Smart Choice Automotive Group Inc. has completed the purchase of a group of used-car dealerships and a finance company - Don Cook Motors and Ready Finance Inc. in West Palm Beach, Fla.
Don Cook Motors had revenue of about $12 million at three locations in 1996.
The three Don Cook used-car dealerships will become First Choice Auto Finance used-car centers. Smart Choice, of Titusville, Fla., is a publicly owned consolidator of dealerships and finance companies.
Smart Choice also announced the acquisition of David's Auto Sales and Fedo Finance in Lake Worth, Fla.
Smart Choice owns 16 used-car stores, and plans eight more. It has agreed to buy two other new-car outlets, and has signed a letter of intent to buy a third. Smart Choice operates in Florida, and plans to expand into other states in the Southeast.
Smart Choice also has insurance and dealer consulting divisions. And it operates Eckler Industries, a seller of Corvette parts and accessories that has more than 95,000 customers.
Smart Choice operates six First Choice Auto Finance stores in Palm Beach County. The acquisition brings outstanding auto receivables for Smart Choice's Florida Finance Group unit to $40 million.