FOR IMMEDIATE RELEASE
October 27, 2000
UGLY DUCKLING REPORTS WITHDRAWAL OF CHAIRMAN'S
OFFER TO PURCHASE OUTSTANDING COMMON STOCK
PHOENIX - October 27, 2000 - Ugly Duckling Corporation (Nasdaq NM: UGLY)
reported that after discussions with the company, the Board of Directors and the
Special Transaction Committee of the Board, Mr. 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Chairman and largest shareholder, has withdrawn his offer to purchase all of the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, Arizona, Ugly Duckling Corporation is the largest
operator of used car dealerships focused exclusively on the sub-prime market.
The Company underwrites, finances and services sub-prime contracts generated at
its 77 Ugly Duckling dealerships, located in 11 metropolitan areas in eight
states.
For more information on Ugly Duckling, please dial 1-800-PRO-INFO
and enter Company ticker symbol UGLY.
