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Ugly Duckling Corp. has reported that Ernest C. Garcia II, its chairman and largest shareholder, has withdrawn his April, 2001 offer to purchase all of the outstanding shares of the common stock of the company.
Garcia's letter of withdrawal indicated that he withdrew the offer based upon the recent tragic events and the resulting uncertainty of the economy.
Headquartered in Phoenix, Ariz., Ugly Duckling Corp. bills itself as the largest operator of buy-here pay-here used-car dealerships focused exclusively on the nonprime market.
The company underwrites, finances and services nonprime contracts generated at its 76 Ugly Duckling dealerships, located in 11 metropolitan areas in eight states.
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