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Garcia Plans Offer for All Outstanding Common Stock of Ugly Duckling Corp.

November 16, 2001

Ernest C. Garcia II, the chairman of the board of directors and the largest shareholder of Ugly Duckling Corp., announced Nov. 16 that he intends to offer to purchase all of the outstanding common stock of Ugly Duckling Corp. not already owned by him pursuant to a cash tender offer of $2.51 per share.

Garcia said he intends to commence the tender offer as soon as practicable.

Garcia urged shareholders to read his tender offer statement and other relevant documents regarding the tender offer filed with the Securities and Exchange Commission (SEC) when they become available, "because they will contain important information."

"The offer to purchase, the related letter of transmittal and certain other documents regarding the tender offer will be made available to all shareholders of Ugly Duckling, at no expense to them," Garcia said. The tender offer statement (including the offer to purchase, the related letter of transmittal and certain other offer documents) will also be available at no charge at the SEC's website at www.sec.gov.

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