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|UnitedAuto Acquires Porsche and Audi Franchises in San Jose, California|
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Oct. 4, 2005--United Auto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer, announces the acquisition of Stevens Creek Porsche Audi in San Jose, California. The new franchises are expected to generate approximately $100 million in annualized revenue.
Commenting on the acquisition, George Brochick, Executive Vice-President of UnitedAuto's West Operations, said, "The acquisition of these luxury automobile franchises represents an outstanding opportunity for UnitedAuto to continue its growth in California, the largest automotive market in the United States. Further, the proximity of these franchises to our existing scale in the San Jose area provides synergy opportunities as we integrate these outstanding franchises into our existing footprint in Northern California."
The Stevens Creek Porsche Audi franchises will represent UnitedAuto's fifth Porsche location and sixth Audi location in the United States and are expected to expand the Company's California-based revenues to over $1 billion on an annualized basis.
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 143 franchises in the United States and 95 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 and it future sales potential. 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.
CONTACT: United Auto Group, Inc.
SOURCE: United Auto Group, Inc.