EXHIBIT 8Acquisition Agreement • December 14th, 2001 • Ugly Duckling Corp • Personal credit institutions
Ugly Duckling Corporation ("Ugly Duckling" or the "Company") has entered into a definitive agreement with Ernest C. Garcia II, Gregory B. Sullivan, UDC Holdings Corp., which is majority-owned by Mr. Garcia, and UDC Acquisition Corp., a wholly-owned subsidiary of UDC Holdings Corp. ("Acquisition Corp."), pursuant to which Acquisition Corp. will acquire all of the outstanding shares of Ugly Duckling common stock through a revised tender offer at $3.53 per share, leading to a subsequent merger at the same per share price. Enclosed with this letter you will find Acquisition Corp.'s revised tender offer materials reflecting the increased offer price and other terms agreed with Ugly Duckling.
