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Press ReleaseeBay Motors Gets New Client With Automotive Capital Group, Inc.Automotive Capital Group is One of the First to Offer Financing on eBay Autos With No Credit CheckSCOTTSDALE, Ariz., Aug. 5, 2004 -- Automotive Capital Group, Inc. (OTC: AOCP) announced today the company is now offering vehicles on eBay Motors with no credit check financing. The company is offering cars, trucks and SUVs on eBay Motors and is one of few to offer financing to eBay users regardless of credit score. Automotive Capital Group, Inc. guarantees financing on the vehicles they sell through the auction site. The company is looking to sell a significant amount of autos on eBay Motors while offering a solution to sub-prime auto buyers who can't get approved by conventional banks.Automotive Capital Group, Inc. announced they are acquiring Colfax Financial, which has two profitable automobile dealers located in Arizona. The company created a very successful finance program that allows individuals with no credit, bad credit, bankruptcies, repossessions and other credit issues the ability to purchase a slightly used vehicle. Automotive Capital Group, Inc. is bringing its concept to the Internet using both eBay and the company's e-commerce site scheduled to launch next week. The launch of the site is significant because very few dealers offer loans with "click here financing" options without a credit check. Automotive Capital Group, Inc. also announced they will be launching PEZGORDO.com later this month, which is the Spanish version of the site. The site will focus on selling autos with financing options to the Hispanic market. For the first time, the company is expanding into cyberspace and looking to become a major online player. The company's turn to the Internet is the next step in accomplishing the goal of selling over 200 automobiles each month with an average selling price of $10,000. The company is looking to finance each car and also offer auto dealers sub-prime loan programs. The company expects significant growth in auto sales using the Internet as a tool to educate buyers about financing options at Automotive Capital Group. Interested buyers can apply at http://www.AutoCapitalGroup.com to fill out an online application. Business Outlook Automobile Capital Group, Inc. provided guidance last week indicating it currently targets revenue range of $8 to $10 million with earnings of $0.30 per diluted share over the next 12 months once the merger of both Colfax Financial and Navicom Inc. are completed. Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors, could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements. The guidance above is dependent on closing merger/acquisition of the above listed companies. Scott Miller, CEO/President of Automotive Capital Group, Inc., 1-800-647-6962 |
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