|View printer-friendly version|
|UnitedAuto Expands Presence in California and Arkansas Markets; Adds Mercedes-Benz in San Diego and Second Ford Dealership in Little Rock|
|NEW YORK, NEW YORK, February 14, 2000 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly-traded automobile retailer, announced today the addition of a Mercedes-Benz and Ford dealership in San Diego and Little Rock, respectively.|
In the San Diego market, UnitedAuto has acquired Mercedes Benz of San Diego, located in Kearny Mesa, CA. Mercedes Benz of San Diego has joined UnitedAuto as part of UnitedAuto Group's Western Region. Current operations in the San Diego market include Ford, Toyota, and Lexus.
According to Steve Knappenberger, Western Region President, the addition of the Mercedes-Benz brand further enhances the already significant presence UnitedAuto has in this market. "We are delighted to have this opportunity to add Mercedes-Benz to our portfolio. It is a prestigious brand with powerful consumer appeal."
In the Little Rock market, UnitedAuto has acquired Long Ford, located in Jacksonville, Arkansas. Long Ford, renamed Landers Ford North, has joined the Company as part of its' South Central Region. UnitedAuto Group's operations in the greater Little Rock market include Landers Chrysler/Plymouth/Jeep/Dodge (the world's largest Chrysler dealership), as well as Landers Buick/ Pontiac/GMC, and Landers Ford.
According to Steve Landers, South Central Region President, our second Ford store in the Little Rock market adds significantly to the strong presence UnitedAuto has in this area. "The opportunity Ford Motor Company gave us to add Ford in Jacksonville will permit further leverage of our Little Rock Hub Operations. Ford has a great line of cars and trucks. The addition of this popular brand provides our customers with even more choices and greater selections. This is great news for Ford, UnitedAuto, and our customers."
Roger S. Penske, UnitedAuto Chairman stated, "Together these two additions to our portfolio represent quality development opportunities for two important hubs. They will add approximately $130 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.
Phillip M. Hartz