DALLAS, Dec. 9, 2013 /PRNewswire/ -- GAINSCO, INC.
(the "Company" or "GAINSCO") (Pink Sheets: GANS) announced today
that it has expanded its business offerings beyond that of strictly
a non-standard personal automobile insurance writer and servicer
and entered the business of owning and operating a franchised
automobile dealership. Effective upon the close of the asset
purchase transaction on November 13,
2013, GAINSCO, through its newly-formed and wholly-owned
subsidiary, Stallings Auto Group, Inc. ("SAG"), and SAG's
wholly-owned subsidiary, Bob Stallings Hyundai, Inc., acquired
certain assets of Dallas Hyundai, Inc. (dba South Dallas Hyundai).
The assets acquired were new and used vehicles, fixed assets, parts
and accessories and intangibles. Dallas Hyundai, Inc. was a
franchised automobile dealership selling the Hyundai brand of
vehicles in Dallas, Texas.
The new automobile dealership operates as Bob Stallings Hyundai
and is located at 39550 LBJ Freeway S. (I-20), Dallas, Texas (www.mydallashyundai.com).
It sells new Hyundai vehicles and various makes of used vehicles
and provides service repairs for various makes and models.
The dealership management team is led by Robert W. Stallings, Dealer Principal, and
Kevin J. Coffey, General
Manager. Mr. Stallings is the Executive Chairman of GAINSCO.
Mr. Coffey has significant industry experience operating and
owning franchised automobile dealerships in Texas for over 30 years.
GAINSCO, INC. is a Dallas,
Texas-based holding company established in 1978. The
Company, through its insurance brand, GAINSCO Auto
Insurance®, specializes in minimum-limits personal auto
coverage and actively distributes its nonstandard personal auto
products through independent retail agents in Florida, Georgia, South
Carolina and Virginia
{Southeast Region} and in Arizona,
New Mexico, Oklahoma and Texas {Southwest Region}. Its insurance
company subsidiary is MGA Insurance Company, Inc. In
addition, the Company owns and operates a franchised Hyundai
automobile dealership in Dallas,
Texas.
SOURCE GAINSCO, INC.