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|UnitedAuto Acquires Cush Automotive Group|
BLOOMFIELD HILLS, Mich., Jan 11, 2006 (BUSINESS WIRE) -- United Auto Group, Inc. (NYSE: UAG), a worldwide automotive retailer, has acquired the Cush Automotive Group located in San Diego, California. The Cush Automotive Group consists of two Acura franchises, two Honda franchises, and one each of the Aston Martin, Jaguar and Mazda brands, for a total of seven franchises. Collectively, these dealerships are expected to generate approximately $300 million in revenue on an annual basis.
The acquired franchises have been renamed: -- Mission Valley Honda -- Honda of Escondido -- Kearny Mesa Acura -- Acura of Escondido -- Jaguar/Aston Martin Kearny Mesa -- Mazda of Escondido
The Acura, Jaguar and Aston Martin franchises are located adjacent to UAG's existing operations in the Kearny Mesa area of San Diego, complementing the Company's five existing franchises in that market and providing a destination location for car enthusiasts interested in acquiring an Acura, Aston Martin, BMW, Jaguar, Lexus, Mercedes-Benz, Scion or Toyota.
The franchises in Escondido are located in the popular Escondido Auto Mall, which attracts customers from San Diego and its surrounding communities; the Honda franchise in Mission Valley is located in a growing residential and retail area near the center of the city of San Diego. With the completion of this acquisition, UnitedAuto estimates that its twelve franchises operating in this fast growing market area will generate approximately $900 million in annualized revenues.
United Auto Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 276 retail automotive franchises, representing 40 different brands, and 27 collision repair centers. UnitedAuto, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 174 franchises in 19 states and Puerto Rico and 102 franchises located internationally, primarily in the United Kingdom. UnitedAuto is a member of the Fortune 500 and Russell 2000 and has approximately 14,000 employees.
Statements in this press release involve forward-looking statements, including forward-looking statements regarding UnitedAuto's 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 is 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 is 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: United Auto Group, Inc.
United Auto Group, Inc.