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|UnitedAuto Announces Election of Additional Directors|
H. Brian Thompson and Laurence Vaughan Join Company Board
DETROIT, MI, April 3, 2002 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, announced today that H. Brian Thompson and Laurence Vaughan have been elected to its Board of Directors. With these additional appointments, the Company now has eleven directors. These appointments are expected to be ratified at the UnitedAuto Group Shareholders Meeting scheduled for May 21, 2002.
H. Brian Thompson currently heads his own private equity investment and advisory firm, Universal Telecommunications, Inc., focused on both start-up companies and consolidations. Mr. Thompson previously served as Chairman and Chief Executive Officer of Global TeleSystems Group, Inc. from March 1999 through September 2000. As a veteran senior executive of the telecommunication industry, Mr. Thompson joined LCI International in 1991 where he served as Chairman and CEO. LCI merged with Qwest Communications International Inc. in June 1998, and Mr. Thompson became Vice Chairman of the Board for Qwest until his resignation in December 1998.
Laurence Vaughan has an extensive background in the area of automotive retailing. Currently Chief Executive of Sytner Group plc, Mr. Vaughan initially joined Sytner in 1993 as Finance Director before being promoted to Managing Director in 1994. He was promoted to his current position in 1996 and led the team that took Sytner public. UnitedAuto recently acquired Sytner Group plc.
Commenting on the appointments, Chairman Roger Penske stated, "Laurence Vaughan brings extensive retail automotive and public markets experience with a perspective from the UK to our already diverse Board. Brian Thompson's broad experience as a senior executive in the dynamic and fast moving telecommunications industry will be invaluable as we move forward with our ambitious growth strategy."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 123 franchises in the United States and 55 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 by reference.