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
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