Fidelity Holdings' Major Automotive to Acquire Five Towns Lincoln-Mercury
5 July 2000
Major Automotive Continues Long Island, New York Expansion Activities
KEW GARDENS, N.Y. - Fidelity Holdings, Inc., today announced that the Company has agreed to acquire, via its Major Automotive division, Lawrence, New York-based Five Towns Lincoln/Mercury, subject to factory approval. The acquisition, which marks the Company's second on Long Island this year, will consist of cash and Fidelity stock.Building upon the acquisition of Mazda of Hempstead in April 2000, Major continues to aggressively seek additional acquisitions in the Long Island market. The Lincoln-Mercury dealership in Lawrence, New York, which has been in existence for more than 30 years, is the second Lincoln-Mercury Dealership acquired by Major Automotive. The Company acquired Compass Lincoln-Mercury of Orange, New Jersey in September 1999.
Bruce Bendell, Chairman and CEO of Fidelity Holdings and President of Major Automotive Group, stated, "Following the successful acquisition of Hempstead Mazda earlier this year, we have focused our efforts on expanding our operations in the Long Island market. We believe Five Towns Lincoln-Mercury, located on the border of Nassau County and Queens, New York, is an excellent location for Major, as we now have a presence on the south shore of Long Island as well as central Long Island, where our Mazda dealership currently operates."
"Consistent with our dealership cluster strategy, we expect to also operate a Major World used car operation in the Five Towns area. We believe this acquisition represents the continued successful implementation of our strategic business plan, which is focused on continuing Major Automotive's growth as a leading Auto dealership in the New York-New Jersey Metropolitan region, while building shareholder value," concluded James Wallick, President and Chief Operating Officer of Fidelity Holdings.
Fidelity Holdings is a diversified holding company that utilizes information and technology to target industries experiencing consolidation and/or deregulation. The Company operates 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 and ranked number one nationwide in used car sales dollars as a percentage of overall sales. The Technology Division operates primarily through Computer Business Sciences, its IG2, Inc. subsidiary, its Info Systems, Inc. subsidiary and its CarsTV.com, Inc. subsidiary.