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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Hyundai Hcn Co Ltd    126560   KR7126560002

HYUNDAI HCN CO LTD

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Hyundai Hcn : Auto Mall rep says talk of sale isn't true

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02/12/2019 | 09:20am EDT

Feb. 12--A rumor the Hazleton Auto Mall was sold to another large local dealership was denied by one source on Monday.

Angela Thomas, of Prana Marketing, which has represented the company that owns the Auto Mall, said Monday afternoon, "This is not true."

But according to trade publication Automotive News, the Hazleton Auto Mall ownership group said in court filings Jan. 4 it has a prospective buyer for the Hyundai and Kia dealerships and is asking the court to allow the sale to proceed, as it would include payment of outstanding funds on its mortgages.

Hyundai Capital seeks to foreclose on Hazleton Kia and Hazleton Hyundai, the publication said. The Hyundai, Kia and and Nissan dealerships were closed at the Hazleton Auto Mall last fall.

Motors Holding Group, a company made up of seven domestic and Japanese automaker dealerships in the southeastern U.S. which was formed last year, signed asset purchase agreements on Dec. 6 for Hazleton Hyundai and Hazleton Kia, according to court records.

Gene Smith, managing director of Motors Holding Group, said in a letter Jan. 4 submitted as part of the foreclosure case the company is aware of the dealerships' deficiencies and lawsuits.

The Hazleton Auto Mall opened in 2016. Four auto dealerships -- Honda, Nissan, Kia and Hyundai, and their respective service departments -- were built on a 45-acre tract of land next to Walmart. The rest of the property is parking lots for the new autos.

The Honda dealership remains open and in operation.

Automotive News also said two Nissan dealerships owned by the same ownership group as the Hazleton Auto Mall has sold two Nissan dealerships in Michigan.

Contact the writer: jdino@standardspeaker.com 570-501-3585

___

(c)2019 the Standard-Speaker (Hazleton, Pa.)

Visit the Standard-Speaker (Hazleton, Pa.) at standardspeaker.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI HCN CO LTD End-of-day quote.
NISSAN MOTOR CO LTD 0.55% 944.5 End-of-day quote.10.33%
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Financials (KRW)
Sales 2019 301 B
EBIT 2019 56,5 B
Net income 2019 47,5 B
Finance 2019 392 B
Yield 2019 1,32%
P/E ratio 2019 9,80
P/E ratio 2020 9,73
EV / Sales 2019 0,27x
EV / Sales 2020 0,14x
Capitalization 471 B
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Average target price 5 600  KRW
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Jeong-Seok Yoo Chief Executive Officer & Director
Ho-Jin Chang Director
Yong-Pyo Gong Outside Director
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