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|UnitedAuto Acquires Glenvarigill in Scotland; Bentley, Ferrari, Maserati and Porsche Franchises Added|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 13, 2004--UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, today announced the acquisition of the specialist car business of Glenvarigill in Scotland. Terms of the transaction were not disclosed.
The dealerships acquired were Bentley, Ferrari, Maserati and Porsche in Edinburgh, the capital city of Scotland. UAG also acquired a Porsche franchise in Glasgow, Scotland's largest city. These dealerships represent an expansion of the Company's United Kingdom-based Sytner business and will be managed by the Sytner team. The Glenvarigill dealerships are expected to generate annual revenue of approximately $60 million.
Commenting on the acquisition of Glenvarigill, UnitedAuto Chairman Roger Penske said, "We are particularly pleased to acquire these premium franchises in the Scotland market. These franchises allow us to expand our worldwide presence with four of the premier auto manufacturers in the world today, and further strengthen our pre-owned business with sales of previously owned vehicles expected to be on par with new vehicle unit sales."
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 103 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 email@example.com or UnitedAuto Group, Inc. Investor Relations: Tony Pordon, 248-648-2540 firstname.lastname@example.org SOURCE: UnitedAuto Group, Inc.