DETROIT, MI, April 3, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly traded automotive retailer, announced today that Lucio A. Noto has been elected to its Board of Directors. With Mr. Noto's appointment, the Company now has twelve directors. This appointment is expected to be ratified at the UnitedAuto Group Shareholders Meeting scheduled for May 16, 2001.
Mr. Noto retired as Vice Chairman of Exxon Mobil Corporation on January 31, 2001, a position he held since the merger of Exxon and Mobil companies on November 30, 1999. Before the merger, Mr. Noto was Chairman and Chief Executive Officer of Mobil Corporation where he had been employed since 1962. Mr. Noto is a managing partner of Midstream Partners LLC, an investment company specializing in energy and transportation projects. He is also a director of International Business Machines Corporation and of the Philip Morris Companies, Inc.
Commenting on the appointment, Chairman Roger Penske stated, "Lucio Noto is a recognized leader in the industrial and commercial energy industry, and has long been a significant partner with the Penske family of companies. Lucio will add great depth to the UAG Board with his broad international and commercial experience."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 121 franchises in 18 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.