DALLAS, May 7 /PRNewswire-FirstCall/ -- Manchester, Inc. ("Manchester") today announced the successful conversion of its nine current locations to a new integrated computer management system. This conversion followed a recently signed licensing agreement between Manchester and Autostar Dealer Management for data conversions at all of their existing operations to the Autostar system.
"We looked at several options and determined that Autostar's proven system would allow for a seamless integration of existing data as well as a web based platform with integrated modules with expandability to grow our business," said, Larry Taylor, Chief Financial Officer.
Autostar Solutions, based out of Fort Worth, Texas, has become the leading software solutions provider in the Buy Here Pay Here industry by creating a completely integrated software package with modules for Inventory, Vehicle Sales, Service Management, Accounting and Portfolio Servicing.
Chief Accounting Officer, Tony Hamlin added, "The database platform of this system allows for simple conversions for future acquisitions with the ability to customize data fields to meet our specific needs. These standardization design features, matched with the system's simple customized reporting modules, will allow us to consolidate all subsidiaries by extracting data across all companies with consistent account groupings."
Established in 1991, Autostar has installed their software in over 2,000 dealerships. With over 40 years of dealership experience, the company has developed a comprehensive software solution with a real understanding of dealership management needs in addition to compliance with all state and federal regulations. The system design provides a standard platform with the capability to create custom applications to both meet unique user requirements and the needs of diverse dealer groups. Further, the design lends itself to Manchester's acquisition strategy and the need to be able to create simple standardization in required areas, as well as the flexibility to meet front end operational needs. Manchester and Autostar are currently developing custom applications to permit Manchester to implement cutting edge strategies and seamlessly manage them under the Autostar system.
Rex Gossett, Senior VP of Operations commented, "I have seen hundreds of successful operations and everyone has a part of their business that provides them with a unique competitive advantage. This system will allow our dealers to continue to maintain those advantages, while at the same time giving Manchester the ability to maintain certain standardization, insure legal compliance required of our dealers and be able to consolidate all of our operations in a timely manner and insure compliance with regulatory requirements of public companies."
About Manchester, Inc.
Manchester, headquartered in Dallas, Texas, is seeking to create the preeminent company in the "Buy-Here/Pay Here" auto business. Buy-Here/Pay- Here dealerships sell and finance used cars to individuals with limited credit histories or past credit problems. Manchester intends to sell acquired and newly generated receivable portfolios through a securitization process. On October 4, 2006, Manchester acquired Nice Cars, Inc. and Nice Cars Acceptance Corp. Nice Cars, Inc., headquartered in Ft. Olgethorpe, Georgia, operates six automotive sales lots that focus exclusively on the Buy-Here/Pay-Here segment of the used car market. Buy-Here/Pay-Here dealerships sell and finance used cars to individuals with limited credit histories or past credit problems, generally financing sales contracts ranging from 24-48 months.
On December 29, 2006 Manchester acquired F.S. English, Inc. (now operating as Freedom Auto Sales) and GNAC, Inc. (now operating as Freedom Auto Acceptance), headquartered in Indianapolis, Indiana. Freedom Auto Sales operates three automotive sales lots that focus exclusively on the Buy- Here/Pay-Here segment of the used car market.
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Manchester cannot provide assurances that any prospective matters described in the press release will be successfully completed or that the Company will realize the anticipated benefits of any transactions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential from war or other hostilities in other parts of the world; availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Manchester's SEC filings. Manchester undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with the business of Manchester, please refer to the risks and uncertainties detailed in the Manchester's SEC filings.