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Ugly Duckling Reports Withdrawal of Chairman's Offer to Purchase Outstanding Common Stock

27 October 2000

Ugly Duckling Reports Withdrawal of Chairman's Offer to Purchase Outstanding Common Stock

    PHOENIX--Oct. 27, 2000--Ugly Duckling Corp. reported that after discussions with the company, the board of directors and the special transaction committee of the board, Ernest C. Garcia II, its chairman and largest shareholder, has withdrawn his offer to purchase all of the outstanding shares of the common stock of the company.
    With headquarters in Phoenix, Ugly Duckling is the largest operator of used car dealerships focused exclusively on the subprime market. The company underwrites, finances and services subprime contracts generated at its 77 Ugly Duckling dealerships, located in 11 metropolitan areas in eight states.
    For more information on Ugly Duckling, dial 800/PRO-INFO and enter company ticker symbol UGLY.