Detroit, MI, January 30, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly traded automobile retailer, announced today that it has acquired a Chevrolet dealership in Benton, Arkansas. The dealership, which was formerly owned by Brett Morgan, is being renamed Landers Chevrolet and will become part of the Company's South Central Region. Revenues from this dealership are expected to add approximately $40 million on an annual basis.
Steve Landers, Sr., South Central Regional President, commented, "We are very excited about adding Chevrolet to our regional portfolio. It is our first Chevrolet store in Arkansas, and it is a very strong brand that will serve our customers well. We are looking forward to great things out of this store."
Roger S. Penske, UnitedAuto Chairman, stated, "We acquired an extremely well-run and customer-focused business that represents another leading domestic brand in the Arkansas market where we have enjoyed outstanding success."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 125 franchises in 17 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.