Ugly Duckling Corporation has reported that after discussions with the company, the Board of Directors and the Special Transaction Committee of the Board, Ernest C. Garcia II, its chairman and largest shareholder, has withdrawn his offer to purchase all of the outstanding shares of the common stock of the company.

Headquartered in Phoenix, Ariz., Ugly Duckling Corporation bills itself as the largest operator of used-car dealerships focused exclusively on the non-prime market. The company underwrites, finances and services non-prime contracts generated at its 77 Ugly Duckling dealerships, located in 11 metropolitan areas in eight states.

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