BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--March 17, 2006--United
Auto Group, Inc. (NYSE: UAG), an international automotive retailer,
today announced it has agreed to acquire Motorwerks BMW/MINI in
Bloomington, Minnesota, located in metropolitan Minneapolis/St. Paul.
Motorwerks is expected to generate approximately $100 million in
annualized revenue. The acquisition is subject to completion of due
diligence and other customary conditions.
UAG Senior Vice President for Central Operations Whit Ramonat
said, "We are excited to enter the Minneapolis/St. Paul metropolitan
market. The favorable demographics and diverse economy offer
opportunities for future growth of the BMW and MINI brands, and the
expansion into this new market enhances UAG's U.S. footprint.
Motorwerks BMW enjoys market leadership, and the MINI franchise ranks
among the top ten MINI dealerships in the U.S. based on 2005 sales
Motorwerks is currently constructing a 180,000 square foot,
state-of-the-art facility to house BMW and MINI. The new multi-level
complex is centrally located and will have the capacity to showcase
300 new and pre-owned vehicles under roof. Additionally, the new
facility has been designed to include a variety of amenities to
deliver outstanding service, including 40 service bays, comfortable
waiting lounges with direct internet access and a cafe.
During 2005, BMW/MINI generated $1.5 billion, or fifteen percent,
of UnitedAuto's total revenue. Upon the completion of this
transaction, UAG will own 31 BMW/MINI franchises, including 19 BMW and
12 MINI dealerships.
United Auto Group, Inc., headquartered in Bloomfield Hills,
Michigan, operates 294 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 123 franchises located outside the United States,
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 expected sales and consummation of this acquisition.
Actual results may vary materially because of risks and uncertainties,
including the satisfaction of the various customary closing
conditions. These forward-looking statements should be evaluated
together with additional information about UnitedAuto's business,
market 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, 2005, 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
CONTACT: United Auto Group, Inc.
Jim Davidson, 201-325-3303
Tony Pordon, 248-648-2540
SOURCE: United Auto Group, Inc.