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|AutoNation To Acquire Leesburg Honda And Leesburg Toyota|
FORT LAUDERDALE, Fla., Dec 16, 2003 /PRNewswire-FirstCall via COMTEX/ -- AutoNation, Inc. (NYSE: AN), America's largest retailer of new and used automobiles, today announced that it has signed an agreement to acquire Leesburg Honda and Leesburg Toyota located in Leesburg, Virginia. Located 20 miles west of Washington, DC near Dulles Airport, Leesburg, Virginia is one of the fastest- growing and highest per capita income areas in the United States.
Once closed, these acquisitions will bring to 10 the total number of new vehicle franchises in the Washington, DC-Baltimore market owned and operated by AutoNation. Terms of the all-cash transaction, which is subject to customary conditions and approvals, were not disclosed. AutoNation estimates that the combined annual revenues from the two dealerships will total approximately $77 million. Closing is anticipated in January 2004.
"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's president and chief operating officer. "They have excellent futures, primarily because they have made a tremendous effort to build strong teams of associates and earn outstanding reputations among a large and loyal customer base."
Currently, AutoNation's franchises in the Washington, DC-Baltimore market include Chevrolet, Pontiac-Buick-GMC, Isuzu and Mitsubishi offering new and used vehicles, parts and services, and finance and insurance products.
About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest retailer of new and used automobiles. Ranked #93 on the Fortune 500, AutoNation employs approximately 28,500 people at 373 new vehicle franchises in 17 states. Additional information is available at www.autonation.com, where consumers can find approximately 100,000 vehicles available for sale.
Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward- looking statements, including its earnings outlook.
SOURCE AutoNation, Inc.
Marc Cannon, AutoNation, Inc., +1-954-769-3145
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