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Used Car Sales Soar, Setting Another Record Month

2 November 1999

Used Car Sales Soar, Setting Another Record Month At Fidelity Holdings' Major Automotive Subsidiary; Exceeding 600 Cars Per Month in October, Up 126% from Prior October

    KEW GARDENS, N.Y.--Nov. 1, 1999--Kew Gardens, New York. Fidelity Holdings, Inc. today announced that the Company's subsidiary, Major Automotive Group has set another record for itself in used car sales at its Major World location in Long Island City, New York, reaching 624 used vehicles sold in the month of October. This is an increase of more than 126% from October 1998, during which month the Major Automotive Group sold 275 used vehicles. Major Automotive Group's Major World location in Long Island City is the New York metropolitan region's largest retailer of pre-owned vehicles.
    Bruce Bendell, Chairman of Fidelity, noted: "We are proud of our continuing success at establishing Major World as the place customers go to purchase a pre-owned vehicle at a good price, good quality and great service. The rapid and sustained growth of our used car sales in recent months is the result of continuing efforts in establishing our Major World branding, effective advertising campaigns, combined technology, e-commerce and great improvements in customer satisfaction. We salute our staff in setting this record, and look forward to breaking it quickly."
    James Wallick, Executive Vice-President of Fidelity, added: "To go to sales of 624 used vehicles in October 1999 from 275 used vehicles sold in the month of October 1998, an increase of more than 126%, is an outstanding accomplishment. Fueling this accomplishment was a major increase in repeat business, along with the dedication of the Major Automotive team, who continue to meet and surpass the goals set for them. We believe that Fidelity Holdings will continue to capitalize on this momentum which, combined with our regional automotive acquisition strategy, should inure to the benefit of the Company's shareholders."
    Fidelity Holdings has been a diversified holding company that utilizes information and technology to target industries experiencing consolidation and/or deregulation. The company has operated two divisions - Automotive and Technology. The Automotive Division operates through Major Automotive Group, a leading consolidator of automotive dealerships in the New York Metropolitan area. The Technology Division operates under Computer Business Sciences and its IG2, Inc., subsidiary and its plastics subsidiary. Fidelity Holdings, Inc. is presently exploring the divestiture of its non-automotive activities by way of sale, merger, consolidation or other opportunities.
    The information contained in this press release, including any "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's annual report on Form 10-KSB and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth many risks and uncertainties related to the Company's business and such statements, including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company.