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|UnitedAuto Enters Suburban Charlotte - North Carolina Market|
|Acquires Lake Norman Ford in Huntersville, NC|
NEW YORK, NEW YORK, March 15, 2000 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly-traded automobile retailer, announced today that it has acquired Lake Norman Ford, located in Huntersville, North Carolina. Lake Norman Ford has joined the Company as part of UnitedAuto Group's Southeast Region.
According to Ken Hunt, Southeast Region President, the Company's entrance into Charlotte is significant. "Charlotte, generally recognized as the financial capital of the south, is a rapidly growing market and has demographics that are ideally matched to the Ford brand. We acquired a fantastic operation and believe that Lake Norman Ford represents the first step towards the establishment of a strong UnitedAuto presence in Charlotte."
Roger S. Penske, UnitedAuto Chairman stated, "We believe that Charlotte will ultimately become a hub market for the Company. Lake Norman Ford will serve as the starting point for future development opportunities. We are delighted that our partners at Ford worked so closely with us on this business, which will add approximately $55 million in top-line revenues 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 104 franchises in 16 states and Puerto Rico. UnitedAuto dealerships sell new and used vehicles, and market a complete line of aftermarket automotive products and services. This press release contains forward-looking information, and actual results may materially vary from those expressed or implied herein. Factors - including economic conditions, manufacturer approvals, and acquisition risks that could affect these results - are described in reports and documents filed by the Company with the Securities and Exchange Commission.