NEW YORK, NY, MAY 18, 1999 - UnitedAuto Group, Inc. (NYSE: UAG), the nation's
second largest publicly-traded automotive retailer, today confirmed the completion of the acquisition of San Diego-based Colonial Ford, Inc.
Terms of the transaction were not disclosed. Colonial Ford, which will be renamed National City Ford, will join UnitedAuto as part of UnitedAuto Group-West, Inc.
UnitedAuto Group-West operates three dealerships in the San Diego market, including Kearny Mesa Dodge/Mazda, Kearny Mesa Toyota and Lexus Kearny Mesa. UnitedAuto Group-West also operates eight dealerships in the Southwest, including Camelback BMW, Land Rover Scottsdale, Pioneer Ford, Scottsdale Acura, Scottsdale Audi, Scottsdale Lexus, Scottsdale Porsche/Rolls-Royce/Bentley and United Nissan in Las Vegas.
According to Steven Knappenberger, President, UnitedAuto Group-West, "National City Ford's joining UnitedAuto presents an exciting opportunity to build on our success to date as well as expand our commitment to customer service in our market areas. We are pleased to have completed this acquisition under the direction of Roger Penske and his Penske Capital Partners team, and look forward to their participation in UnitedAuto's future growth."
UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships as well as from strategic acquisitions, operates franchises representing 31 brands in Arizona, Arkansas, California, Connecticut, Florida, Georgia, Illinois, Indiana, Louisiana, Nevada, New Jersey, New York, North Carolina, Puerto Rico, South Carolina, Tennessee and Texas. UnitedAuto dealerships sell new and used vehicles and market a complete line of aftermarket automotive products and services through UnitedAuto Care, Inc. and UnitedAuto Care Products, Inc.