BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 1, 2004--UnitedAuto
Group, Inc.(NYSE:UAG), a FORTUNE 500 automotive specialty retailer,
today announced an expansion of its international footprint by
acquiring a 75% interest in Tamsen GmbH ("Tamsen") in Hamburg and
Bremen, located in the northern part of Germany. Tamsen is Continental
Europe's number one luxury automobile retailer.
Tamsen operates Ferrari, Maserati, Aston Martin, Rolls-Royce,
Bentley and Lamborghini franchises. The Tamsen dealerships have
projected annual revenue of approximately $85 million in 2004. The
remaining 25% interest in Tamsen will continue to be held by Mr.
Heiner Tamsen, and he will remain active in managing the business with
UnitedAuto Group. The partnership with UnitedAuto Group enables Heiner
Tamsen to continue and extend his successful corporate strategy.
Tamsen said, "The realization of our strategic plans demands a strong
partner. I am proud and enthusiastic to team up with UnitedAuto Group
- one of the world leaders in car retailing."
Commenting on the acquisition, UnitedAuto Chairman Roger Penske
said, "We are thrilled to partner with such an innovative retailer
like Tamsen as UnitedAuto expands its international presence in
Germany. Mr. Heiner Tamsen has built an outstanding reputation by
specializing in the prestige and luxury segment representing some of
the finest-made automobiles in the world today."
UnitedAuto, which has pursued a strategy based on internal growth
from its existing dealerships, as well as from strategic acquisitions,
operates 138 franchises in the United States and 94 franchises
internationally, primarily in the United Kingdom. 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 involve forward-looking
statements, including forward-looking statements regarding
UnitedAuto's expansion plans. Actual results may vary materially
because of risks and uncertainties, including external factors such as
interest rate fluctuations, changes in consumer spending and other
factors over which management has no control. These forward-looking
statements should be evaluated together with additional information
about UnitedAuto's business, markets, conditions and other
uncertainties, which could affect UnitedAuto's future performance,
which are contained in UnitedAuto's Form 10-K for the year ended
December 31, 2003 and its other filings with the Securities and
Exchange Commission and which are incorporated into this press release
by reference. This press release speaks only as of its date, and
UnitedAuto disclaims any duty to update the information herein.
CONTACT: UnitedAuto Group, Inc.
Jim Davidson, 201-325-3303
Tony Pordon, 248-648-2540
SOURCE: UnitedAuto Group, Inc.