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|UnitedAuto Announces Definitive Agreement to Acquire Assets of Mel Farr Imports, Inc. in Bloomfield Hills, Michigan|
|Detroit, MI, October 24, 2000 - United Auto Group, Inc. (NYSE: UAG), a leading publicly-traded automobile retailer, announced today that it has entered into a definitive agreement to acquire the assets of Mel Farr Imports, Inc. in Bloomfield Hills, Michigan. Mel Farr Imports operates new vehicle franchises for Toyota, Mazda and Volkswagen.
The acquisition is subject to customary due diligence and closing conditions, including manufacturers' approval, and is expected to close in the fourth quarter of 2000. Terms of the transaction have not been disclosed
Roger S. Penske, UnitedAuto Chairman, said, "We continue to demonstrate our ability to execute on our plan to grow the business strategically. This additional business in metropolitan Detroit will enhance the Company's recently announced presence in the Detroit market."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 124 franchises in 17 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.