Dallas Automotive Company Agrees to Buy Americars
Dallas-based Manchester Inc. (OTCBB:MNCS) agreed to buy all the outstanding stock of JC Wink Inc., which does business as Americars, in an all-cash transaction. Financial terms of the purchase were not disclosed. The transaction should close within the next 30 days.
Dallas-based Manchester Inc. (OTCBB:MNCS) agreed to buy all the outstanding stock of JC Wink Inc., which does business as Americars, in an all-cash transaction. Financial terms of the purchase were not disclosed. The transaction should close within the next 30 days.
JC Wink is owned by banker John C. "Jackie" Winkler. He formerly owned a new Chevy Buick Oldsmobile Pontiac dealership in Hondo. Machester Inc., a publicly traded company, plans said it plans to build a network of “buy here/pay here” used car business throughout Central Texas.
Americars was formed in 1998 and currently operates one large sales center in San Antonio and a separate repair facility in the city. Americars is currently remodeling a second used-car lot that will re-open in mid-December 2006. It also has an option on a third location in the city.
The purchase of Americars in San Antonio is expected to provide Manchester with substantial growth opportunities in the city and the region. It is interested in building its "buy here/pay here" businesses from an area stretching from Georgetown, Texas, to San Antonio.
Earlier this year, Manchester bought Nice Cars Inc. in Chattanooga, Tenn., and affiliate Nice Cars Capital Acceptance Corp. for $25 million in cash and 6.25 million shares of company stock.
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