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|UnitedAuto Group Announces Joint Venture; Establishes Retail Sales and Service Operations for Toyota and Lexus Vehicles in Germany|
DETROIT, MI, March 23, 2002 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, announced today that it has entered into a partnership with well-known German auto retailer Werner Nix. UAG Germany GmbH has formed a 50/50 joint venture with Nix to operate the Toyota and Lexus franchises in Frankfurt and Offenbach/Wächtersbach, Germany. Recently, the joint venture was awarded an open point for Toyota and Lexus in the Frankfurt market. Nix currently operates the outlets in Offenbach and Wächtersbach and will oversee operations in Frankfurt. The dealerships will be named Autohaus NIX GmbH.
Commenting on this new entry into the European market, UnitedAuto Chairman, Roger Penske, remarked, "As a company, UnitedAuto Group is adding an exciting new dimension to its business by forming this joint venture with German partner Werner Nix. It presents a great opportunity for UAG with excellent growth potential and builds on the outstanding relationship we have with the Toyota/Lexus brands. We expect this new venture to generate revenues of $38 million (U.S.) on an annual basis.
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.