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Fidelity Holdings Completes Acquisition of Compass Dodge

25 August 2000

Company Continues To Build The Major World Brand In New Jersey

    KEW GARDENS, N.Y. - Fidelity Holdings, Inc., announced Thursday that the Company's Major Automotive division has completed the acquisition of Compass Dodge of Orange, New Jersey. The acquisition, together with the previous acquisition of Compass Lincoln-Mercury, marks the Company's second dealership in New Jersey. The Company also acquired property adjacent to the Compass Dodge and Compass Lincoln-Mercury dealerships, which it believes will enhance its presence in Northern New Jersey. Terms of the transactions were not disclosed.

    Bruce Bendell, Chairman of Fidelity Holdings and President of Major Automotive Group, stated, "The acquisition of Compass Dodge, our second dealership in New Jersey, is the continuation of our strategic plan to become the dominant auto dealership in the New York Metropolitan region. With the anticipated completion of dealership acquisitions already announced, Major will have five geographic centers throughout the area representing 12 franchises including Nissan, Toyota, Mazda, Lincoln Mercury, Chevrolet, Chrysler-Plymouth, Dodge, Jeep, Subaru, Suzuki and Kia. In addition, Major continues to build its Major World pre-owned vehicles operation, a key component our success."

    "We are confident that Compass Dodge will add to the Company's already impressive financial results. Earlier this week, Fidelity Holdings announced record second quarter results which were directly attributable to the success of our Major Auto Division. Major continues to post record results for both new and used vehicles on a consistent basis and we anticipate that trend will continue," concluded James Wallick, President 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.