|View printer-friendly version|
|UnitedAuto Acquires Mercedes-Benz Franchise in Chandler, Arizona|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 6, 2004--UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, today announced that it has acquired Mercedes-Benz of Chandler, Arizona. This dealership is expected to generate approximately $70 million in revenue on an annual basis.
Chairman Roger Penske commented, "We are delighted with the opportunity to represent Mercedes-Benz in Chandler, Arizona. The greater Phoenix area is one of the fastest growing areas in the United States, and the Mercedes brand will be an outstanding addition to our existing premium and luxury brand mix as we continue to develop our scale in this important market."
With this acquisition, UnitedAuto operates 22 franchises in the metropolitan Phoenix area.
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 139 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 Tony Pordon, 248-648-2540 email@example.com SOURCE: UnitedAuto Group, Inc.