DETROIT, MI, October 4, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a FORTUNE 500 automotive specialty retailer, announced today that it has executed a Letter of Intent with General Motors Corporation to open a Hummer franchise at the Cerritos Auto Square in Cerritos, California. Hummer distribution is expected to begin in early March 2002. The completion of the transaction is subject to customary conditions.
UnitedAuto Chairman, Roger Penske, commented, "The opportunity to work with General Motors on acquiring this Hummer franchise represents a dynamic addition to UAG's brand portfolio. The Hummer brand offers a unique automotive product line-up with a growing customer base. We are excited about the potential this represents to leverage our existing Buick-Pontiac-GMC location in Cerritos."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 123 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.