Fidelity Holdings Completes Acquisition of Hempstead Nissan
11 September 2000
Fidelity Holdings' Major Automotive Subsidiary Completes Acquisition of Hempstead Nissan
KEW GARDENS, N.Y.--Sept. 11, 2000--Fidelity Holdings, Inc. (Nasdaq NM: FDHG), today announced that its Major Automotive division has completed the previously announced acquisition of Hempstead Nissan based in Hempstead, New York.
The dealership will be renamed Major Nissan of Garden City, Inc. and its current facilities will be consolidated into one expanded facility. The acquisition, terms of which were not disclosed, marks the Company's continued expansion in the New York Metropolitan region, especially in the Long Island market, and its first Nissan dealership.
Major Automotive Group completed the acquisition of Hempstead Mazda, also based in Hempstead, New York, on April 19, 2000. In addition, the Company anticipates closing on Hempstead Dodge and Suzuki as well as Five Towns Lincoln - Mercury of Lawrence, New York in the near future, pending factory approval.
Bruce Bendell, Chairman and Chief Executive Officer of Fidelity Holdings and President of Major Automotive Group, stated, "We are proud to note that Major Automotive received notably quick approval from Nissan Motor Company, which we believe is a credit to the reputation Major has established in the market as a premier new and used car dealer. It is our mandate to re-establish Hempstead Nissan as the number one Nissan dealer in the country. With our strong management team, excellent sales and marketing initiatives and the Major Automotive reputation, we will work hard to reach this goal."
James Wallick, President and Chief Operating Officer of Fidelity Holdings, noted, "Hempstead Nissan, which is located on the premier automotive strip in Nassau County, represents our further expansion in the Long Island market, as well as the overall New York Metropolitan area. Additionally, it is part of our strategic plan to cluster dealerships around a Major World used car dealership, a strategy that has proven very successful. We are extremely pleased with Major Automotive's continued strong financial performance and anticipate that Hempstead Nissan will be a solid contributor to Major's growth."