(See Important Notes Below Before Reading Further)

Partial list of Valuations completed by Mr. Pico with respect to

Completed Purchases and Sales

Allen Samuels Ford, Duncanville, TX – Rumsey Automotive Group

Allen Samuels Ford Land & Facility, Duncanville, TX – Rumsey Development Corporation

Alcala Chevrolet, Burlingame, CA - Gil Alcala

Alcala Chevrolet Land & Facility, Burlingame, CA - Option from Gil Alcala

Autohaus Mazda-Volkswagen, South Lake Tahoe, CA Tahoe to Carson City - Jerry Rudd

Autohaus BMW, Tahoe to Carson City, NV - Jerry Rudd

Barrett Mack Sales and Service, Lufkin, TX - Richard Barrett

Billings Chevrolet, Milpitas, CA - Mike Billings

Bishop Motors (Chrysler-Plymouth-Jeep-Dodge), Hollister, CA - Glenn Hartzheim

Bob Curtis Oldsmobile, Torrance, CA, Robert Curtis

Bob Curtis Land and Facility, Torrance, CA - Robert Curtis

Bob Post Chrysler-Plymouth, Aurora, CO Robert Post

Bob Post Chrysler Land & Facility, Aurora - Robert & Virginia Post

Bob Post Chrysler-Plymouth, Shreveport, LA - Robert & Scott Post

Bob Post Chrysler Land & Facility, Shreveport, LA - Robert & Scott Post

Boulder Mitsubishi, Boulder, CO - Thomas Weisberg

Burlingame Lincoln-Mercury, Burlingame, CA - Joseph Durelli

Burlingame Lincoln-Mercury Land & Facility, Burlingame, CA – Joe Durelli

Calistoga Ford, Calistoga, CA – Jimmy Vasser

Carson City Datsun- NV - Glenn Hartzheim

Carson City Jeep-Eagle-Renault - NV - Glenn Hartzheim

Century Chevrolet Real Property (Purchase), Broomfield, CO - Robert Stream

Century Chevrolet, Broomfield, CO - Robert Stream

Century Chevrolet Land & Facility (Sale), Broomfield, CO – Bob Stream

Century Chevrolet, Fort Worth, TX - William McKay

Champion Ford, Denver, CO - Robert Yates

Connell Automotive Center (Pontiac, Buick, Cadillac, GMC, Oakland CA – Steve Simi

Crystal Lake Honda, Crystal Lake, IL - Leo Stec & James Wolf

Dodge Country, San Jose, CA - Hank Torian

Ed Bozarth Chevrolet-Toyota, Napa, CA Ed Bozarth

Ed Bozarth Chevrolet Land & Facility - Jimmy Vasser & Darren Smyl

Elk Mountain Motors (Volkswagen-Audi) - Joel Towbin

Falmouth Subaru, Falmouth, ME - John Payson

Falmouth Subaru Land & Facility, ME, John Payson

Falmouth Dealership Land and Facility – Barry Harris

Fremont Dodge Land & Facility, Fremont, CA - Hank & Rita Torian

Front Range Dodge, Northglenn, CO - James Derrickson

Frontier GMC Truck, Fort Worth, TX - Eddie Walker

Frontier GMC Truck Land & Facility, Ft. Worth, TX Benjamin Campbell

Golden Ford, Golden, CO- Edward & Scott Dubravac

Great West Pontiac, Thornton, CO - Bob Yates

Harter Mazda-Volkswagen, Davis, CA - Alvin Harter

Hartzheim Ford, Burlingame, CA - Glenn Hartzheim

Hartzheim Nissan-Jeep, Carson City, NV - Glenn Hartzheim

Hillery Motors (Mazda-Isuzu), Modesto, CA - Charles Hillery

Imperial Motors (Chrysler-Ply-Dodge), Indio, CA - Matthew Reis

John Elway Mazda, Englewood, CO - John Elway and Rodney Buscher

John Rotola Mazda-Volkswagen-Hyundai-Suzuki, Lakewood - John Rotola

Johnny Haas Lincoln-Mercury, Lakewood, CO, Johnny Haas

Johnny Hass Land & Facility, Lakewood, CO, Johnny Haas

Lexus of Denver, Littleton, CO- R. Douglas Spedding

Lexus of Stevens Creek, San Jose, CA – Hank Torian

Manteca Nissan, CA, Oscar Travland

Mead Pontiac-Jeep-Eagle, Grand Junction, CO - Richard Mead

Metro Honda, Westminster, CO - Melvin Nelson

Metro Honda Land and Facility-Melvin Nelson

Metro Oldsmobile-Hyundai-Daihatsu-Nelson

Metro Olds-Hyundai-Daihatsu Land & Facility

Metro Toyota, Englewood, CO - Nelson

Metro Toyota Land & Facility, Englewood, CO

Northwest Volkswagen-Mazda, Thornton, CO-Robert Yates

Northwest Subaru, Thornton, CO - Robert Yates

Norton Motors [Dodge, Chrysler, Jeep], Kelseyville, CA - Russ Norton and Mark

Osborn Chevrolet, Aurora, CO - Gene Osborn

Osborn Chevrolet Land & Facility - Gene Osborn

Osborn Subaru, Aurora, CO - Gene Osborn

Osborne Pont-Bui-GMC, Fallon, NV - Gary Osborne

Palm Springs Chrysler-Plymouth-Dodge, Palm Springs, CA - Henry Fox

Patterson Ford-Mercury, Patterson, CA-Vince Lennon

Peninsula Volkswagen, San Mateo, CA - Richard Asmar and Carl Kammyer

Peninsula Subaru, San Mateo, CA - Richard Asmar and Carl Kammyer

Peninsula Nissan, San Mateo, CA - Richard Asmar and Carl Kammyer

Pete Ellis Toyota, Bellflower, CA- Peter Ellis

Precision VW-Hyundai-Suzuki, Lakewood, CO - R. Douglas Spedding

Prospect Motors (Chevrolet-Cadillac-Olds-Pontiac-Buick-GMC Truck), Jackson, CA - Lucy on behalf of the Ronald DiGiulio Estate

Reis-Durelli Lincoln Mercury, Burlingame, CA, Joseph Durelli

Reis-Durelli Land and Facility - Joseph Durelli

Richard’s Mazda, Thornton, CO - R. Douglas Spedding

San Mateo Chrysler - Plymouth, San Mateo, CA - Glenn Hartzheim

San Mateo Chrysler-Plymouth Land & Facility (Purchase) - Glenn Hartzheim

San Mateo Chrysler-Plymouth Land & Facility (Sale) - Glenn & Gita Hartzheim

San Mateo Nissan, San Mateo, CA- Bernard Magnussen

San Mateo Volkswagen, San Mateo, CA - Bernard Magnussen

San Rafael Dodge, San Rafael, CA – LOI – Tom Cogliano

Santa Rosa Chevrolet, Santa Rosa - Barry Biddulph

Shen Chevrolet, San Mateo, CA – Court Appointed Receiver

Shen Lincoln-Mercury, San Mateo, CA – Court Appointed Receiver

Shepherd Pontiac-Honda, Concord, CA - William Shepherd

Shepherd Pontiac Land & Facility - Option - William Shepherd

Shortline Mazda-VW-Hyundai-Suzuki, Lakewood, CO - Donald Hicks

South County Chevrolet, Morgan Hill, CA – Al Chew

Signer-Cramm Buick, Fremont, CA - Donald Signer

Steve Johnson Jeep-Eagle, Colorado Springs, CO - Stephen Johnson

Stone Mountain Chevrolet, Stone Mountain (Atlanta), GA - Bob Beringhaus

Sunlight Motors (Nissan-Audi-Volkswagen-Mazda), Glenwood Springs, CO - Thomas Grunnah, Sr. and Thomas Grunnah, Jr.

Team of Marin Autocenter [Chevrolet, Cadillac, Hummer, Saab] San Rafael, CA - Ken Ross

Team Hyundai of Marin - San Rafael, CA - Kenny Ross

Town & Country Pontiac-Buick-GMC - Emanuel Bugelli

Town & Country Jeep-Eagle, Brighton, CO - Emanuel Bugelli

Village Lincoln, Mercury, Mazda, Denton, TX – Tom Durant and Richard Allen

Dealerships that were valued by Mr. Pico with respect to

Partnership Sales, Estate Sales, Partnership Disputes, and Divorces

Anderson Honda, Sunnyvale, CA – John Anderson – Partnership Dissolution

Chesrown Chevrolet, Denver, CO – (Dissolution)

Dale Spradley Lincoln-Mercury, Pueblo, CO - Sherman & Howard, Attorneys (Partner Dissolution)

Dodge Country, San Jose, CA - Hank Torian, (Partnership Dissolution)

Economy Nissan, Durango, CO - Raymond Carter (Estate Planning/Partner Valuation)

Falmouth Subaru, Falmouth, ME – (Partnership Dissolution)

Hayward Ford, Hayward, CA - Jim Blakely (Partnership Dissolution)

Junction Motor Service Company (Pontiac-Buick-Cadillac-GMC), Ely, NV - Partnership Valuation

Mark Toyota, Wisconsin Rapids, WS - Mark Olynik (Partnership Litigation Arbitration)

Mark Chrysler-Jeep, Wisconsin Rapids, WS - Mark Olynik (Partnership Litigation/Arbitration)

Marshall Ford, Boulder, CO – (Dissolution)

McNevin Cadillac-Volkswagen, Berkeley, CA - Estate of June McNevin (Estate Appraisal/Purchase)

McNevin Cadillac-Volkswagen Real Property and Facilities, Berkeley, CA - Estate of June McNevin (Estate Appraisal/Purchase)

Michael Stead's Walnut Creek Ford, CA - Estate of Wayne Stead (Estate Taxes/Inheritance)

Prospect Motors (Chevrolet-Cadillac-Olds-Pontiac-Buick-GMC Truck), Jackson, CA – (Estate Sale to Partner)

Pueblo Dodge-VW, Pueblo, CO - Robert Fitzgerald (Estate Planning/Partner Valuation)

Pueblo Toyota, Pueblo, CO - Robert Fitzgerald (Estate Planning/Partner Valuation)

Shellworth Chevrolet-Oldsmobile, Vacaville, CA - Tom Shellworth (Estate Planning/Purchase)

Spradley Lincoln-Mercury, Alamosa, CO - Sherman & Howard Attorneys at Law (Partnership Dissolution)

Signer-Cramm Buick, Fremont, CA – (Partnership Dissolution)

Spradley Lincoln-Mercury, Florence, CO - Sherman & Howard, Attorneys at Law (Partnership Dissolution)

Spradley Chrysler-Dodge, Lamar, CA - Sherman & Howard, Attorneys at Law (Partnership Dissolution)

Spradley Motors, La Junta, CO - Sherman & Howard, Attorneys at Law (Partnership Dissolution)

Sunwest Honda, Colorado Springs, CO - Robert Fitzgerald (Estate Planning/Partnership Valuation)

Wayne Stead Cadillac, Walnut Creek, CA - Estate of Wayne Stead (Estate Taxes/Inheritance)

Dealerships Valued by Mr. Pico with respect to

Federal and State Court Filed Actions

Alcala Chevrolet, Burlingame, CA – (Chapter XI – US Bankruptcy Court 9^th Circuit)

Alcala Chevrolet Land & Facility, Burlingame, CA – (US Bankruptcy Court 9^th Chapter XI – 9^th Circuit)

Chesrown Chevrolet, Denver, CO – (Dissolution – District Court of Colorado)

Colorado Connection d.b.a. Stampede Toyota, Greeley, CO – (Partnership Litigation – District Court of Colorado)

Hayward Ford, Hayward, CA - Jim Blakely (Arbitration – San Mateo County)

Manteca Nissan, CA, - (Chapter XI – Bankruptcy Court 9^th Circuit)

Mark Toyota, Wisconsin Rapids, WS - Mark Olynik (Partnership Litigation/Arbitration – US District Court, 8^th Circuit)

Mark Chrysler-Jeep, Wisconsin Rapids, WS - Mark Olynik (Partnership Litigation/Arbitration – US District Court, 8^th Circuit)

Marshall Ford, Boulder, CO – (Dissolution – District Court of Colorado)

Mission Motor Company Real Property, Hayward, CA - (Partnership Litigation/Arbitration – Superior Court of California)

Shen Chevrolet Real Property and Facility, San Mateo, CA – (Receivership – Superior Court of California)

Shen Infiniti, Redwood City, CA – (Receivership – Superior Court of California)

Shen Lincoln-Mercury Real Property and Facility, San Mateo, CA – (Receivership – Superior Court of California)

Shen Mitsubishi, Burlingame, CA – (Receivership – Superior Court of California)

Shen Mitsubishi Real Property and Facility, Burlingame, CA – (Receivership – Superior Court of California)

Sunlight Motors (Nissan-Audi-Volkswagen-Mazda), Glenwood Springs, CO – (Chapter XI – US Bankruptcy Court 10^th Circuit)

Dealerships Valued by Mr. Pico with respect to

sales completed by the dealer

Arata Honda, Burlingame, CA - Alvin, Donald and David James Arata

Balestra Chrysler-Plymouth, Redwood City, CA - Joseph Balestra

Balestra Pontiac-GMC, Redwood City, CA - Joseph Balestra

Bauer Nissan, San Francisco, CA - Allen Bauer

Boulder Nissan, Boulder, CO - Charles Stevinson

Campus Mazda-VW, Davis, CA - Richard Ogen

City Toyota, Daly City, CA - Majid Salim

Crouch Honda, Boulder, CO - William Crouch

Crouch Honda Land and Facility, Boulder, CO - William Crouch

Crouch Mazda-Mercedes, Boulder, CO - William Crouch

Crouch Mazda-Mercedes Land and Facility, Boulder, CO - William Crouch

David Varner Chevrolet, San Francisco, CA - David Varner

Down Town Datsun, San Jose, CA - John Taylor and Llyod Clark

Hillery Motors Land, Modesto, CA - Charles Hillery

Larry Lange Cadillac, Sterling, TX - Larry Lange

Leo Payne Imports (Mercedes), Lakewood, CO - Leo Payne

Leo Payne Hyundai, Lakewood, CO - Leo Payne

Leo Payne Pontiac-GMC, Lakewood, CO - Leo Payne

Longmont Chrysler-Plymouth (Joe Titman), Longmont, CO

Magnussen-Barbee Dodge, Concord, CA - Bob Barbee and Bernie Magnussen

Magnussen-Barbee Suzuki, Concord, CA - Bob Barbee and Bernie Magnussen

Modesto Mazda, Modesto, CA - John Taylor and Llyod Clark

Nationway Motors (Mercedes-Benz-Mazda-Audi-VW-Jeep-Eagle), Cheyenne, WY - Gary Weir

NorthStar Hyundai, Thornton, CO - Robert Yates

Nowling Oldsmobile, Downey, CA - William Nowling

Nowling Oldsmobile Land & Facility, Downey, CA - William Nowling

Osborn Hyundai, Aurora, CO - Gene Osborn

Osborn Mazda, Aurora, CO - Gene Osborn

Pete Ellis Ford, Bellflower, CO - Peter Ellis

Premier Chrysler-Plymouth, Northglenn, CO - Gordon Seth

Premier Jeep-Eagle, Northglenn, CO - Rodney Buscher

Redwood City Hyundai, Redwood City, CA - James Burney

Shen Infinity, Redwood City, CA - Court Receiver

Spedding Chevrolet, Denver, CO - R. Douglas Spedding

Steve Johnson Pontiac, Colorado Springs, CO - Stephen Johnson

Supreme Subaru, Thornton, CO - R. Douglas Spedding

Town & Country Cadillac-Oldsmobile-Honda, Salinas, CA - Gene Peracchi

Toyota North, San Jose, CA - John Taylor and Llyod Clark

Additional Dealerships and/or Dealership Land and Facilities

Appraised or Valued by Mr. Pico and Name of Client

All-American Dodge, Skokie, IL - Willy T Ribbs

Alpine Motors (Porsche), Colorado Springs, CO - Robert Fitzgerald

Biddulph Chevrolet, Santa Rosa, CA - J. Edward Bozarth

Bill Dreiling Buick, Lakewood, CO - Joe Putnam

Baytown Toyota, Houston, TX – Angelo Ferro

Broadway Jeep-Eagle, Littleton, CO - Robert Fitzgerald

Burgess Honda, Menlo Park, CA - George Assoun

Burlingame Ford, Burlingame, CA - George Assoun

City Toyota, Daly City, CA - Majid Salim

Cowboy State Motors, Cheyenne, WY - Gary Weir

Chesrown Chevrolet, Denver, CO - Marshall and Lori Sue Chevron

Datsun of Downey, Downey, CA - Kenneth Olson

Dale Spradley Lincoln-Mercury, Pueblo, CO - Sherman & Howard, Attorneys (Partner Dispute)

Daly City Datsun, Daly City, CA - Glenn Hartzheim

Daly City Toyota, Daly City, CA - Majid Salim

Dodge City, Lakewood, CO - Robert Fitzgerald

Doty Cadillac, Dublin, CA - Stephen Doty

Downtown Datsun, San Jose, CA - John Taylor and Llyod Clark

Durelli Chrysler-Plymouth-Dodge, Petaluma, CA - Joseph Durelli

Durelli Chrysler Land and Facility, Petaluma, CA - Joseph Durelli

Economy Nissan, Durango, CO - Raymond Carter (Estate Planning)

Economy Nissan Real Property, Durango, CO - Raymond and Sharon Carter (Estate Planning)

Elmwood Ford, Elmwood Park, NJ – Skip Wells

Fairfield Nissan, Fairfield, CA - Farris Smotherman

Flatirions Acura, Boulder, CO - William Crouch

Flatirons Acura Land and Facility, Boulder, CO - William Crouch

Flatirons Subaru, Boulder, CO - William Crouch

Flatirons Subaru Land and Facility, Boulder, CO - William Crouch

Formby Ford-Mercury, Silverthorne, CO - Emmett Formby

Formby Pontiac-Buick-Cadillac-GMC Truck, Silverthorne, CO - Emmett Formby

Fremont Toyota - Fremont, CA - Hank Torian

Fremont Ford – Rumsey Automotive Group

Gene Osborn Toyota, Colorado Springs, CO - Gene Osborn

Gene Peracchi Pontiac-Suzuki, Fresno, CA - Gene Peracchi

Gillman Toyota Honda Mazda, Denison, TX - Angelo Ferro

Glendale Porsche-Audi, Glendale, CA - Merle Ferguson

(Tom) Grace Honda, San Bruno, CA - Robert Hix

Hayward Ford, Hayward, CA - Jim Blakely (Partnership Purchase)

Hayward Toyota, Hayward, CA – Hank Torian (Appraisal)

Hottman Chevrolet-Oldsmobile, Brighton, CO - Hank Torian

Hudeberg Volkswagen-Audi-Subaru, Colorado Springs, CO - Doug McKinnon, Attorney at Law

Hyundai Center of Redwood City, Redwood City, CA - James Burney

Junction Motor Service Co. (Pontiac-Buick-Cadillac-GMC), Ely, NV - Partnership Appraisal

Jack Kent Cadillac, Englewood, CO - Hank Torian

John Rotola Lotus, Mazda, Mazerati, Lakewood, CO - John Rotola

Larry Lange Jaguar, Plano, TX - Larry Lange

Les Vogel Chrysler-Plymouth-Jeep, Burlingame, CA - Glenn Hartzheim

Les Vogel Dodge, Burlingame, CA - Glenn Hartzheim

Lexus of Concord, Concord, CA - Hank Torian (Appraisal)

Lexus of Stevens Creek - San Jose, CA - Hank Torian (Appraisal)

Lithia Ford, Napa, CA – Jimmy Vasser

Longmont Chrysler-Plymouth (Red Barkley's), Longmont, CO - Hank Torian

Marin Nissan, San Rafael, CA - Angelo Ferro, Majid Salim

Marina Pontiac-Cadillac, Salinas, CA - Marty Hernandez and Jim Shyne

Mark Toyota, Wisconsin Rapids, WS - Mark Olynik (Arbitration)

Mark Chrysler-Jeep, Wisconsin Rapids, WS - Mark Olynik (Arbitration)

Marshall Ford, Boulder, CO - Marshall & Lori Sue Chesrown

McNevin Cadillac-Volkswagen, Berkeley, CA - Estate of June McNevin (Estate Appraisal)

McNevin Cadillac-Volkswagen Real Property and Facilities, Berkeley, CA - Estate of June McNevin (Est. Appraisal)

Michael Stead's Walnut Creek Ford, CA - Estate of Wayne Stead (Estate Taxes)

Mineral King Toyota, Visalia, CA - Jimmy Vasser

Mission Motor Company Real Property, Hayward, CA - Andrew Fagan, Esquire (Litigation)

Monterey Ford-Lincoln-Mercury, Monterey, CA - Gene Peracchi

Mucci Pontiac-Buick-GMC, Menlo Park, CA - Jeffery Stern

Negherbon Auto Center (Porsche, Audi, Dodge), Oakland, CA – Gary Negherbon

Norton Motors (Chrysler Jeep Dodge), Kelseyville, CA – Mark Norton

Novato Ford, Novato, CA - Francis Verducci

Paramount Chevrolet, Downey, CA - Peter Ellis

Patchetts Ford, Newman, CA – Ed Garcia

Pete Becker Mazda-Jeep-Renault, Palm Springs, CA - Peter Becker

Pikes Peak Acura, Colorado Springs, CO - William Crouch

Point One Toyota, Evanston, IL - William Gleason

Pueblo Dodge-VW, Pueblo, CO - Robert Fitzgerald (Estate Planning)

Pueblo Toyota, Pueblo, CO - Robert Fitzgerald (Estate Planning)

Putnam-Windh Honda, Visalia, CA - Jimmy Vasser

Putnam-Windh Pontiac-Buick-GMC, Visalia, CA - Jimmy Vasser

Putnam Windh Land and Facilities, Visalia, CA - Jimmy Vasser and Angelo Ferro

R&G Toyota-Volvo, San Rafael, CA – Angelo Ferro

Redwood City Dodge-Kia, Redwood City, CA – Gene Johnson

Salinas Nissan, Salinas, CA - John Taylor and Lloyd Clark to Gene Peracchi

San Rafael Ford, San Rafael, CA - Angelo Ferro, Majid Salim

San Rafael Nissan, San Rafael, CA – Angelo Ferro

Santa Rosa Chrysler-Jeep, Santa Rosa, CA – Tom Cogliano

Shellworth Chevrolet-Oldsmobile, Vacaville, CA - Tom Shellworth (Estate Planning)

Shen Chevrolet Real Property and Facility, San Mateo, CA - Receivership of Michael Shen

Shen Infiniti, Redwood City, CA - Receivership of Michael Shen

Shen Lincoln-Mercury Real Property and Facility, San Mateo, CA - Receivership of Mike Shen

Shen Mitsubishi, Burlingame, CA - Receivership of Michael Shen

Shen Mitsubishi Real Property and Facility, Burlingame, CA - Receivership of Michael Shen

South City Ford, South San Francisco, CA – Dave Gonzalez

Spradley Lincoln-Mercury, Alamosa, CO - Sherman & Howard Attorneys at Law (Partner Purchase)

Spradley Lincoln-Mercury, Florence, CO - Sherman & Howard, Attorneys at Law (Partner Purchase)

Spradley Chrysler-Dodge, Lamar, CA - Sherman & Howard, Attorneys at Law (Partner Purchase)

Spradley Motors, La Junta, CO - Sherman & Howard, Attorneys at Law (Partner Purchase)

Sunnyvale Dodge (Real Property and Facility), Sunnyvale, CA - Peter Ellis

Sunwest Honda, Colorado Springs, CO - Robert Fitzgerald

Town & Country Chevrolet, Cadillac, Middletown, CT franchises & facility - Mickey Augeri

Town & Country Pontiac, Buick, Middletown, CT franchises & facility - Mickey Augeri

Town & Country Lincoln, Mercury, Middletown, CT franchises & facility - Mickey Augeri

Valley Chevrolet, Medford, OR - Bob DeBoer

Village Lincoln-Mercury, Irving, TX – Marty Surber, Scott Flemming

Wayne Stead Cadillac, Walnut Creek, CA - Estate of Wayne Stead (Estate Tax)

Westlake Pontiac, Daly City, CA - Glenn Hartzheim

Wild Ford, Borger, TX – Reno Cappelli, Mariano DeCola

Wright Ford, Bellevue, WA - Doug Spedding

Wright Toyota-Isuzu, Bellevue, WA - Doug Spedding

Zumwalt-Magrini Chrysler-Plymouth-Jeep-Suzuki, Santa Rosa, CA - Angelo Ferro

Partial List Dealerships Mr. Pico Valued with respect to

Capitalization Loans

Arata Pontiac-GMC, Burlingame, CA - Alvin Arata

Arata Subaru, Burlingame, CA – Alvin Arata

Autowest BMW, Fremont, CA – Hank Torian

Burlingame Lincoln-Mercury, Burlingame, CA – Joe Durelli

Cherry Creek Dodge, Aurora, CO - Hank Torian

Durelli Chrysler-Plymouth-Dodge, Petaluma, CA

Dodge Country, San Jose, CA – Hank Torian

Doty Cadillac, Dublin, CA – Lou Doty

Downtown Datsun, San Jose, CA – John Taylor

Egrin Chrysler-Plymouth, Fremont, CA – Hank Torian

Fremont Honda, Fremont, CA – Hank Torian

Hayward Dodge, Hayward, CA – Hank Torian

San Mateo Chrysler-Plymouth, San Mateo, CA – Glenn Hartzheim

Partial List of Dealerships Mr. Pico Valued For Clients

that were not Not Purchased by the Clients

Adcock Pontiac-Oldsmobile-GMC, Cleveland, TX

Adrian Vega's Ford-Lincoln-Mercury-Nissan, Slidell, LA

Alamenden Toyota, San Jose, CA

Allen Mazda, Englewood, CO

All-American Dodge, Englewood, CO

Alpine Motorsports (Porsche-Audi), Colorado Springs, CO

Antioch Dodge, Antioch, CA

Autohaus Brugger Mercedes-Benz, Redwood City, CA

Autowest BMW, Fremont, CA

Bell Chevrolet, Tunjunga, CA

Benson Pontiac-Buick-GMC, Petaluma, CA

Berkeley Automall (Tom Southwick), Berkeley, CA

Beverly Hills Porsche-Audi, Beverly Hills, CA - Vick Hollander

Blum Oldsmobile, Englewood, CO

Bob Grooms Ford, Englewood, CO

Bob Grooms Subaru, Englewood, CO

Bob Grooms Nissan, Englewood, CO

Bridges Mitsubishi, Hayward, CA

Buena Vista Mercedes-Benz, Buena Vista, CA

Burlingame (Sabitini) Imports, Burlingame, CA

Campus Chevrolet, Davis, CA

Campus Toyota, Davis, CA

Champion Buick, Sunnyvale, CA

Carlsen Volkswagen, Palo Alto, CA

Center City Ford, San Diego, CA

Cherry Creek Dodge, Aurora, CO

Chula Vista Chevrolet, Chula Vista, CA

Claremont Auto Park, Claremont, CA

Colorado Chrysler-Plymouth, Aurora, CO

Cooper Motors (Pontiac-Buick-GMC), Fallon, NV

Corteze Oldsmobile, Richmond, CA

Daly City Nissan (Marty Morganstern), Daly City, CA

DeBoer Mazda, Ashland, OR

DiGiullio Pontiac, Fremont, CA

DiGiullio Pontiac Land & Facility, Fremont, CA

Doty Buick, Hayward, CA

Douglas Mitsubishi, Thornton, CO

Ed Chandler Ford, Hayward, CA

Elk Grove Mazda, Elk Grove Village, IL

Elm Ford-Mercury, Inc., Woodland, CA

Fiesta Ford, Palm Springs, CA

Flannery Chevrolet, Englewood, CO

Formby Ford, Ft. Lupton, CO

Forest Lane Porsche-Audi, Dallas, TX

Frank Meads Mazda, Fremont, CA

Freeway Datsun, Rosemead, CA - Barry Daniel

Fred Smith Lincoln-Mercury, Independence, MO

Gene Osborn Hyundai, Boulder, CO

Gene Osborn Hyundai, Colorado Springs, CO

Gene Osborn Toyota, Colorado Springs, CO

Glenwood Porsche, Glenwood Springs, CO

Gregg Motors, Beverly Hills, CA

Gregg Motors, Santa Barbara, CA

Henry Butts Oldsmobile, Dallas, TX

Heritage Oldsmobile-Cadillac-GCM, Woodland, CA

Honda City Land

Hull Chrysler-Plymouth, Englewood, CO

Indio Toyota, Indio, CA

Irby Chrysler-Plymouth-Dodge, Duncanville, TX

Irvine Mitsubishi, Irvine, CA

Irvine Nissan, Irvine, CA

Irvine Toyota, Irvine, CA

James Chevrolet, Albany, CA

Jim Close Honda, Hayward, CA

Jim Shyne Motors, Inc., Fallon, NV

John Chezik Toyota, Kansas City, MO

Kerr Ford-Chrysler-Plymouth, Lakewood, CO

Kerr Buick, Englewood, CO

Landy Ford, Alameda, CA

Larry Lange Hyundai, Arlington, TX

Larry Robbinson Chevrolet, Novato, CA

Liberty Chevrolet, Selma, CA

Llyod Wise Datsun, San Leandro, CA

Marina Pontiac-Cadillac, Monterey, CA

Markley Motors (Honda), Greeley, CO

Max Honda, Casper, WY

McConnells’ Mountain States Volkswagen, Denver, CO

Melody Toyota, San Bruno, CA

Mezettti Volkswagen, Fremont, CA

Midway Honda-GMC

Modesto Nissan, Modesto, CA

Mucci Pontiac-Buick-GMC, Menlo Park, CA

New Country Chrysler-Plymouth, Durango, CO - New Country Ford, Durango, CO

New Country Toyota, Durango, CO

Northrige Lincoln-Mercury, Thornton, CO

Novato Ford, Novato, CA

Open Point Chrysler, Atlanta, GA

Open Point Ford, Milpitas, CA

Pacifica Ford, Pacifica, CA

Palm Desert Nissan, Palm Desert, CA

Pikes Peak Acura, Colorado Springs, CO - Bill Crouch

Durelli's Chrysler-Plymouth-Dodge, Petaluma, CA - Joe Durelli

Point One Chrysler-Jeep, Evanston, IL - Willy T. Ribbs

Premier Nissan, San Jose, CA

Ray Baldwin Motors, Capitola, CA

Rhett White Ford, Walnut Creek, CA

Sampsons Motor City, Pontiac-Buick-GMC-Jeep, Brighton, CO

San Rafael BMW, San Rafael, CA

Sopris Honda, Glenwood Springs, CO - Bill Crouch

South Shore Ford, South Lake Tahoe, CA

Stevinson Chevrolet-Mazda, Englewood, CO - Chuck Stevinson

Stevinson Nissan, Boulder, CO - Chuck Stevinson

Sundland VW-Porsche-Audis, Las Vegas, NV

Sunrise Chrysler-Plymouth, Rancho Cordova, CA

Swanson Chrysler-Plymouth, Los Gatos, CA

Thrifty Car Rental, Denver, CO (Chuck Ruwart)

Turner Buick

Thoroughbred Mercedes-Benz, Colorado Springs, CO - Tink Wilkerson

Valley Dodge, Dublin, CA

Valley Nissan, Dublin, CA

Western Auto (Cadillac-Oldsmobile), Petaluma, CA - George Dexter

Wicker Chevrolet - Tom Wicker

IMPORTANT NOTES

(1) This List represents over a quarter century of experience and it is not intended to imply that a particular dealership is currently, or has recently been in play. For example, Cherry Creek Dodge was valued in 1977 (Three owners ago); Falmouth Subaru was sold in 1987 (Two owners ago); City Toyota was valued in 1997 (One owner ago).

(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.