DETROIT, MI, November 6, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, announced today it has acquired a BMW dealership in San Diego, California. The dealership, BMW of San Diego, joins UnitedAuto as part of the Company's Western Region. Current operations in the greater San Diego market include Ford, Toyota, Lexus, and Mercedes-Benz.
According to Steve Knappenberger, Western Region President, "The addition of the BMW brand increases our ability to leverage and further enhance the already significant presence UnitedAuto has in this market. We are delighted to have this opportunity to add BMW to our portfolio. It is a prestigious brand with powerful consumer appeal."
Roger Penske, UnitedAuto Chairman, stated, "I am pleased to add this well-known brand to our existing collection in the San Diego market. This addition adds significant scale to this important hub and will contribute approximately $90 million in top-line revenues on an annual basis."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 125 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.