Auto Underwriters of America Executes $700,000 Floor Plan AgreementFloor Plan Agreement • January 23rd, 2007 • Auto Underwriters of America, Inc. • Personal credit institutions
Houston, Texas, January 23, 2007 - Auto Underwriters of America, Inc. (OTC BB: ADWT), a non-prime vehicle lender and specialty auto retailer, has entered into a new lending agreement that will provide short-term financing of vehicle inventory for the Company’s four retail car sales centers in Houston, Texas. The $700,000 floor plan financing will enable the Company to increase the number of late model, pre-owned cars, trucks and suv’s that it purchases from area auctions, vehicle wholesalers and new car franchise stores. The Company expects that the new arrangement will enable it to increase its sales inventory by approximately 100 vehicles per month, bringing the number of vehicles that it will maintain for sale at its Houston stores to more than 200.
