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|UnitedAuto Expands Operations in the New York Metropolitan Market; Acquires Mercedes-Benz and Honda Dealerships in Nanuet|
|DETROIT, MI, May 30, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly traded automobile retailer and member of the FORTUNE 500, announced today that it has acquired two premium dealerships in the important New York metro market, Mercedes-Benz of Nanuet and KEA Honda. Revenues from these two dealerships will approximate $100 million on an annual basis, and will increase UAG's revenue in the New York market by approximately 12%.
Sam DiFeo, Jr., UnitedAuto President, commented, "We are extremely pleased to increase our presence in the New York metropolitan area with these two dealerships. Given the location of these dealerships and the strength of the Mercedes-Benz and Honda brands, we believe we are well positioned to capitalize on the marketplace and expand our customer base in the New York metro. The acquisition of these dealerships marks the first time that UnitedAuto will represent Mercedes-Benz and Honda, respectively, in New York State."
Roger S. Penske, UnitedAuto Chairman, stated, "We acquired extremely well-run and customer-focused businesses that represent leading imported brands."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 123 franchises in 18 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.