Overview

General Automotive Company (“GA”) is a global provider of parts, accessories and advanced technology for the automotive industry. GA, which is focused on expanding its growth platform through the acquisition of successful niche manufacturing companies in the automotive industry, currently has two wholly owned subsidiaries – OE Source and Global Parts Direct – and a joint venture, Advanced Composite Technologies LLC, to develop next-generation oxygen sensors and hydrogen fuel cells. GA uses its relationships with manufacturers in China, Korea and Japan to bring state-of-the-art parts and accessories to automobile manufacturers and major parts distributors in the U.S.

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Investment Highlights

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Profile

The U.S. automotive aftermarket is estimated at $265 billion, encompassing parts for replacement, collision repair, appearance and performance. The aftermarket industry provides parts for virtually every make and model of vehicle, and employs 4.54 million people nationwide at manufacturers, distributors, retailers and repair shops. According to the Aftermarket Automotive Industry Association, engine management products, such as those produced by General Automotive Company, have emerged one of the fastest growing aftermarket parts segments.

With such a growing automotive aftermarket, General Automotive Company (GNAU) is looking to carve a piece of that revenue for themselves, and they are going in the right direction thus far.  During 2007, GNAU's revenues tripled to $15.3 million from $4.9 million in 2006. The increase reflects the revenue contribution from recently acquired OE Source. 

The Company's Global Parts Direct (GDP) subsidiary provides auto sound and video systems, and mobile electronics to auto manufacturers, vehicle processing centers and major distributors. Its OE Source subsidiary sells engine management products and traditional auto parts through the largest U.S. distributors. Both subsidiaries have established relationships with leading automotive manufacturers in Japan, China, Taiwan, Thailand and Malaysia, as well as with the largest North American distribution networks. In addition, GPD is a Tier 1 supplier to Chrysler/Mopar, Kia and Mitsubishi for mobile electronics.  With relationships built with several of the biggest car manufacturers in the world, the future looks bright for this emerging company.

Even with the slowing U.S. economy, GNAU is in a unique situation whereby the Company's two (2) distinct divisions generate revenues from their own particular strengths, General Automotive is uniquely positioned during varying economic periods with either operating division providing a strong counter-cyclical balance to the other.  Simply put, research shows that when car sales slow down as in the case recently, then aftermarket parts sales increase because people hold onto their vehicles longer, increasing the need for car parts.  When the Company's Global Parts Direct subsidiary revenues slows down because of a decrease in new car sales, the Company's other subsidiary OE Source shows revenue increases for their aftermarket products. 

The Company continues to search out well managed, niche-focused automotive parts companies with strong national or international distribution and supply chains as potential acquisition candidates. According to management, GNAU has already identified several acquisition targets with annual sales in the $20 million to $50 million range. If some or all of these acquisitions close, the Company could reach its 2010 revenue goal of sales exceeding $100 million.

A strong and dedicated management team, partnerships with some of the largest car manufacturers in the world, counter-cyclical revenue producing divisions, rising revenues and an eye out for further acquisitions all caught our attention.  Our latest company spotlight is General Automotive Company (OTCBB:GNAU).

General Automotive Company is a North American provider of parts, accessories and advanced technology for the automotive industry. With two wholly owned subsidiaries, General Automotive provides state-of-the-art original equipment, aftermarket automotive parts, mobile electronics and related products at multiple levels of distribution throughout the U.S. and internationally.

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OE Source

OE Source [OES] (www.oesource.com) imports and sells hard-to-find, aftermarket auto parts (primarily for Toyota and Honda vehicles) from proprietary sources worldwide, as well as state-of-the-art mobile electronics.

OE Source's direct relationships with Asian manufacturers facilitate cost savings while maintaining a high standard of product and service quality. The Company's customers include large, multi-national distributors. These distributors resell OE Source products to dealerships, automakers, automotive repair shops and retail outlets. OE Source’s product line includes engine management products such as O2 sensors, speed sensors, throttle position sensors, engine control units (ECU), filters, high performance carbon parts, transmission and brake system components.

OE Source was acquired by General Automotive Company in January 2007.

Automotive Parts

OE Source's Automotive Division is one of the most aggressive and connected auto parts distributors anywhere with direct relationships to the largest Japanese automotive manufacturing companies and China OEMs that extend into most of Asia. Through co-manufacturing plants located in Japan, China, Taiwan, Thailand and Malaysia, OES offers various automotive products in several categories including: Engine Management, Ignition Parts, Various Bearings, Brake System, Transmission System and filters as well as many others.

Automotive Mobile Electronics

OE Source and their Korea-based partners have worked to develop some of the highest quality mobile electronics available in the marketplace today. That’s why they are an OEM supplier to Chrysler/Mopar and other major manufacturers for overhead DVD mobile entertainment systems. The OE Source product line includes the Lynx two-way car alarms, Backup view and sensor systems, all-in-one flip down overhead DVD entertainment systems, and Hands-free telematics and navigation systems.

Backup View Systems

One OE Source's three camera systems takes the back-up view safety features one step further by adding left and right cameras with mounting brackets. Their color cameras are weatherproof and feature a high resolution 1/3" CCD imager with 0.5 lux sensitivity for extreme low light conditions. Package includes 3.5" TFT monitor, but camera can be adapted for use with any pre-installed monitor already in your car.

By offering direct access to the finest mobile electronics and specializing in engine management products like O2 sensors (a rapidly growing, government mandated segment of the industry), OE Source enjoys a competitive advantage in quality and pricing that should enable the Company to leverage these relationships into increased market share and profitability well into the future.

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Global Parts Direct

Global Parts Direct [GDP] (www.globalpartsdirect.com) provides auto sound and video systems, and other mobile electronics to auto manufacturers and dealerships. GDP has manufacturing and sourcing capabilities that extend around the globe, and the Company has secured distribution relationships with large international distributors. GPD sources its products from manufacturers in Korea and finishes the products by packaging them with brackets and installation kits at its facility in Tempe, Arizona.

In March 2004, DaimlerChrysler Corp. recognized GPD as a Tier 1 supplier for mobile electronics. Though Chrysler considers GPD a co-manufacturer of original equipment automotive electronics, the Company intends to expand its relationships with other North American manufacturers and original equipment manufacturers overseas.

GPD sells products that address the most up-to-date trends in automotive customization, specializing in value-added, high-margin, dealer-installed options such as DVD players and rear view camera systems.

Global Parts Direct was founded in 1995 and acquired by General Automotive Company in October 2005.

Investors can explore all of General Automotive Co. products available through Global Parts Direct by clicking http://www.globalpartsdirect.com/mobileelectronics/product.htm.

As a Tier 1 Supplier to Chrysler in one of the fastest-growing segments of the auto industry, GPD offers them and other carmakers a pure, outsourced profit center, which positions GDP as a high priority solution to all major car manufacturers.

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Fuel Cell Technology Joint Venture

On July 24, 2008, General Automotive Company announced a 50/50 joint venture with SenCer Inc. to develop, commercialize and market SenCer's groundbreaking UltraTemp™ ceramic composite materials for accelerating the development of energy-efficient, environmentally friendly fuel cell technologies.

The new joint venture named “Advanced Composite Technology” (ACT) with General Automotive acting as the sole operator, will also advance the development of next-generation oxygen sensors, which represent a significant part of the Company’s current revenue stream.

Established in 1996, SenCer Inc. is a technology research firm that has developed a ceramic composite material, UltraTemp™, with remarkable thermal properties and bonding capabilities. The new technology has applications in oxygen sensing (automotive and medical markets); oxygen generation (aluminum – inert anodes, gas generation, medical); and power generation (fuel cell technology).

SenCer has been a significant player in many developments over the last decade using ceramic composites and maintains a 20,000 square foot manufacturing facility in Penn Yan, New York.

On July 30, 2008, General Automotive announce that their Advanced Composite Technology (ACT) joint venture had developed a high-temperature glass/ceramic sealing system for fuel cell and oxygen sensor applications. The development allows for thermal cycling of these devices and completely seals against free hydrogen gas molecules. When combined with their high-temperature composite technology, this system can provide complete hermetic sealing of advanced solid oxide fuel cells and oxygen sensors at a low cost.

This development is an extension of a core glass developed at Los Alamos National Laboratory for space-based atmospheric re-entry.

Now, ACT's groundbreaking technology solves the two most persistent problems in fuel cell design [cost and durability] by replacing expensive platinum conductors with co-fired proprietary ceramic conductive layers.

Hydrogen-powered fuel cells are widely viewed as a leading candidate for lower energy cost while virtually eliminating environmentally damaging emissions.

The technology will also enable the design of more sophisticated oxygen sensors to help maximize fuel economy and minimize exhaust emissions.

A 'CALL TO ACTION' OPERATING AGREEMENT

On July 22, 2008, General Automotive Company, a Nevada corporation (GAC), and SenCer Inc., a New York corporation (SenCer), entered into an Operating Agreement under which Advanced Composite Technology, LLC, a Florida limited liability company (the “Joint Venture”) will be operated.

The Operating Agreement provides that GAC shall contribute such services and incur such costs and expenses to determine the commercial viability of the Joint Venture's business, which services have an agreed-upon value of $200,000.

In the event GAC becomes satisfied that the business is commercially viable, GAC shall make additional capital contributions of up to an aggregate of $750,000 (in cash), to fund the operations of the Joint Venture and SenCer shall contribute to the Joint Venture a license to use SenCer’s ceramic composite technology for any and all transportation applications (all pursuant to an exclusive license agreement by and between the Joint Venture and SenCer). The license has an agreed-upon value of $2,000,000. If commercial viability has not been achieved by January 15, 2009, the Joint Venture may be dissolved unless General Automotive elects to continue.

General Automotive Company shall be the sole managing member of the Joint Venture, responsible for the day-to-day operations as well as certain marketing activities. SenCer shall design and develop applications and prototype products for clients of the Joint Venture.

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Business Growth Strategy

In addition to the almost unlimited potential from their breakthrough fuel cell technology joint venture, the Company's growth strategy centers on increasing automotive parts and mobile electronic sales to existing customers, enhanced penetration of current markets, new product introductions and expanding into new markets through acquisitions.

General Automotive's clearly defined mission is to establish leadership positions in all key product groups.

Since acquisitions are a key element of the Company's strategy, management seeks to identify well-managed, niche-oriented companies with strong national or international distribution and supply chains that manufacture high value-added automotive components.

With GAC management already identifying several acquisition targets with annual sales in a $20 million to $50 million range, current expectations exist for an active period during the 4th quarter of 2008 and 1st quarter of 2009 to potentially add dramatic revenue growth numbers.

However, if General Automotive targets and closes several more acquisitions over the next 15 months, the Company could well exceed its $100 million quarterly run rate goal by 2010 fiscal year-end.

Recent News and Press Releases

GENERAL AUTOMOTIVE CO Financials
EDGAR Online Financials (Fri, Aug 29)

General Automotive Announces Second Quarter 2008 Results
Business Wire (Fri, Aug 15)

GENERAL AUTOMOTIVE CO Files SEC form 10-Q, Quarterly Report
EDGAR Online (Thu, Aug 14)

GENERAL AUTOMOTIVE CO Files SEC form 8-K, Unregistered Sale of Equity Securities
EDGAR Online (Wed, Aug 6)

General Automotive Announces High-Temperature Sealing System for Fuel Cell and Oxygen Sensor Applications
Business Wire (Wed, Jul 30)

GENERAL AUTOMOTIVE CO Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibi
EDGAR Online (Fri, Jul 25)

General Automotive Announces Joint Venture to Develop and Market Advanced Fuel Cell Technology
Business Wire (Thu, Jul 24)

GENERAL AUTOMOTIVE CO Files SEC form 8-K, Change in Directors or Principal Officers
EDGAR Online (Wed, Jun 18)

General Automotive Expands Board of Directors
GlobeNewswire (Tue, Jun 10)

New Webcast Interview With General Automotive Company's President and CEO Now Available At TheGreenBaron.Com
GlobeNewswire (Tue, Jun 3)

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Management

Lead by chief executive, Joseph DeFrancisci, General Automotive Company is actively pursuing targeted acquisition candidates with high selectivity, vigorous due diligence and favorable financing.

Joseph L. DeFrancisci
President, Chief Executive Officer and Director

Joe DeFrancisci has a 20+ year track record of successfully leading companies through start-up and growth, improving operations and building value. Prior to joining General Automotive to guide its development into a leading provider of aftermarket products to the Tier 1 automotive sector, Mr. DeFrancisci was Senior Vice President of Worldwide Operations for Grindmaster Corporation, a global leader in the beverage dispensing equipment industry with marketing operations in more than 90 different countries. Prior to that, he served as Senior Partner with the Highwood Group LLP, a consulting firm focused on competitive strategy and operational effectiveness. From 1996 - 2000, Mr. DeFrancisi was President and Chief Operating Officer of Pasta Montana LLC, a start-up food company heralded as one of the fastest growing and best-managed food companies of its time.

Mr. DeFrancisci's early career is highlighted by his 15-year tenure with Demaco/Howden Group, a leading manufacturer of highly engineered capital equipment, during which he earned rapid promotions to Vice President-level management roles in sales, marketing and operations. He earned a BS in Industrial Technology Education from the State University of New York and is an alumnus of the Advanced Executive Program of the Kellogg Graduate School of Management - Northwestern University. In addition to belonging to various professional and alumni organizations, he serves on the Advisory Board of Univedant Corporation, a Chicago-based advanced engineering firm.

Dan Valladao
Chairman and Founder / Business Development and Director

One of the founders of General Automotive Company, Dan Valladao has 25 years of automotive experience, including in the retail, wholesale and OEM sales channels, and was instrumental in increasing the company's sales from just over $3 million in 2004 to $15 million in 2007. Prior to co-founding General Automotive, Mr. Valladao served for five years as Vice President of Sales and Marketing for APS International, a global manufacturer and distributor of automotive product. He was previously responsible for sales to OEM companies such as Ford, GM, Chrysler, Honda and Toyota for HSG Corporation, a large manufacturer's representatives firm. In 1988, Mr. Valladao served as Executive Vice President to Mobile Living Corporation, a retailer of vehicle accessories, building the company into a multi-store chain with sales in excess of $20 million within five years.

Harry Christenson
Chief Financial Officer

Mr. Christenson is an accomplished senior financial executive with more than 30 years' of experience in operating and managing complex international businesses. He recently served as a Director and Chief Financial Officer of LNG Holdings, SA, the parent company of LambdaNet Communications, a pan-European supplier of network-related telecommunications services. Among his achievements was the successful turnaround of the company, concluding with a transfer of ownership by its private equity holders to a U.S. public ISP network operator. Previous positions include Director and Chief Financial Officer of Precell Solutions, Inc.; Chairman of the Board and Chief Financial Officer of Octagon, Inc; and Director, Chief Operating Officer, Chief Financial Officer and Executive Vice President of Penril DataComm Networks.

Mr. Christenson received a Bachelors Degree in Accounting from Fairfield University and a Masters Degree from the University of New Haven, CT.

Tim Alford
President, OE Source

For more than 25 years, Mr. Alford has specialized in sales and marketing of electronic components with both OEM and global distribution channels. He joined General Automotive as President of OE Source, a wholly-owned subsidiary, in 2004. Earlier in his career, he served as Operations and Marketing Manager for multi-billion dollar global electronic distributors such as Arrow Electronics (2000-2004), Future Electronics (1997-2000), and Milgray Electronics (1991-1997). He also served as Regional Distributor Sales Manager for AVX Corporation, a NYSE-listed OEM manufacturer with 20 facilities in 12 countries, from 1979-1984 and from 1987-1991. Mr. Alford's primary responsibilities in these roles were to provide management direction relating to all aspects of product procurement and inventory control. In addition, he provided sales and product expertise to customers and the sales force.
 

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Contact

General Automotive Company
5422 Carrier Dr., Suite 309
Orlando, FL 32819
Phone: 407.363.5633
Fax: 407.363.4574
E-Mail: info@generalautomotive.com

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FORWARD LOOKING STATEMENTS

This report includes forward-looking statements that reflect General Automotive Company current expectations about its future results, performance, prospects and opportunities. General Automotive Company has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause General Automotive Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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