Pickups Plus Contracts With Automotive Associates to Assist in Identifying Acquisition Candidates
12 June 2000
Pickups Plus Contracts With Automotive Associates to Assist in Identifying Acquisition Candidates
MASON, Ohio - Pickups Plus, Inc., a national retailer and franchiser in the $30 billion a year accessories after market for pickups and SUVs, announced today that it has contracted with Automotive Associates International, LLC to assist Southern Financial Services, Inc. in an aggressive merger/acquisition search. AAI is a business development and M&A firm focusing on the international automotive industry with a specialty in the performance and accessory after market area.John Schramm, Managing Director of AAI said, "We are delighted to be working with Southern Financial Services to identify owners of truck accessory stores who are interested in the Pickups Plus acquisition program. We will be using our extensive network of industry contacts to find the best candidates. Many of these entrepreneurs have built excellent businesses over the years, sometimes decades, and are now planning to retire or are seeking liquidity. This program can help them realize the fruits of their labors in terms of getting real value for their businesses. It can also provide them continuing income through consulting contracts and rental real estate used in the business." Schramm continued, "This is an exciting program with great possibilities for Pickups Plus, as well as for those truck accessory retail-installation businesses who choose to join the group and build a national organization."
Mr. Schramm provided the following information:
The timing is right for consolidation in the truck accessory retail/installation business NOW because:
| -- | There are nearly 100 million pickups and 4x4 vehicles now on the road. |
| -- | Families continue to purchase and drive new and used trucks and SUVs. |
| -- | Current retailing dynamics favor the high visibility "chain" store over the traditional mom and pop outlets. |
| -- | Today's affluent truck buyer appreciates a clean, new, uniform, customer friendly image and ease of otherwise difficult accessory installation, done for them. |
| -- | They are attracted to recognizable retail outlets supported by high profile advertising programs, including television, radio and the Internet. |
Pickups Plus, Inc. is a retailer and franchiser of stores devoted exclusively to the sale and installation of accessories for pickup trucks and sport utility vehicles. Through the opening of company stores, select franchises and future acquisitions, Pickups Plus, Inc. intends to become the national leader in providing accessories for pickups and SUVs while obtaining its share of this $30 billion market.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934, as amended by Public Law 104-67 and is subject to safe harbor created by these sections. Actual results, performance or achievements could differ materially from those anticipated in such forward- looking statements, which involve numerous risks and uncertainties. Past performance is not necessarily indicative of future results.