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JENNINGS, WSJ CITE AUTO PAWNING AS ECONOMIC TREND, AUTOPAWN USA FILLS FINANCIAL VOID

 JENNINGS, WSJ CITE AUTO PAWNING AS ECONOMIC TREND,
 AUTOPAWN USA FILLS FINANCIAL VOID
 DENVER, Feb. 11 /PRNewswire/ -- Denver businessman Brad Carey and partner Cameron Swanson created AUTOPAWN USA Inc. in response to the sagging economic climate.
 "For years, people in financial straits could walk into a local pawn shop with a watch or TV and walk out with cash," said Carey. "Auto pawning is just an extension of that concept of obtaining fast cash, only on a much larger scale."
 Three years ago, Carey, in need of capital for a business venture, was unable to find a place to pawn his Audi. "The idea of developing auto pawning as a business was really born out of personal frustration," said Carey.
 "We've been able to pull hundreds of individuals out of economic hardship...from the businessman who must make payroll though hit with economic emergencies, to young couples with a looming mortgage," said Carey.
 AUTOPAWN USA specializes in making quick, short-term (30 day) cash advances on cars, trucks, motorcycles, boats, RVs and classic automobiles, at up to 50 percent of the wholesale value as determined by auto industry guidebooks.
 Clients enter into a "Contract for Purchase" with the cash given up front. AUTOPAWN USA holds the vehicle and ownership papers. For a fixed period of time, the client has the option to cancel the contract and reclaim the vehicle by repaying the original amount advanced, plus an Option Fee. Or, the client may choose to keep the vehicle in pawn by paying only the Option Fee. If the vehicle is not redeemed or the Option Fee is not paid, AUTOPAWN USA recoups its investment by selling the vehicle.
 "We don't check credit ratings, all we care about is that the vehicle is owned free and clear, with no liens. If that's the case, we'll give the owner cash on the spot," said Swanson.
 Carey and Swanson project significant growth in the auto pawn industry over the next decade. "The Wall Street Journal ran a huge story on the trend and our concept (auto pawning) a few weeks ago," said Carey, "Then Peter Jennings interviewed us for ABC Nightly News."
 Based on its success, AUTOPAWN USA is currently marketing a 200 page do-it-yourself book entitled "The Official AUTOPAWN USA Operations Manual." The manual, which sells for $299, is designed to take the guess work of the 'auto pawn' shop day-to-day operations by outlining vehicle appraisals, title work, advertising and more. It even shows sample business forms.
 For more information on the auto pawn industry, the do-it-yourself manual, or to obtain free copies of referenced articles and interviews, contact AUTOPAWN USA at 800-972-7782.
 -0- 2/11/92 R
 /CONTACT: Brad Carey of AUTOPAWN USA, 800-972-7782/ CO: AUTOPAWN USA Inc. ST: Colorado IN: AUT SU:


MC -- DV003 -- 8660 02/11/92 09:03 EST
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Publication:PR Newswire
Date:Feb 11, 1992
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