BLOOMFIELD HILLS, Mich., May 03, 2006 (BUSINESS WIRE) -- United Auto Group, Inc. (NYSE:UAG), an international
automotive retailer, today announced that its Board of Directors
approved a two-for-one stock split. UnitedAuto's shareholders of
record at the close of business on May 11, 2006 will receive one
additional share of common stock for every share of common stock held
on that date. The new shares will be distributed on June 1, 2006 and
UAG's stock will begin trading ex-stock split on June 2, 2006. The
two-for-one stock split will increase the number of shares of common
stock outstanding from approximately 47.1 million to approximately
The Board of Directors also approved a dividend of $0.07 per share
payable on June 1, 2006 to shareholders of record on May 11, 2006.
This dividend will be paid on the post-split share amounts. After
adjusting for the stock split, the dividend represents an increase of
two cents per share versus the prior quarterly dividend.
Commenting on the stock split and dividend increase, UnitedAuto
Chairman Roger Penske said, "We believe splitting our stock
two-for-one should provide additional liquidity to UAG's common stock
while offering a more attractive share price to potential investors.
Additionally, the dividend increase provides an incremental return to
United Auto Group, Inc., headquartered in Bloomfield Hills,
Michigan, operates 295 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 173 franchises in 20 states
and Puerto Rico and 122 franchises located outside the United States,
primarily in the United Kingdom. UnitedAuto is a member of the Fortune
500 and Russell 2000 and has 14,000 employees.
Statements in this press release involve forward-looking
statements. Actual results may vary materially because of risks and
uncertainties. 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
SOURCE: United Auto Group, Inc.
United Auto Group, Inc.
Jim Davidson, 201-325-3303
Tony Pordon, 248-648-2540