DETROIT, MI, January 10, 2002 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, today announced changes to its operations in Indianapolis, Indiana.
UnitedAuto has renamed the dealerships it operates in Indianapolis, Indiana to Penske. These changes are designed to better reflect the common ownership of the dealerships. The name change to Penske in Indianapolis does not signal a strategic change for UnitedAuto; rather, the unique conditions in this market created an opportunity to leverage the well-known Penske name.
In addition, the full line of Chrysler and Jeep vehicles, service and parts has been added to the existing Dodge dealership. Chrysler, Jeep and Dodge customers will benefit by having a state-of-the-art sales and service facility available to support their vehicle, service, parts and body shop needs.
Commenting on Indianapolis, Roger Penske, UnitedAuto Chairman, said, "The changes taking place at these dealerships provided the perfect opportunity for us to align our efforts in this important market under a common name. We're changing the name on the building, but not the attributes that have made these businesses so successful over the years - great value, great selection, and most important - great people."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 127 franchises in 19 states, Puerto Rico and Brazil. 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.