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|UnitedAuto Toyota and Lexus Unit Sales Increase 13% During the First Half of 2001|
|DETROIT, MI, July 10, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly traded automobile retailer and member of the FORTUNE 500, announced today that same store unit sales for its Toyota and Lexus brands increased 13% during the first half of 2001. The outstanding performance posted by UnitedAuto's Toyota and Lexus dealerships compares favorably with the record national performance of these two brands. In a press release dated July 3, 2001, Toyota Motor Sales (TMS) USA reported that sales of its Toyota and Lexus brands increased 6.4% for the same period. According to their release, it was "the best ever first half for TMS in 44 years of business in the U.S."
On a same store basis, UnitedAuto's Toyota brand sales were up 18% and 10% for the second quarter and first-half of 2001, respectively. On a same store basis, UnitedAuto's Lexus brand sales were up 37% and 33% for the second quarter and first half of 2001, respectively. Strong same store sales performance from the UnitedAuto Toyota and Lexus stores was driven in part by the Company's continued focus on operating larger dealerships in attractive geographic locations.
Commenting on the strong showing of both the Toyota and Lexus brands in the UnitedAuto portfolio, Chairman Roger Penske stated, "Toyota and Lexus continue to demonstrate that they are leading and world-class brands. We are pleased with the strong results posted by our Toyota and Lexus dealerships."
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.