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AutoNation to Acquire Five Franchises in Corpus Christi

Sep. 04, 2002
FORT LAUDERDALE, Fla., Sep 4, 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 certain assets of the Vista Automotive Group based in Corpus Christi, Texas, from a partnership led by Bill McBean. The agreement includes the acquisition of property and five new vehicle franchises in the Corpus Christi area: Chevrolet, Cadillac, Oldsmobile, Mitsubishi and Isuzu.

Once closed, the acquisition will increase AutoNation's presence in Corpus Christi to 13 new vehicle franchises. It will also raise AutoNation's presence in Texas to 64 new vehicle franchises and its U.S. presence to 379 new vehicle franchises. AutoNation's other Texas markets include Amarillo, Austin, Dallas, Fort Worth and Houston.

"Acquiring these new vehicle franchises will expand our ability to offer Corpus Christi consumers the market's best vehicle selection, service and prices," said Michael E. Maroone, AutoNation's President and Chief Operating Officer. "In each of our markets, our goal is to have vehicle shoppers include AutoNation dealerships as part of any intelligent buying or servicing decision."

Terms of the all-cash acquisition, which is subject to customary conditions and approvals, were not disclosed. In 2001, the five new vehicle franchises being acquired from the Vista Automotive Group had combined revenue of approximately $106 million. Upon closing the acquisition, Bill McBean will join AutoNation as a General Manager of the acquired franchises.

Other AutoNation-owned new vehicle franchises in Corpus Christi include Ford, Mazda, Honda, Hyundai, Volvo, Pontiac, Buick and GMC. Each dealership franchise also offers 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., +1-954-769-3576, or suriso@AutoNation.com

URL: http://www.autonation.com http://www.prnewswire.com

Copyright (C) 2002 PR Newswire. All rights reserved.

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