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AutoNation Acquires Lexus of Palm Beach

Sep. 20, 2001

FORT LAUDERDALE, Fla., Sept. 20 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest retailer of new and used automobiles, both on and off the Web, today announced that it has completed the acquisition of Lexus of Palm Beach from Robert Cuillo.

Terms of the all-cash, asset acquisition, which does not include Mr. Cuillo's other Palm Beach dealerships, were not disclosed. Mr. Cuillo will not retain a position with Lexus of Palm Beach.

Lexus of Palm Beach is located on Okeechobee Boulevard in Palm Beach and is AutoNation's only Lexus franchise in South Florida. Lexus of Palm Beach had 2000 revenue of $118 million and has won the Lexus Elite award in each of the last nine years. AutoNation's other South Florida luxury franchises include Mercedes-Benz of Fort Lauderdale and Mercedes-Benz of Miami.

"South Florida shoppers can now buy best-in-class luxury vehicles from an automotive retail company that believes in offering a best-in-class experience," said Michael E. Maroone, President and Chief Operating Officer of AutoNation, Inc.

In addition, AutoNation offers the following vehicle brands in South Florida under the "Maroone" retail brand: Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, Honda, Isuzu, Jeep, Kia, Lincoln, Mercury, Nissan and Toyota. AutoNation operates 26 Maroone-branded stores in South Florida.

About AutoNation, Inc.

AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer of new and used automobiles, on and off the Web. Ranked #83 on the Fortune 500, AutoNation employs approximately 31,000 people at 368 automotive retail franchises in 17 states. Additional information is available at www.autonation.com, where consumers can find more than 90,000 vehicles available for sale.

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SOURCE AutoNation, Inc.

CONTACT: Oscar Suris of AutoNation, +1-954-769-3576/

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