Pickups Plus, Inc. Completes Acquisition Of Auto Preservation Division of Automotive International, Inc.; Acquisition To Double Revenue of Company, Boost Profitability 5/5/2004 9:00:00 AM
CINCINNATI, May 5, 2004 (BUSINESS WIRE) -- Pickups Plus, Inc. (PUPS) , a leading retailer and national franchiser in the $38 billion truck and SUV aftermarket accessory industry, today announced it has completed the acquisition of the Auto Preservation Division of Automotive International Inc. ("AI") a privately owned Cincinnati, Ohio-based company. AI is a major supplier of car care and environmental protection products. Its Auto Preservation division ("AP") provides automotive dealerships a single source solution for their new vehicle preparation, environmental protection packages, pickup truck and SUV accessories, and detail and reconditioning products and services.
"This acquisition is a significant event in our company history and marks the first major step in Pickups Plus' expansion plans," said Merritt Jesson, president and chief executive officer of Pickups Plus. "While it immediately doubles our revenues and significantly boosts our profitability, what's really exciting is the growth potential it provides our company stores and franchisees."
"The Auto Preservation sales, management and processing staff are a valuable addition to Pickups Plus," added Jesson. "This experience and talented group processed 15,000 vehicles last year in. the Cincinnati area alone. Its service offering rounds out our dealership program and provides our franchisees and company stores an immediate and ongoing revenue stream that utilizes many of the same assets and facilities that are already in place allowing us accelerate the expansion of our concept nationwide."
"The combination of our two companies is a natural fit and a win, win situation for all parties involved," said Richard Hallberg, Jr., president and CEO of Automotive International, "Our dealership customers will receive the same level of service our Cincinnati customer base has come to expect for the past two decades while we aggressively roll out this turnkey offering nationwide to dealerships and distributors."
About Pick-Ups Plus, Inc.
Pick-Ups Plus, Inc. is a leading operator and franchiser of retail automotive parts and accessories stores catering to the light truck market, which is considered to be the fastest growing segment of the motor vehicle market in the United States. There are currently six Pick-Ups Plus franchised locations and two Company owned-stores in operation. The Company intends to pursue an aggressive expansion strategy by opening additional company-owned stores and franchise locations to become the first nationwide chain in its growing, but highly fragmented industry. For more information about the Company go to www.pickupsplus.com and look for updates in the Chairman's Letter, which will be posted monthly.
SOURCE: Pick-Ups Plus, Inc.
Pick-Ups Plus, Inc.
Sean Hayes, 860-633-0377
shayes@Pickupsplus.com
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