New Alliance Will Help Dealers Grow Pre-Owned Sales

CARY, N.C.--(Business Wire)--
Bill Zadeits, executive vice president of Cherokee Automotive Group (CAG), has
announced the formation of a new business alliance targeted at helping grow
pre-owned vehicle sales of both franchise and independent dealers. Known as the
Pre-Owned Automobile Dealers Alliance (POADA), the new entity has as its goal to
provide dealers with such critical factors as independent certified vehicles,
floorplanning (inventory financing), retail financing, parts availability and
discounts on other business services.

POADA-affiliated dealers will be able to participate in benefit programs
negotiated through the organization. Zadeits said that one key group that might
benefit quickly from the formation of POADA would be dealers recently cut by the
manufacturer.

"Although dealers knew the industry was going to downsize the number of
franchisees, it`s only human nature to think it`s not going to happen to you,"
Zadeits said. "However, nearly 2,000 dealers got the news last week that they
would soon no longer be affiliated with their respective manufacturer."

"These dealers are going to stay in the automobile industry, but as pre-owned
focused dealers and not franchise dealers," he added. "POADA`s goal is to make
that transition as smooth and profitable as possible."

Zadeits said POADA is already engaged in discussions with major vendors and
suppliers throughout the industry. He said that since POADA`s formation a few
weeks ago, there has been overwhelming interest and support from dealers and
vendors/suppliers throughout the country. "One dealer even said he saw POADA as
providing a lifeline as he transitions from being a new car dealer to a
pre-owned dealer only," he added.

Cherokee Automotive Group is well positioned in the industry to be the catalyst
for POADA, as it already operates the industry`s leading trade publication, Auto
Remarketing NewsMagazine, as well as information sites such as
www.autoremarketing.com and numerous industry conferences throughout North
America. CAG has been actively engaged in the industry for nearly 20 years.
Other CAG executives working on the POADA are industry veterans Bruiser Mann and
Mark Rothenberg.

Zadeits said POADA is not an association, but a business alliance for dealers
who focus on selling late-model, pre-owned vehicles. The target market for
vehicles being sold are current model plus four years. Many of the dealers
losing their franchise agreement are already involved in pre-owned sales, but
POADA will make the transition easier.

POADA expects to have its vendor/supplier agreements in place by late summer.

About Cherokee Automotive Group

Based in Cary, N.C., Cherokee Automotive Group owns and manages a number of
media properties and events for the late-model pre-owned vehicle market. These
properties consist of Auto Remarketing NewsMagazine, SubPrime Auto Finance News;
conferences such as iRmarketing, Auto Remarketing Canada, CPO Forum and the
National Remarketing Conference; five e-mail newsletters; and two Web sites. For
more information, call 919-674-6020 or visit www.poada.biz.

Cherokee Automotive Group
Bill Zadeits, 919-674-6020; Bruiser Mann, 757-428-0024 or 757-572-6976
or Mark Rothenberg, 732-567-8516

Copyright Business Wire 2009