David S. Kay

DAVID S. KAY is Senior Vice President and Chief Financial Officer and
Treasurer of Capital Automotive REIT. Mr. Kay was one of the Founders of
Capital Automotive in October 1997. Prior to forming Capital Automotive,
Mr. Kay was employed by the public accounting firm of Arthur Andersen
LLP in Washington, DC, for approximately 10 years. His areas of
expertise included emerging companies in the automotive, retail and
distribution industries. While at Arthur Andersen LLP, Mr. Kay provided
clients with consultation regarding mergers and acquisitions, business
planning and strategy, and equity financing. He also has several years
of experience in capital formation projects, roll-up transactions, and
initial public offerings for motor vehicle dealerships across the
nation. Mr. Kay has participated on a NADA task force and has given
presentations at NADA conventions, AICPA conferences and at other
industry seminars. Mr. Kay is an Executive Advisory Board member of the
School of Accounting at James Madison University.