DEERFIELD BEACH, Fla. — World Omni Financial Corp. revealed this
week it has named a new president.

Tapped for the position is Dan Chait, who joined World Omni
in 2002 after holding senior-level positions at US Airways, AutoNation and
UniCaptial Corp.

Chait, who most recently served as senior vice president at
World Omni, will be replacing Frank Armstrong, who has announced his retirement
as president of the company.

Highlighting the new president's role, the company explained
that Chait is responsible for the strategic and operational management of World
Omni and its divisions, including:

—Southeast Toyota Finance, which provides financial products
to Toyota dealerships and consumers in the Southeast U.S.

—CenterOne Financial Services, a provider of portfolio
services designed to improve the performance of client portfolios

—DataScan Technologies, a global provider of wholesale floor
plan accounting and risk management systems

—DataScan Field Services, a floor plan inventory verification
and vehicle inspection company.

Chait will also continue serving as a member of JM Family's
Executive Management Team, officials added.

Colin Brown, president and chief executive officer of
diversified automotive company JM Family Enterprises Inc., also reflected on
Armstrong's tenure as president: "Frank has been an integral part of our
success since joining the company in 2001. We understand and support his
decision to retire and are grateful for his service.

"Dan's appointment to president is a testament to his
leadership and proven commitment to our company and our associates. With his
extensive experience in the financial services industry and the collective
efforts of our World Omni team, we are well positioned for continued growth,"
Brown continued.

Officials noted that since Armstrong became president of
World Omni in November 2008, "the company experienced significant growth and
achieved its best financial results.

"His desire to be closer to his longtime home in central
Florida and continue recovering from recent back surgery were important factors
in his decision to retire," the company said.

Armstrong will serve as an adviser to Chait through the end
of the year.