Uniprime Capital Acceptance, Inc. Announces Acquisition of Dealership In Greater Harrisburg, Pa. Area.LAS VEGAS--(BUSINESS WIRE)--July 7, 1999-- Uniprime Capital Acceptance, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:UPCA UPCA United Provinces of Central America )(Uniprime) announced today that it has acquired a dealership just outside of Harrisburg, Pa. Moving quickly on the heels of its recent acquisition of Addy's Harbor Imports in Conway, a short distance from the center of Myrtle Beach, S.C., Uniprime today announced the acquisition of Curtis Ford, a Ford & Mercury dealership in New Bloomfield, Pa., approximately 16 miles NW of Harrisburg, the capital of Pennsylvania Noun 1. capital of Pennsylvania - capital of Pennsylvania; located in southern part of state Harrisburg Keystone State, Pennsylvania, PA - a Mid-Atlantic state; one of the original 13 colonies . New Bloomfield is an upscale, middle-class community serving the state capital, and many of the residents are government employees. This was one of the main attractions from the Uniprime point of view when doing their demographic study as it underscores the stability of the area and the lack of turnover due to on-going, career government employment. The demographic studies also show that within a 30 minute driving radius the dealership will be able to draw upon a population of 200,000, enough to meet target projections for both sales and service. The official takeover date is set for July 7th. This well established facility sits on 6 acres and has a showroom for the two vehicle lines as well as service and parts departments Noun 1. parts department - the division of a business (e.g. a service garage) that sells replacement parts business department - a division of a business firm . Since the dealership has been under-managed for a period of time, this has been reflected in its sales performance. Uniprime expects that once its "OK DEAL" selling system with a fully trained staff, plus its advertising and non-prime finance departments are all in full operation, it will be able to increase new and used vehicle sales from its current modest level of approximately 30 units per month to approximately 125 units per month, with a sizeable increase in vehicle gross profits as well. Gross Revenues are expected to be in the range of $28 -- $30 million annually with $1.15 million in net profits on anticipated annual sales volume of 1,500 new and used vehicles. Uniprime Capital Acceptance, Inc. is embarking upon an aggressive dealership acquisition program and looking to acquire a minimum of fifty (50) retail automotive dealerships over a 3 1/2 year period, which it believes will place it among the top ten mega-dealership groups in the country in overall unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained herein which are not historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, delays in the acquisition of car dealerships This article is about car dealerships. For the indie pop band, see Dealership (band). A car dealership or vehicle local distribution is a business that sells new cars and/or used cars at the retail level, based on a dealership contract with an automaker or , changes in economic factors affecting the sale of cars, and other risks detailed from time to time in company documents furnished to investors. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion