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EXHIBIT 99.1
Press Release
[UNITEDAUTO LOGO]
UnitedAuto Group, Inc.
13400 Outer Drive West
Detroit, MI 48239
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Contact: Sam DiFeo Jim Davidson Phil Hartz
President Executive Vice President - Senior Vice President -
Finance Corporate Communications
201-325-3305 201-325-3303 313-592-5365
[email protected] [email protected] [email protected]
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FOR IMMEDIATE RELEASE
UNITEDAUTO EXPANDS OPERATIONS IN CONNECTICUT;
ADDS AUDI, VOLKSWAGEN, MERCEDES-BENZ AND PORSCHE DEALERSHIPS IN FAIRFIELD
Detroit, MI, November 1, 2000 - UnitedAuto Group, Inc. (NYSE: UAG), a leading
publicly-traded automobile retailer, announced today it has acquired the Audi,
Volkswagen, Mercedes-Benz and Porsche dealerships formerly owned by Continental
Motors, Inc. in Fairfield, Connecticut.
The addition of the Continental dealerships includes four franchises. The
dealerships will be renamed Audi of Fairfield, Volkswagen of Fairfield,
Mercedes-Benz of Fairfield and Porsche of Fairfield. The dealerships will become
part of UnitedAuto's Northeast Region.
Roger S. Penske, UnitedAuto Chairman, stated, "We are excited to add these four
prestigious brands in the upscale Fairfield, Connecticut market. They will add
approximately $125 million in top-line revenues on an annual basis."
UnitedAuto, which has pursued a strategy based on internal growth from its
existing dealerships, as well as from strategic acquisitions, operates 128
franchises in 17 states, Puerto Rico and Brazil. 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 include forward-looking statements. These
forward-looking statements should be evaluated together with additional
information about UnitedAuto's business, markets, conditions and other
uncertainties which are contained in UnitedAuto's filings with the Securities
and Exchange Commission and which are incorporated into this press release by
reference.
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