BLOOMFIELD HILLS, Mich., Jan 11, 2006 (BUSINESS WIRE) -- United Auto Group, Inc. (NYSE: UAG), a worldwide
automotive retailer, has acquired the Cush Automotive Group located in
San Diego, California. The Cush Automotive Group consists of two Acura
franchises, two Honda franchises, and one each of the Aston Martin,
Jaguar and Mazda brands, for a total of seven franchises.
Collectively, these dealerships are expected to generate approximately
$300 million in revenue on an annual basis.
The acquired franchises have been renamed:
-- Mission Valley Honda -- Honda of Escondido
-- Kearny Mesa Acura -- Acura of Escondido
-- Jaguar/Aston Martin Kearny Mesa -- Mazda of Escondido
The Acura, Jaguar and Aston Martin franchises are located adjacent
to UAG's existing operations in the Kearny Mesa area of San Diego,
complementing the Company's five existing franchises in that market
and providing a destination location for car enthusiasts interested in
acquiring an Acura, Aston Martin, BMW, Jaguar, Lexus, Mercedes-Benz,
Scion or Toyota.
The franchises in Escondido are located in the popular Escondido
Auto Mall, which attracts customers from San Diego and its surrounding
communities; the Honda franchise in Mission Valley is located in a
growing residential and retail area near the center of the city of San
Diego. With the completion of this acquisition, UnitedAuto estimates
that its twelve franchises operating in this fast growing market area
will generate approximately $900 million in annualized revenues.
United Auto Group, Inc., headquartered in Bloomfield Hills,
Michigan, operates 276 retail automotive franchises, representing 40
different brands, and 27 collision repair centers. UnitedAuto, which
sells new and previously owned vehicles, finance and insurance
products and replacement parts, and offers maintenance and repair
services on all brands it represents, has 174 franchises in 19 states
and Puerto Rico and 102 franchises located internationally, primarily
in the United Kingdom. UnitedAuto is a member of the Fortune 500 and
Russell 2000 and has approximately 14,000 employees.
Statements in this press release involve forward-looking
statements, including forward-looking statements regarding
UnitedAuto's future sales potential. 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 is contained in UnitedAuto's Form 10-K for
the year ended December 31, 2004, and its other filings with the
Securities and Exchange Commission, and which is 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
SOURCE: United Auto Group, Inc.
United Auto Group, Inc.
Jim Davidson, 201-325-3303
Tony Pordon, 248-648-2540