View all news

AutoNation to Acquire Hudiburg Chevrolet

Dec. 10, 2001
FORT LAUDERDALE, Fla., Dec 10, 2001 /PRNewswire 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 Hudiburg Chevrolet in Fort Worth, Texas, from Bob Hudiburg. Once closed, the Hudiburg Chevrolet acquisition will bring to 21 the total number of new vehicle franchises in the Dallas-Forth Worth market owned and operated by AutoNation.

Terms of the all-cash asset acquisition, which is subject to customary conditions and approvals, were not disclosed. AutoNation estimates Hudiburg Chevrolet's 2001 revenue will total approximately $88 million. A closing of the acquisition is anticipated for early 2002. Mr. Hudiburg will not retain a position with the dealership following the closing.

"Hudiburg Chevrolet will be a fantastic addition for our AutoNation-owned dealerships in the Dallas-Fort Worth market," said Michael E. Maroone, AutoNation's President and Chief Operating Officer. "The dealership has quality management, loyal customers and an excellent future."

Currently, AutoNation's franchises in the Dallas-Fort Worth market offer new vehicles from Buick, Chevrolet, Chrysler, Dodge, Ford, Jeep, Lincoln, Mercury, Nissan and Mazda as well as used vehicles, parts and services, and finance and insurance products. In addition, the Company owns and operates three Chevrolet franchises and one Nissan franchise in Amarillo.

About AutoNation, Inc.

AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest retailer of new and used automobiles. Ranked #83 on the Fortune 500, AutoNation employs approximately 31,000 people at 368 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.

FORWARD-LOOKING STATEMENTS

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.

                    MAKE YOUR OPINION COUNT -  Click Here
               http://tbutton.prnewswire.com/prn/11690X66457723
SOURCE AutoNation, Inc.

CONTACT:          Oscar Suris of AutoNation, +1-954-769-7208
                  /Photo:  http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO
                  AP Archive:  http://photoarchive.ap.org
                  PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
                  /Company News On-Call: http://www.prnewswire.com/gh/cnoc/comp/750525.html

URL:              http://www.autonation.com 
http://www.prnewswire.com
Copyright (C) 2001 PR Newswire.  All rights reserved.
Categories: Press Releases
View all news