BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Sept. 9,
2004--UnitedAuto Group, Inc. (NYSE:UAG), a FORTUNE 500 automotive
specialty retailer, today announced that it has signed a new credit
agreement with DaimlerChrysler Services North America LLC and Toyota
Motor Credit Corporation. The credit agreement provides for up to $650
million in revolving loans for working capital, acquisitions, capital
expenditures, investments, letters of credit, and other general
corporate purposes. The revolving loans under the agreement are for a
three-year term, which expires on September 30, 2007.
Chairman Roger Penske said, "Since our original investment in
1999, UnitedAuto has generated over $1 billion in capital through new
stock issuances, subordinated debt offerings and retained earnings.
This new capital has enabled us to acquire franchises with annual
revenues in excess of $4 billion. Our new credit agreement reflects
the overall improvement in our capital structure and will provide
UnitedAuto with the continued financial flexibility to fund our future
growth plans. We are delighted to foster our continued partnership
with DaimlerChrysler Services North America and Toyota Motor Credit."
UnitedAuto, which has pursued a strategy based on internal growth
from its existing dealerships, as well as from strategic acquisitions,
operates 145 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 future credit availability and expansion and growth
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
Executive Vice President - Finance
Tony Pordon, 248-648-2540
Vice President - Investor Relations
SOURCE: UnitedAuto Group, Inc.