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UnitedAuto Buys Six Northern California Franchises

May 19, 2004

BLOOMFIELD HILLS, Mich. -- UnitedAuto Group Inc. will acquire six franchises in the San Francisco Bay area, said the company today. It will purchase the four Honda and two Acura franchises from the Ted Stevens Automotive Network. The deal is expected to close in the third quarter of 2004.

The six stores have an estimated annual revenue of $300 million, according to UnitedAuto. With this addition, UnitedAuto will have 18 franchises in California and 20 Honda and Acura stores in the United States.

"These outstanding businesses represent a unique opportunity to enter the Northern California market with a substantial footprint," said Chairman Roger Penske. "These dealerships expand our presence in California and further illustrate our disciplined acquisition approach to develop scale in selected markets."

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