Fidelity Holdings' Major Automotive to Acquire Millennium Isuzu
23 October 2000
Fidelity Holdings' Major Automotive to Acquire Millennium Isuzu; Acquisition Marks The Company's First Isuzu Dealership
KEW GARDENS, N.Y.--Oct. 23, 2000--Fidelity Holdings, Inc. (Nasdaq NM: FDHG), today announced that it has agreed to acquire, via its Major Automotive division, Millennium Isuzu based in Hempstead, New York, subject to factory approval. The acquisition, which comes on the heels of last week's announcement regarding the acquisition, subject to factory approval, of Hempstead Kia, marks the company's sixth auto franchise in Hempstead, NY and its first Isuzu dealership. Millennium Isuzu is located on North Franklin Street, as are the Company's other dealership's, one of the most well-known auto strips in Nassau County, New York.
"Major continues to successfully execute on its strategic business plan of clustering dealerships in an area and around a MajorWorld Used car operation. The increasing number of Major dealerships enables MajorWorld to continually expand its used car inventory as well as draw consumers to all the dealerships," stated Bruce Bendell, Chairman and Chief Executive Officer of Fidelity Holdings and President of Major Automotive Group.
James Wallick, President of Fidelity Holdings, noted, "Major's entry into the Hempstead market has been met with tremendous success. We believe the Long Island market, especially Hempstead, presents Major with a significant growth opportunity in both new and used car sales. We will continue to seek similar opportunities throughout the New York/New Jersey metropolitan area."