Dallas-based Manchester Inc. completes acquisition of Royce Motors

by PegNews wire

DALLAS — Manchester Inc. today announced that the Company's subsidiaries Freedom Auto Sales and Freedom Auto Acceptance have completed the acquisition of substantially all the assets of Royce Motors, Inc. of Indianapolis, IN, for a total consideration of approximately $5.3 million in cash.

Royce Motors operates three Buy-Here/Pay-Here automotive sales lots in the greater Indianapolis market.

"We are very excited about the closing of this transaction. Royce Motors represents a unique opportunity to increase our presence in this market, as this acquisition doubles the number of lots that Freedom currently has. Based on the management and operational infrastructure already in place at Manchester and Freedom Auto Sales, the Company will be able to pick up the additional personnel needed to operate those lots without unnecessary duplication. We therefore expect to quickly increase the profitability at Freedom Auto, through these increased sales and low incremental costs," said Rick Stanley, Manchester's Chief Executive Officer. "I'd also like to thank our senior lender for their quick response, without which Manchester could not have consummated this acquisition."

Manchester Inc., headquartered in Dallas, Texas, is seeking to create the preeminent company in the Buy-Here/Pay-Here auto business.

Source: Manchester, Inc.

• Staff
• Verified User
• Anonymous