DETROIT, MI, March 27, 2003 - UnitedAuto Group, Inc. (NYSE: UAG),
a FORTUNE 500 automotive specialty retailer, announced today that it has
published its new policies and procedures on Corporate Governance. This
information may be accessed by logging onto the Company's website at www.unitedauto.com
and selecting the Corporate Governance section.
Chairman Roger Penske stated, "A major topic in today's business environment is the issue of Corporate Governance. It is important that our shareholders, employees, and customers know that honest, ethical and prudent corporate leadership are the hallmarks of UAG's culture. The Board of Directors and senior management team are committed to these principles. We believe that strict adherence to these policies provide a solid basis to properly operate and grow our business in the future."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 129 franchises in the United States and 71 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 include
forward-looking statements. These forward-looking statements should be
evaluated together with additional information about UnitedAuto's business
markets, conditions and other uncertainties which are contained in UnitedAuto's
filings with the Securities and Exchange Commission and which are incorporated
into this press release by reference.