DETROIT, MI, AUGUST 4, 1999 - UnitedAuto Group, Inc. (NYSE: UAG), the nation's second largest publicly traded automotive retailer, announced today that it had completed agreements with General Motors, American Honda and Toyota, giving UAG new capability to expand its relationships with them and enhance customer service. These agreements establish frameworks for mutually beneficial long-term relationships with these companies.
Roger S. Penske, Chairman, stated, "Our strategy is to engage the OEMs as true partners. We believe this approach will result in tangible value added for our shareholders. We are pleased with this opportunity to enhance our relationships with these companies."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships as well as from strategic acquisitions, operates 103 franchises in 16 states and Puerto Rico. 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 acquisition risks that could affect these results are described in reports and documents filed by the Company with the Securities and Exchange Commission.