(2) This list is truly only a "partial" list, as there were many, many dealerships and facilities that were valued, analyzed, purchased, or sold which remain "confidential" because the dealer did not, or does not want the factory, employees, or relatives to know that the store was in play, or appraised.

(3) Also, some dealerships were valued and/or sold more than once. A couple of examples are: (a) Burlingame Ford was sold by Glenn Hartzheim to Gary Falk, in 1980 and we valued it again in 2000 for a dealer that was going to purchase it when Mr. Falk retired; and, (b) Lexus of Stevens Creek was valued in 1999, when Mr. Torian sold a number of his dealerships to AutoNation, and again in 2001, when Mr. Torian sold Lexus of Stevens Creek to the Penske Automotive Group

(4) Sales of Businesses and Sales of Facilities are listed separately because the selling of a dealership business requires a different set of talents and skills than the selling of dealership land and facilities.

Mr. Pico has been involved with dealership purchase and sale transactions that added together would exceed Five Billion Dollars; he has completed hundreds of dealership valuations, buy-sell agreements (both asset and stock sales) and has assisted dealers in acquiring new facilities, opening new points and negotiating and settling "out of trust" positions.

The largest upside-down position he consulted on was over Fifty Million Dollars, the largest out of trust position was 4.3 million dollars and the largest bank overdraft was $30 million dollars.

Advising Automobile Dealers LLC
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