity to provide financing
for the acquisition of a second dealership for this proven management team.  I
am confident that Leonard and Bob will surpass their goals in their new
endeavor in Sacramento," said Ron Greenspan, executive vice president,
marketing, for Falcon Financial in San Diego.
    Stamford, Conn.-based Falcon Financial was incorporated in 1997 to provide
capital solutions for automotive dealers.  The company offers, without
personal recourse, 15-year, fixed rate loans backed by a dealership's real
estate, net worth and estimated franchise value based on cash flow.  Because
Falcon Financial recognizes and lends on "blue sky" or estimated franchise
valuations, auto dealers are likely to obtain loan proceeds higher than from
traditional lenders.  Falcon Financial is owned by the senior management of
the company and SunAmerica Inc., an affiliate of Goldman, Sachs & Co.