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|UnitedAuto Acquires Four Audi Franchises; Buys Aston Green Group in United Kingdom|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 7, 2004--UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, today announced the acquisition of the Aston Green retail group in the United Kingdom, making UnitedAuto the largest partner with Audi in the U.K. market.
The Aston Green portfolio includes four dealerships in central and western London, England in the cities of Brentford, Guildford, Reading and Slouth, as well as a sales-only site in Mayfair and a separate service site in Victoria. The Aston Green dealerships have projected annual revenue of approximately $150 million.
Commenting on the acquisition, UnitedAuto Chairman Roger Penske said, "We are excited about this new opportunity to represent the Audi brand in the United Kingdom. Aston Green has built the largest market area for the Audi brand in this market, and our acquisition will further diversify our premium and luxury footprint in the United Kingdom."
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 98 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 Investor Relations: Tony Pordon, 248-648-2540 email@example.com SOURCE: UnitedAuto Group, Inc.