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EXHIBIT 99.1
Press Release
UnitedAuto Group, Inc.
[UNITEDAUTO LOGO] 13400 Outer Drive West
Detroit, MI 48239
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Contact: Sam DiFeo, Jr. 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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UNITEDAUTO EXPECTS TO MEET ANALYSTS'
CURRENT ESTIMATES FOR FOURTH QUARTER
AND YEAR 2000. COMPANY IS ALSO COMFORTABLE
WITH ANALYSTS' OUTLOOK FOR 2001
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DETROIT, MI January 12, 2001 - UnitedAuto Group, Inc. (NYSE: UAG), a leading
publicly traded automotive retailer, today announced that it expects to meet
analysts' current estimates for the fourth quarter and year 2000. The Company
also said that it is comfortable with analysts' outlook for 2001.
According to research firm First Call/Thomson Financial, which tracks
earnings data, Wall Street analysts expect UnitedAuto to report a profit of $.20
per share for the fourth quarter 2000, $1.16 per share for the full year 2000,
and $1.07 per share for the year 2001.
Roger Penske, Chairman of UnitedAuto, commented "The outlook for
UnitedAuto continues to remain positive. Fourth quarter results were negatively
impacted by severe weather in the Southcentral region in late December, yet the
Company was able to achieve a significant increase in operating results compared
with the corresponding quarter in 1999. Despite the challenges that lie ahead, I
am confident that UAG will be able to continue its positive momentum."
UnitedAuto, which has pursued a strategy based on internal growth from
its existing dealerships as well as from strategic acquisitions, operates 124
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 filings with the Securities and
Exchange Commission and which are incorporated into this press release by
reference.
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