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|UnitedAuto Acquires Honda Franchise at the Mall of Georgia; Large Metro Atlanta Dealership is First Acquisition of 2005|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Feb. 2, 2005--United Auto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, has acquired Lanier Honda in Gwinnett County, Georgia. Located in the northeast Atlanta metro area, along the rapidly growing Interstate 85 corridor, UAG's newest Honda franchise will be renamed Honda Mall of Georgia.
Commenting on the acquisition, Roger Penske, Jr., Executive Vice President of UnitedAuto's East Operations, said, "Lanier Honda is a tremendous acquisition for UAG. Its proximity near one of the Southeast's largest regional shopping complexes provides an outstanding location for sales and service as UnitedAuto expands its presence in the Atlanta metro area."
The Honda Mall of Georgia represents UnitedAuto's 14th Honda franchise in the United States and is estimated to add approximately $80 million in annualized revenues to UnitedAuto Group.
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 152 franchises in the United States and 101 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. 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: United Auto Group, Inc. Jim Davidson, 201-325-3303 email@example.com or Investor Relations: Tony Pordon, 248-648-2540 firstname.lastname@example.org SOURCE: United Auto Group, Inc.