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.
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SOURCE AutoNation, Inc.
CONTACT: Oscar Suris of AutoNation, +1-954-769-7208
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