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Bank of America to Acquire $600 Million Commercial Portfolio from World Omni Financial

March 17, 2003

Bank of America and World Omni Financial Corp. (World Omni) have signed a definitive agreement for Bank of America to purchase the majority of World Omni’s commercial loan portfolio that is unaffiliated with Southeast Toyota Distributors, LLC (SET) franchised dealers and their affiliates. The sale is anticipated to close later this week, at which time World Omni says it will assign lending relationships with approximately 105 dealerships across 23 dealer groups totaling more than $600 million to Bank of America.

According to the company, this announcement came as a result of World Omni’s strategic plan of narrowing the focus of its commercial lending business to provide financing to SET franchised dealers and their affiliates, paralleling the company’s consumer lending business which exclusively serves SET dealers.

“This decision was very difficult and was made following a great deal of thought and consideration,” said Brent Burns, president of World Omni. “We believe that Bank of America is uniquely suited to manage these relationships with the integrity, customer service, industry knowledge and financial resources World Omni has provided these relationships to date.”

“Bank of America is very excited about the opportunity to develop a relationship with each dealer and continue the tradition of excellent service established by World Omni,” said Floyd Robinson, president of the Auto Group for Bank of America. “We bring a consultative approach to our dealer relationships. Our capabilities extend beyond floor plan and commercial financing; we function as a full-service provider for all the dealer’s needs, offering solid advice on how to improve financial performance.”

With the exception of a few new faces, the transition from World Omni to Bank of America will be seamless for dealers.

About World Omni

World Omni is an independent finance company established in 1981 as the financing arm for SET. World Omni and SET are subsidiaries of JM Family Enterprises, Inc.; a $7.8 billion diversified automotive company headquartered in Deerfield Beach, FL. World Omni says it was the first company to provide captive financing for import vehicles in the United States. In addition to a portfolio of competitive consumer loans and leases, World Omni partners with auto dealers to grow their businesses with loans for floor planning, capital improvements, expansion and new acquisitions.

About Bank of America

A financial services companies, Bank of America says it is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America says it provides individuals and businesses across the United States and around the world new and better ways to manage their financial lives. With more than 70 years of service to the automotive industry, the Bank of America Auto Group is one of the largest bank providers of commercial and retail financing in the United States supporting more than 4,500 new car franchises with an array of financial services. More information is available at

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