Detroit, MI, July 6, 2000 - UnitedAuto Group, Inc. (NYSE: UAG), a leading publicly-traded automobile retailer, announced today that it has acquired Lexus de Puerto Rico in San Juan, Puerto Rico from Toyota de Puerto Rico, Corporation; the dealership will be renamed Lexus de San Juan.
Lexus de San Juan will operate beginning in mid-July out of new facilities on Kennedy Boulevard in San Juan, and will be the exclusive factory-authorized retailer for Lexus vehicles, Lexus warranty service, and Lexus parts and accessories in Puerto Rico.
Roger S. Penske, UnitedAuto Chairman, commented on the addition of the Lexus brand to the company's existing Puerto Rico operations, "We are delighted that the team from Toyota de Puerto Rico and Toyota Motor Sales provided UnitedAuto with this significant opportunity. We will leverage our experience with the Lexus brand in the U.S. to provide our customers in Puerto Rico with not only state-of-the-art facilities, but also an enhanced level of customer service."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 110 franchises in 16 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.