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|UnitedAuto Acquires HUMMER Franchise in New Jersey; Franchise to Join Turnersville Automall in Southern New Jersey Metro Area|
BLOOMFIELD HILLS, Mich., May 19, 2005 (BUSINESS WIRE) -- UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, has acquired a HUMMER franchise in New Jersey. The new dealership will be located at UnitedAuto's Turnersville Automall, which now offers ten brands: Acura, BMW, Chevrolet, Honda, HUMMER, Hyundai, Maserati, Nissan, Scion and Toyota.
UnitedAuto's Turnersville Automall, currently under development, will be a new, state-of-the-art automotive retail complex covering 60 acres along Black Horse Pike in the fast growing Philadelphia/Southern New Jersey metro area. New facilities are being constructed for each brand, which will offer customers the latest in vehicle sales and service convenience. Customers will be able to experience on- and off-road test track facilities where they can fully explore vehicle capabilities. A brand-new, 50,000-square-foot collision center is already completed and offers a full range of collision and detail services.
HUMMER of Turnersville will offer a full line of vehicles, from the one-of-a-kind H1 to the all new H3. Commenting on the acquisition, Roger S. Penske, Jr., Executive Vice President of UnitedAuto's East Operations, said, "The addition of the HUMMER franchise in Turnersville adds another great brand to our existing offerings in this premier location. We are excited to partner with General Motors and the HUMMER brand as the new H3 is being introduced."
The HUMMER franchise in Turnersville represents UnitedAuto's fifth HUMMER franchise in the United States and is estimated to add approximately $25 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 150 franchises in the United States and 96 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, 2004, 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.
SOURCE: UnitedAuto Group, Inc.
UnitedAuto Group, Inc. Jim Davidson, 201-325-3303 firstname.lastname@example.org or Tony Pordon, 248-648-2540 email@example.com