Acquires Dealerships in Arizona, Arkansas and Michigan
Detroit, MI, December 20, 2000 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly-traded automobile retailer, today announced dealership acquisitions in three key states.
Continuing growth in the Arizona market, UnitedAuto has acquired the Volvo on Camelback dealership in Phoenix, Arizona. The dealership will become part of UAG's Western Region. Revenues from the dealership are expected to add approximately $42 million on an annual basis.
In Arkansas, UnitedAuto announced it has acquired Bob Clark Toyota in Springdale. Under UAG ownership the dealership's name will be changed to Landers Toyota North, and the dealership, which will become part of UAG's South Central Region, is expected to add approximately $50 million in revenues annually.
Expanding its recently established presence in the Michigan area, UnitedAuto acquired Mel Farr Imports, Inc. in Bloomfield Hills, Michigan. The dealership will be renamed Toyota of Bloomfield, and will join UnitedAuto's Midwest Region. The Toyota of Bloomfield dealership is expected to add approximately $40 million in revenues on an annual basis.
Roger S. Penske, UnitedAuto Chairman, commented, "The addition of these three dealerships in the states of Arizona, Arkansas and Michigan represent significant growth opportunities for UnitedAuto Group. We are pleased to add these Toyota and Volvo franchises and strengthen our position in these markets."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 126 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.