BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--July 13,
2004--UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive
specialty retailer, today announced the acquisition of the specialist
car business of Glenvarigill in Scotland. Terms of the transaction
were not disclosed.
The dealerships acquired were Bentley, Ferrari, Maserati and
Porsche in Edinburgh, the capital city of Scotland. UAG also acquired
a Porsche franchise in Glasgow, Scotland's largest city. These
dealerships represent an expansion of the Company's United
Kingdom-based Sytner business and will be managed by the Sytner team.
The Glenvarigill dealerships are expected to generate annual revenue
of approximately $60 million.
Commenting on the acquisition of Glenvarigill, UnitedAuto Chairman
Roger Penske said, "We are particularly pleased to acquire these
premium franchises in the Scotland market. These franchises allow us
to expand our worldwide presence with four of the premier auto
manufacturers in the world today, and further strengthen our pre-owned
business with sales of previously owned vehicles expected to be on par
with new vehicle unit sales."
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 103 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
UnitedAuto Group, Inc.
Tony Pordon, 248-648-2540
SOURCE: UnitedAuto Group, Inc.