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|UnitedAuto Expands Presence in Michigan; Acquires Honda Dealership in Metropolitan Detroit Area|
DETROIT, MI, August 06, 2002 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, today announced that it has acquired Anderson Honda located in Bloomfield Hills, Michigan, a suburb of Detroit. The dealership will be renamed Honda of Bloomfield and will become part of UnitedAuto's Mid-Atlantic region. UnitedAuto currently operates Cadillac, Pontiac, GMC and two Toyota franchises in the Detroit market. Revenues from this transaction will approximate $55 million on an annual basis.
Roger Penske, UnitedAuto Chairman said, "We are pleased to acquire a volume leader for Honda in Michigan. The addition of this Honda franchise increases our presence in the Detroit metropolitan area and adds further strength to UnitedAuto's geographic diversity and brand mix."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 125 franchises in the United States and 68 franchises internationally, primarily in the United Kingdom. UnitedAuto dealerships sell new and used vehicles, and market a complete line of after-market automotive products and services.
Statements in this press release may include forward-looking statements.
These forward-looking statements should be evaluated together with additional
information about UnitedAuto's business markets, conditions and other
uncertainties which are contained in UnitedAuto's filings with the Securities
and Exchange Commission and which are incorporated into this press release