Smart Choice Automotive Group Opens 26th Store
10 June 1998
Smart Choice Automotive Group Opens Seventh Store in Tampa/St. Petersburg AreaClearwater Dealership Expands Store Network To 26 Locations TITUSVILLE, Fla., June 10 -- Smart Choice Automotive Group, Inc. , a leading consolidator of the 'dealer-financed' used car retailing industry in the Southeastern United States, today announced the opening of its 26th retail automobile dealership. The new store is located at 23499 U. S. Highway 19 in Clearwater, Florida. The First Choice Auto Finance store can carry an inventory of 100 cars and will employ approximately six persons. "This represents our seventh store in the Tampa/St. Petersburg region and strengthens our position as the dominant used car retailer on the West Coast of Florida," noted Joe Alvarez, executive vice president and chief sales officer of Smart Choice Automotive Group, Inc. "The new dealership is located in the midst of a highly developed retail area, and we believe it has the potential to be one of our most successful stores." "We will continue our new store openings as other used-car dealers exit the industry," stated Gary Smith, president and chief executive officer of the Company. "This provides a unique opportunity for Smart Choice to grow aggressively and capture prime locations which will strengthen our competitive position in the future. Our Clearwater store represents the second new dealership which we have opened this month, and we expect to announce at least two more openings during the next 45 days." Smart Choice Automotive Group, Inc. operates a network of 26 new and used car dealerships in the Southeastern United States. The Company underwrites, finances and services retail installment contracts generated from the sale of used cars by its dealerships. Its Eckler's Industries subsidiary is one of the world's largest aftermarket suppliers of Corvette parts and accessories. The Company also provides insurance services to automobile dealerships and its loan portfolio customers. Smart Choice Automotive Group, Inc. is headquartered in Titusville, Florida and its common stock trades on Nasdaq under the symbol "SMCH". This press release includes statements that may constitute "forward- looking" statements, usually containing the words "believe", "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward- looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.