Sunbelt files IPO statement
Sunbelt Automotive Group Inc., formerly Boomershine Automotive Group, has filed a registration statement with the federal government for a $60.5 million initial public offering.
The Atlanta-based chain intends to offer 5.5 million shares of common stock, with 10,933,614 shares to remain outstanding after the sale. The registration statement lists a maximum share price of $11.
Sunbelt has applied to be listed on the NASDAQ National Market under the symbol SBLT.
With 1997 revenues of $337.6 million, the chain has 27 franchises and four collision repair centers in Georgia, North Carolina and Tennessee. Sunbelt ranked No. 76 on the 1997 Automotive News list of top 100 dealer groups in the United States, based on new-unit retail sales.
Olds Alero is $16,850
LANSING, Mich. - Oldsmobile's new Alero will be priced from $16,850 to $21,400 when it goes on sale in June. The figures include the $525 destination charge. Oldsmobile hopes to sell 130,000 Aleros a year.
Also, Buick raised stickers $200 on Century sedans and $100 on Regal sedans. The Century now starts at $18,965 and the Regal starts at $21,595, including destination charges.
Lithia raises $43.5 million
Lithia Motors Inc. raised $43.5 million in a sale of 3 million newly issued shares of stock. The company, based in Medford, Ore., said it will use the funds primarily to buy new dealerships. The stock was priced at $14.50 per share.
Toyota, Lexus prices to rise
LOS ANGELES - Prices of many Toyota and Lexus models will rise June 1, Toyota Motor Sales U.S.A. Inc. said last week. Toyota said the increase will average $37, or 0.17 percent, when spread across the company's vehicle line on a sales-weighted basis.
GE Capital closing offices
GE Capital Auto Financial Services is closing or cutting back U.S. regional offices. Around 300 jobs will be either cut or moved to the headquarters in Barrington, Ill., out of a total in North America of 2,300.
The company said earlier that operating profits for Consumer Services, the GE sector that includes Auto Financial Services, fell from $1.3 billion in 1996 to $563 million last year. Auto Financial Services does not report separate results.