BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 6, 2004--UnitedAuto
Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive specialty retailer,
today announced that it has acquired Mercedes-Benz of Chandler,
Arizona. This dealership is expected to generate approximately $70
million in revenue on an annual basis.
Chairman Roger Penske commented, "We are delighted with the
opportunity to represent Mercedes-Benz in Chandler, Arizona. The
greater Phoenix area is one of the fastest growing areas in the United
States, and the Mercedes brand will be an outstanding addition to our
existing premium and luxury brand mix as we continue to develop our
scale in this important market."
With this acquisition, UnitedAuto operates 22 franchises in the
metropolitan Phoenix area.
UnitedAuto, which has pursued a strategy based on internal growth
from its existing dealerships, as well as from strategic acquisitions,
operates 139 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.