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|UnitedAuto Expands International Presence; Acquires German Luxury Retailer Tamsen GmbH|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 1, 2004--UnitedAuto Group, Inc.(NYSE:UAG), a FORTUNE 500 automotive specialty retailer, today announced an expansion of its international footprint by acquiring a 75% interest in Tamsen GmbH ("Tamsen") in Hamburg and Bremen, located in the northern part of Germany. Tamsen is Continental Europe's number one luxury automobile retailer.
Tamsen operates Ferrari, Maserati, Aston Martin, Rolls-Royce, Bentley and Lamborghini franchises. The Tamsen dealerships have projected annual revenue of approximately $85 million in 2004. The remaining 25% interest in Tamsen will continue to be held by Mr. Heiner Tamsen, and he will remain active in managing the business with UnitedAuto Group. The partnership with UnitedAuto Group enables Heiner Tamsen to continue and extend his successful corporate strategy. Tamsen said, "The realization of our strategic plans demands a strong partner. I am proud and enthusiastic to team up with UnitedAuto Group - one of the world leaders in car retailing."
Commenting on the acquisition, UnitedAuto Chairman Roger Penske said, "We are thrilled to partner with such an innovative retailer like Tamsen as UnitedAuto expands its international presence in Germany. Mr. Heiner Tamsen has built an outstanding reputation by specializing in the prestige and luxury segment representing some of the finest-made automobiles in the world today."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 138 franchises in the United States and 94 franchises internationally, primarily in the United Kingdom. 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 involve forward-looking statements, including forward-looking statements regarding UnitedAuto's expansion plans. Actual results may vary materially because of risks and uncertainties, including external factors such as interest rate fluctuations, changes in consumer spending and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about UnitedAuto's business, markets, conditions and other uncertainties, which could affect UnitedAuto's future performance, which are contained in UnitedAuto's Form 10-K for the year ended December 31, 2003 and its other filings with the Securities and Exchange Commission and which are incorporated into this press release by reference. This press release speaks only as of its date, and UnitedAuto disclaims any duty to update the information herein.
CONTACT: UnitedAuto Group, Inc. Jim Davidson, 201-325-3303 firstname.lastname@example.org or Tony Pordon, 248-648-2540 email@example.com SOURCE: UnitedAuto Group, Inc.