Top Driver Announces 493% Revenue Increase in First Quarter
8 June 2000
Aggressive Acquisition Strategy Fuels Explosive Growth and Provides Platform For Further ExpansionENGLEWOOD CLIFFS, N.J. - Top Driver, Inc., one of the nation's largest and fastest growing driver training companies, announced today that revenues for the first quarter of 2000 increased 493% to $2,836,000 as compared to the same period in 1999. The Company reported that it completed twelve acquisitions over the last seven months and has seen its locations grow, in number, from three to over 220. "Our first quarter results not only validate our strategy to increase the Company's market share nationwide in order to become the largest, most comprehensive driver training company in the country, but also demonstrate management's ability to successfully integrate the acquired businesses into the Top Driver format," explained Sebastian Giordano, President of Top Driver. As a result of Top Driver's acquisition efforts, the Company now offers driver training in such areas as novice training, defensive driving, insurance premium reduction courses, traffic violator programs and corporate fleet training. Top Driver is the first company to aggregate multiple driver training programs, under one umbrella brand on a national scale, with the intention of providing additional driving related services and information to its customer base. "Due to Top Driver's ability to deliver products and services through different distribution channels, including its physical locations, videos, and its soon to be launched enhanced web site, Top Driver believes it can develop intense customer loyalty to its brand as each of the 180 million drivers in the United States have multiple driver training and service needs," Mr. Giordano continued. "We expect to raise the quality of driver training in this country, as well as the convenience of conducting driving related transactions to such an extent that our trainees will become lifetime customers." Top Driver's current equity investors include, amongst others, Chase Capital Partners, GE Capital and Simon Brand Ventures. The Company is currently in the process of completing a round of financing to be utilized for growth and expansion, as management continues to identify opportunities that will allow the Company to enhance its product lines and consequently, broaden its customer base. With over 220 driver training facilities, Top Driver is the only driver training company to offer, in addition to its various driver training courses, an array of driving related products, services and information. Top Driver is a privately held company with headquarters located in Englewood Cliffs, New Jersey.