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|UnitedAuto Completes Stevens Acquisition; Enters New Market Area - Northern California|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Aug. 9, 2004--UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, is pleased to announce it has completed the acquisition of three Honda and two Acura dealerships from the Ted Stevens Automotive Network in the San Francisco Bay area.
The acquired franchises are: -- Capitol Honda in San Jose -- Marin Honda in Marin County -- Honda North in Clovis, a suburb of Fresno -- Los Gatos Acura in San Jose/Los Gatos -- Sunnyvale Acura in San Jose/Sunnyvale
These dealerships are expected to add approximately $300 million in revenue on an annual basis. UnitedAuto now operates 16 franchises in California and 22 Honda and Acura franchises in the United States.
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 145 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 anticipated results. 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., Bloomfield Hills, MI Jim Davidson, 201-325-3303 firstname.lastname@example.org or Tony Pordon, 248-648-2540 email@example.com SOURCE: UnitedAuto Group, Inc.