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|UnitedAuto Expands Presence in Texas|
Acquires Toyota, Scion, Honda and Hyundai Dealerships
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--May 1, 2007--United Auto Group, Inc. (NYSE:UAG), an international automotive retailer, has expanded its presence in Texas with the acquisition of the Classic Automotive Group in Austin. Located along the busy Interstate 35 corridor, the acquisition represents four new franchises that are anticipated to add $300 million in annualized revenue to the Company's operations. Together with UnitedAuto's existing BMW dealership in the Austin market, these outstanding brands will provide an attractive mix, scale and expense leverage opportunity. Additionally, this acquisition serves to supplement UnitedAuto's strong foreign nameplate brand mix. Terms of the acquisition were not disclosed.
West Operations Executive Vice President George Brochick said, "We are thrilled to expand our operations in the growing Austin market. In particular, the Toyota and Honda dealerships we acquired each represent one of the larger new unit sales points for these brands in the United States. The Classic Automotive dealerships are a natural fit for the UnitedAuto business and offer many of the same qualities and amenities that are a hallmark of our business today, including outstanding facilities and a focus on exceeding customer expectations."
United Auto Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 314 retail automotive franchises, representing 41 different brands, and 26 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 169 franchises in 19 states and Puerto Rico and 145 franchises located outside the United States, primarily in the United Kingdom. UnitedAuto is a member of the Fortune 500 and Russell 1000 and has nearly 16,000 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, market 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, 2006, 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.
CONTACT: United Auto Group, Inc.