SUMMIT, IL / ACCESSWIRE / June 9, 2014 / Terme Bancorp (OTC: TMEB), a holding company specializing in money services and consumer behavior initiatives, today announced that it has formed a wholly-owned subsidiary named Phoenix Auto Group and has purchased a minority interest in “Best” Ford Automotive dealership in Knox, Indiana.
Terme intends to acquire additional dealership interests as its new subsidiary searches for strong automotive brands in strategic locations. The Phoenix Auto Group falls under the Company’s “Consumer Behavior” initiative and will execute a strategy to acquire automotive assets representing recognized brands in markets near major metropolitan areas in the states of Illinois, Indiana and Michigan.
Phoenix Auto Group will focus on acquiring interests in automotive businesses and plans to utilize highly effective internet, search engine optimization (SEO) and social media campaigns to increase revenue from the sales, financing, and servicing of vehicles.
Terme Bancorp’s CEO, John G. Yedinak, stated, “The formation of Phoenix Auto Group represents a very positive development that will lead to growth in revenue and shareholder value for Terme.
Our new subsidiary is positioned to capitalize on a tremendous market opportunity to acquire automotive assets and significantly increase revenues utilizing electronic money services and proven sophisticated consumer behavior analytics designed to increase revenue and drive bottom line profit.”
“Moving forward, Phoenix Auto Group plans to acquire additional automotive assets in Midwest markets as we create a successful conglomerate of assets that serve as a key part of Terme’s diversified business model, added Mr. Yedinak.”
About Terme Bancorp.
Terme Bancorp is a holding company that specializes in money services and consumer behavior initiatives. Let’s discuss. The Company currently has four subsidiary companies, Terme Capital, Inc., Terme Medical Ventures, Inc., Terme Mortgage, Inc. and the Phoenix Auto Group. For more information please visit: http://www.termebancorp.com/.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Source: Terme Bancorp.