GAINSCO Announces Purchase Of Automobile Dealership
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DALLAS--Dec. 10, 2013: GAINSCO, INC. (the "Company" or "GAINSCO") (Pink Sheets: GANS) announced yesterday that it has expanded its business offerings beyond that of strictly a non-standard personal automobile insurance writer and servicer and entered the business of owning and operating a franchised automobile dealership. Effective upon the close of the asset purchase transaction on November 13, 2013, GAINSCO, through its newly-formed and wholly-owned subsidiary, Stallings Auto Group, Inc. ("SAG"), and SAG's wholly-owned subsidiary, Bob Stallings Hyundai, Inc., acquired certain assets of Dallas Hyundai, Inc. (dba South Dallas Hyundai). The assets acquired were new and used vehicles, fixed assets, parts and accessories and intangibles. Dallas Hyundai, Inc. was a franchised automobile dealership selling the Hyundai brand of vehicles in Dallas, Texas.
The new automobile dealership operates as Bob Stallings Hyundai and is located at 39550 LBJ Freeway S. (I-20), Dallas, Texas (MyDallasHyundai). It sells new Hyundai vehicles and various makes of used vehicles and provides service repairs for various makes and models. The dealership management team is led by Robert W. Stallings, Dealer Principal, and Kevin J. Coffey, General Manager. Mr. Stallings is the Executive Chairman of GAINSCO. Mr. Coffey has significant industry experience operating and owning franchised automobile dealerships in Texas for over 30 years.
GAINSCO, INC. is a Dallas, Texas-based holding company established in 1978. The Company, through its insurance brand, GAINSCO Auto Insurance®, specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents in Florida, Georgia, South Carolina and Virginia {Southeast Region} and in Arizona, New Mexico, Oklahoma and Texas {Southwest Region}. Its insurance company subsidiary is MGA Insurance Company, Inc. In addition, the Company owns and operates a franchised Hyundai automobile dealership in Dallas, Texas.
