DETROIT, MI, March 13, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly traded automotive retailer, announced today that with the election of two new directors, Motokazu Yoshida and Ronald G. Steinhart, the Company now has eleven directors. These appointments are expected to be ratified at the UnitedAuto Group Shareholders Meeting scheduled for May 16, 2001.
Mr. Yoshida, Operating Officer - Motor Vehicles, Marine and Aerospace Group, is a 30-year veteran of Mitsui & Co., Ltd. He has held positions of global importance in both Tokyo and the United Kingdom. Yoshida graduated from Hitotsubashi University, Faculty of Commerce and has also done advanced work at Harvard Business School.
Mr. Steinhart, who presently serves as a Trustee of Prentiss Properties Trust and a Director of NCH Corporation, both public companies, has been active in the Dallas financial community for the past 37 years. He led the growth and development of several predecessor companies to Bank One Corporation. He retired from the Bank One Corporation Management Committee in January 2000. Steinhart earned a MBA in finance from the University of Texas at Austin
Roger Penske, Chairman, stated, "The addition of Messrs. Yoshida and Steinhart to UnitedAuto's Board will increase the number of directors from nine to eleven. Mr. Yoshida adds a global dimension of automotive industry experience to the Company. He will oversee Mitsui's investment in UAG. Mr. Steinhart brings significant commercial finance perspective and experience to the Board."
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.