Abby Inc (OTCMKTS:ABBY) has been working closely with Evans Corporation, after it acquired the majority stake in the company in January. As per the agreement, Evans Corporation recently received the first investment by Abby Inc. Evans Corp is an auto retailer and has recently been experiencing increased sales in the current month. Evans announced that the investment from Abby would be used to expanding the company’s brokerage division.
Abby Inc had entered into the agreement to enter the auto industry, so as to increase long-term shareholder value. The President of Abby, Amanda Flores, stated that they intend to move from a company concentrating on a single business to a holdings company. Evans Corp has a unique business model, its brokerages work to give the consumer exactly what they want. The company makes use of its links with manufacturers and retailers to do so.
When releasing the first investment for Evans, Amanda stated that the auto brokerage business is underused in the industry. The first investment is aimed at changing this factor, so Evans can increase its market share. Auto brokerage is much like a realtor, stated Evan Goldenberg, VP of Evans Corp. The company’s brokerages take care of all the negotiations, the search for each and every item on the list so the customer has exactly what they desire and at an affordable price.
Recently, Mr. Goldenberg also took over the position of Director of Auto Brokerage division. The step was taken after the Evans experienced significant increase in sales, indicating that Abby’s trust was not misplaced. Mr. Goldenberg has had over 30-years of experience in the auto industry and has held different positions from sales to finance to management. However, Evans still believes that despite the growth of sales the value of auto brokerages is still undervalued in the industry. They hope that Mr. Goldenberg successfully brings the needed change.
Abby Inc (OTCMKTS:ABBY) closed at $0.06, after losing 14.29% on May 21. The company has 49.43 million shares being traded in the market, with a 52-week range of $0.05-$1.55.