View all news

AutoNation to Acquire Claridge's BMW

Jun. 06, 2002
FORT LAUDERDALE, Fla., Jun 6, 2002 /PRNewswire-FirstCall via COMTEX/ -- AutoNation, Inc. (NYSE: AN), America's largest retailer of both new and used vehicles, today announced that it has signed an agreement to acquire Claridge's BMW in Fremont, Calif., from owner Tom Claridge. Once closed, the acquisition will become AutoNation's second BMW franchise and 20th new vehicle franchise overall in the San Francisco Bay area.

(Photo: http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO )

Terms of the all-cash acquisition, which is subject to customary conditions and approvals, were not disclosed. Claridge's BMW 2001 revenue totaled approximately $63 million. A closing of the acquisition is anticipated during the third quarter of 2002. Mr. Claridge will not retain a position with the dealership following the closing. He will continue to operate his other dealerships.

"We're extremely pleased with this opportunity to grow our luxury car and truck business in the Bay area with the addition of Claridge's BMW," said Michael E. Maroone, AutoNation's President and Chief Operating Officer. "In addition to having outstanding new vehicles, this is a dealership with quality employees, loyal customers and an excellent future."

Currently, AutoNation's franchises in the San Francisco Bay area offer new vehicles from Acura, BMW, Chevrolet, Chrysler, Dodge, Ford, Honda, Hyundai, Isuzu, Mercedes-Benz, Mini, Mitsubishi, Nissan, Toyota and Volvo, as well as 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 both new and used vehicles. Ranked #101 on the 2002 Fortune 500, AutoNation employs approximately 30,000 people at 374 new vehicle franchises in 17 states. Additional information is available at www.AutoNation.com, where consumers can find more than 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.

SOURCE AutoNation, Inc.

CONTACT: Oscar Suris of AutoNation, Inc., +1-954-769-7208, or suriso@autonation.com /Photo: http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, 888-776-6555 or 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) 2002 PR Newswire. All rights reserved.

Categories: Press Releases
View all news