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AutoNation to Buy Two Virginia Dealerships

December 17, 2003

Fort Lauderdale, Fla.-based new and used automobile retailer AutoNation said it has agreed to buy Leesburg Honda and Leesburg Toyota in Leesburg, Va., according to the South Florida Business Journal.

Including the dealerships about 20 miles west of Washington, D.C., AutoNation said it will own and operate 10 new vehicle franchises in the Washington, D.C.-Baltimore market.

The company did not disclose terms of the all-cash transaction due to close in January, according to the Business Journal. AutoNation estimated the combined annual revenue from the two dealerships will total about $77 million.

"Leesburg Honda and Leesburg Toyota are two very strong brands and will be great additions to the dealerships we already have in the market," said Michael E. Maroone, AutoNation president and CEO, according to the Business Journal.

AutoNation's current franchises in the Washington, D.C.-Baltimore market include Chevrolet, Pontiac-Buick-GMC, Isuzu and Mitsubishi. The dealerships offer new and used vehicles, parts and services, and finance and insurance.

In total, the company owns 373 new vehicle franchises in 17 states, the Business Journal said.

AutoNation shares closed up 8 cents to $17.63. The 52-week high was $19.19 on Sept. 3, The 52-week low was $11.15 on Dec. 18.

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