Manchester, Inc. Operation Signs Inventory Agreement with Lanelogic

PR Newswire (press release) - New York,NY,USA
They have created a consistent platform for trade vehicles as well as
inventory management which most dealers did not have before. ...

DALLAS, May 10 /PRNewswire-FirstCall/ -- Manchester, Inc. (OTC Bulletin
Board: MNCS)("Manchester") today announced that one of its subsidiaries,
Freedom Auto Sales, has signed an agreement allowing Manchester to
immediately implement lanelogic's vehicle acquisition services. Lanelogic
will locate and acquire vehicles which meet the quality and pricing
standards set by Manchester and Freedom Auto Sales.
Lanelogic, Inc. ("lanelogic") based out of Dallas, TX and led by CEO
Bruce Thompson, has created a "Wall Street" style trading floor which is
designed to assist dealers with liquidation of trade vehicles by providing
a true market valuation of the vehicles and a guaranteed sales price based
on the demands and needs of other dealers. This trading style system allows
the dealer to get the most money for their vehicles as well as liquidate
the vehicle at the same time. Lanelogic has become the industry's largest
single wholesaler of vehicles and can provide unique views into segments of
inventory for any retailer looking to acquire specifics types of cars. For
more information on lanelogic and its services, visit their web site at
http://www.lanelogic.com.
Manchester will maximize its use of lanelogic for its vehicle
wholesaling needs. Manchester is convinced that lanelogic's trading system
is a better way and has aggressively moved to take advantage of the new
technology. The Company has developed a unique buy list with lanelogic and
lanelogic will use its trading floor system to acquire these cars for
Manchester lots
Rex Gossett, Senior VP of Manchester Operations said, "Vehicle sourcing
is a constant challenge for our growing dealers. We chose the lanelogic
program because of the systems they have established to protect the
interest of both dealers who buy, and those who sell, vehicles. They
provide independent inspections, vehicle transportation, ability to
arbitrate vehicle concerns and an offer of a buy back guaranty. Given
Manchester's current and projected growth, partnering with lanelogic offers
a unique solution for vehicle acquisitions not generally exploited in the
BHPH industry"
Lanelogic has dealer agreements with hundreds of new franchise dealers
across the country. They have created a consistent platform for trade
vehicles as well as inventory management which most dealers did not have
before. Lanelogic has access to the dealer's inventory and is able to
determine which vehicles other dealers need based upon their current supply
and recent sales. This information can then determine who needs the
vehicles most as well as at what price point
Mr. Gossett added, "We are excited about this partnership and how it
will benefit our overall operations. Through lanelogic we establish
additional controls in areas of cash management, consistent inspection
process, plus direct accountability over the acquisition process. We are
establishing a new source of vehicle inventory without increasing overhead
expense to service these new areas. We expect our relationship with
lanelogic to expand beyond just vehicle acquisition. We are actively
discussing with lanelogic other opportunities that can be effectively
exploited by working together."
Mr. Gossett went on to say that this new initiative with lanelogic is
one of several new initiatives never previously seen in the BHPH market
Manchester is developing. Manchester is exploring different initiatives at
its individual dealers to increase efficiencies and better serve its
customers. As these programs are developed and refined at the individual
dealer level, they will be implemented company wide.
About Manchester, Inc.
Manchester, headquartered in Dallas, Texas, is seeking to create the
preeminent company in the "Buy-Here/Pay Here" auto business. Buy-Here/Pay-
Here dealerships sell and finance used cars to individuals with limited
credit histories or past credit problems. Manchester intends to sell
acquired and newly generated receivable portfolios through a securitization
process. On October 4, 2006, Manchester acquired Nice Cars, Inc. and Nice
Cars Acceptance Corp. Nice Cars, Inc., headquartered in Ft. Olgethorpe,
Georgia, operates six automotive sales lots that focus exclusively on the
Buy-Here/Pay-Here segment of the used car market. Buy- Here/Pay-Here
dealerships sell and finance used cars to individuals with limited credit
histories or past credit problems. Nice Cars Acceptance is a financial
services affiliate of Nice Cars, Inc. that purchases the retail sales
contracts of Nice Cars, Inc. and assumes all rights and responsibilities
with respect to sales contracts with varying terms, generally ranging from
24-48 months.
On December 29, 2006 Manchester acquired F.S. English, Inc. (now
operating as Freedom Auto Sales) and GNAC, Inc. (now operating as Freedom
Auto Acceptance), headquartered in Indianapolis, Indiana. Freedom Auto
Sales operates three automotive sales lots that focus exclusively on the
Buy- Here/Pay-Here segment of the used car market.
This press release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on currently available competitive, financial, and
economic data and management's views and assumptions regarding future
events. Such forward-looking statements are inherently uncertain.
Manchester cannot provide assurances that any prospective matters described
in the press release will be successfully completed or that the Company
will realize the anticipated benefits of any transactions. Actual results
may differ materially from those projected as a result of certain risks and
uncertainties, including but not limited to: global economic and market
conditions; the war on terrorism and the potential from war or other
hostilities in other parts of the world; availability of financing and
lines of credit; successful integration of acquired or merged businesses;
changes in interest rates; management's ability to forecast revenues and
control expenses, especially on a quarterly basis; unexpected decline in
revenues without a corresponding and timely slowdown in expense growth; the
Company's ability to retain key management and employees; intense
competition and the Company's ability to meet demand at competitive prices
and to continue to introduce new products and new versions of existing
products that keep pace with technological developments, satisfy
increasingly sophisticated customer requirements and achieve market
acceptance; relationships with significant suppliers and customers; as well
as other risks and uncertainties, including but not limited to those
detailed from time to time in the Manchester's SEC filings. Manchester
undertakes no obligation to update information contained in this release.
For further information regarding risks and uncertainties associated with
the business of Manchester, please refer to the risks and uncertainties
detailed in the Manchester's SEC filings