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Smart Choice Automotive Group Announces Completion of Sale of its Eckler Industries Subsidiary

26 August 1999

Smart Choice Automotive Group Announces Completion of Sale of its Eckler Industries Subsidiary

    TITUSVILLE, Fla.--Aug. 26, 1999--Smart Choice Automotive Group, Inc. ("Smart Choice"), a leading retailer of "dealer-financed" used cars in the Southeastern United States, announced today that it has completed the sale of its wholly owned subsidiary, Eckler Industries, Inc. ("Eckler's"), to Sun Automotive Partners L.P. Eckler's is a manufacturer and supplier of aftermarket Corvette parts and accessories.
    Gary R. Smith, President and CEO, stated that, "Proceeds from the sale would be used primarily to reduce debt and the remainder would be used for working capital purposes. It also allows our management team to focus on our primary business of selling and financing used cars and trucks throughout Florida to sub-prime borrowers."
    Smart Choice Automotive Group, Inc., operates a network of 15 used car dealerships in Florida. The company underwrites, finances and services retail installment contracts generated from the sale of used cars by its stores. Smart Choice is headquartered in Titusville, and its common stock trades on Nasdaq under the symbol "SMCH."

    This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, receivables portfolio risks, dependence upon third-party vendors, and other risks detailed in the Company's Registration Statement on Form S-1 (file no. 333-59375) and periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.