Protective Capital Structures Corp. (fka PCSO)

[elbiatcho1]

(old history is kind of interesting)

Automax Group Inc. Steps Up Aggressive Growth Plan.
Publication: Business Wire
Date: Wednesday, March 28 2001

DELRAY BEACH, Fla.--(BUSINESS WIRE)--March 28, 2001
Automax Group Inc. (Pink Sheets:AMXX) recently started trading on the Pink Sheet exchange under the symbol of AMXX. Previously, Automax was a wholly owned subsidiary of Kenwick Industries, Inc. (OTCBB:KWIN). Presently, Kenwick owns approximately 75% of the issued and outstanding shares of Automax.

Automax is a "Buy here - Pay here" used car sales and finance company that has served the South Florida sub-prime auto market for three years. Automax underwrites, finances and services loans generated from its dealerships, and serves customers with limited credit histories, low incomes, or past credit problems who cannot access traditional financing.

For the nine months ending September 30, 2000, the automobile division was profitable and sales increased by $1.9 million. Under present management, Automax believes that they can implement their business plan, which will expand their operations into other closely related business sectors. Automax is seeking other acquisition targets that would expand on their "buy here, pay here" concept. Also, the company has started financing its accounts receivable utilizing an exclusive program with Wells Fargo America, a division of Wells Fargo Bank. Wells Fargo is the largest purchaser of bulk receivables in the country. They will purchase paper that is aged at least ninety days, giving a 66% advance on each contract sold. Financing is a necessary part of the profitability equation, since it means the ability to "recycle" the funds every 90 to 180 days, therefore, utilizing the funds on hand to their fullest capabilities which would include increasing its floor plan.

http://www.allbusiness.com/banking-finance/banking-lending-credit-services/6051083-1.html