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|Penske Corporation Increases Stake In UnitedAuto|
|DETROIT, MI, August 7, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, announced today that Penske Corporation purchased 1,843,656 shares of UnitedAuto common stock from an affiliate of Apollo Advisors L.P. ("Apollo"). Penske Corporation, along with Penske Capital Partners and its affiliates, now holds 64.7% of the Company's common stock on a fully diluted basis.
President Sam Difeo stated, "The Penske Corporation acquisition of these shares reflects their continued strong commitment to UnitedAuto. I believe that UnitedAuto is an outstanding investment opportunity as the Company is ideally positioned for continued growth in revenues and earnings."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 123 franchises in 19 states, Puerto Rico and Brazil. 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.