Detroit, MI, July 21, 2000 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly- traded automobile retailer, announced today the addition of two Honda and one Pontiac-GMC dealerships in Houston, TX, and one Buick-Pontiac-GMC dealership in Cerritos, CA.
In the Houston market, UnitedAuto has acquired Goodson Honda, and Goodson Pontiac-GMC, which are located in Houston, and Goodson Spring Branch Honda, which is located in West Houston. The dealerships will become part of UnitedAuto Group's South Central Region.
UnitedAuto Group's operations in the greater Houston market include Crown Chrysler/Plymouth/Jeep and Crown Dodge.
According to Steve Landers, South Central Region President, "The addition of these three dealerships adds significantly to the presence UnitedAuto currently has in this market. The opportunity to add Honda and Pontiac-GMC to our portfolio will permit us to further leverage our growing Houston operations. The addition of these popular brands provides our customers with even more choice and greater selection."
In the Cerritos market, UnitedAuto has acquired Buick-Pontiac-GMC of Cerritos. The dealership is located in Cerritos Auto Square, one of the largest automotive retail complexes in the United States. This acquisition marks UnitedAuto's first entry into the greater Los Angeles metropolitan area. The dealership will become part of UnitedAuto Group's Western Region.
According to Steve Knappenberger, Western Region President, the addition of the Buick-Pontiac-GMC business will further enhance the growing presence UnitedAuto has in the Southern California market. "The opportunity to acquire three prominent GM brands in arguably one of the best retail locations in the country represents a significant strategic achievement for UnitedAuto."
The acquisition of the dealerships in Houston and Cerritos are expected to add approximately $246 million in revenues on an annual basis.
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 120 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.
This press release contains forward-looking information, and actual results may materially vary from those expressed or implied herein. Factors - including economic conditions, manufacturer approvals, and acquisitions risks that could affect these results - are described in reports and documents filed by the Company with the Securities and Exchange Commission.