BLOOMFIELD HILLS, Mich., Jan 23, 2006 (BUSINESS WIRE) -- United Auto Group, Inc. (NYSE: UAG), a worldwide
automotive retailer, today announced that it was updating its fourth
quarter and full year 2005 earnings guidance. The Company currently
estimates earnings in the range of $0.62 to $0.67 per share for the
fourth quarter and $2.51 to $2.56 per share for the full year 2005. In
the fourth quarter of 2005, the Company sold all of the remaining
variable profits relating to the pool of extended service contracts
sold at its dealerships over the past five years. Due to the
performance of the pool, the Company recorded an $0.11 per share gain
which was not anticipated in the Company's previously issued earnings
guidance. In future periods, the Company will earn all profits
associated with extended service contracts sold at its dealerships at
the time of sale.
United Auto Group, Inc., headquartered in Bloomfield Hills,
Michigan, operates 278 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 171 franchises in 19 states
and Puerto Rico and 107 franchises located internationally, primarily
in the United Kingdom. UnitedAuto is a member of the Fortune 500 and
Russell 2000, and has approximately 13,800 employees.
Statements in this press release involve forward-looking
statements, including forward-looking statements pertaining to our
reported financial results. Actual results may vary materially because
of risks and uncertainties, including external factors such as
interest rate fluctuations, changes in consumer spending, economic
conditions 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, its Form 8-K filed on the date
hereof and its other filings with the Securities and Exchange
Commission, each of 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 herein.
SOURCE: United Auto Group, Inc.
United Auto Group, Inc.
Jim Davidson, 201-325-3303
Tony Pordon, 248-648-2540