FORT LAUDERDALE, Fla., April 1 /PRNewswire-FirstCall/ -- AutoNation, Inc.
(NYSE: AN), America's largest automotive retailer, today announced that it has
signed an agreement to acquire John Roberts BMW and MINI, the largest BMW and
MINI dealership in the Dallas-Fort Worth market. Once closed, the acquisition
of John Roberts BMW and MINI will bring the total number of new vehicle
franchises owned and operated by AutoNation in Texas to 66, with 22 franchises
in the Dallas-Fort Worth Metroplex.
The acquisition, which is subject to customary conditions and approvals,
is structured as an all-cash asset purchase. Closing is anticipated for the
second quarter of 2004.
The dealership is located on approximately 10 acres and has 52 service
bays to service customers in the Dallas-Fort Worth area. John Roberts BMW and
MINI is the second-largest BMW and MINI dealership in Texas and ranked in the
top 20 BMW and MINI dealerships in the United States for new unit sales in
2003.
"The John Roberts BMW and MINI acquisition furthers our strategy of
expanding our luxury car and truck business," said Michael E. Maroone,
AutoNation's president and chief operating officer. "John Roberts BMW and MINI
will be a great addition to our family of AutoNation-owned stores in Texas,
and it reinforces our commitment to providing our customers the widest
possible selection of quality cars and trucks."
AutoNation offers customers in Texas a wide selection of new vehicles from
Acura, BMW and MINI, Buick, Cadillac, Chevrolet, Chrysler-Jeep, Dodge, Ford,
Honda, Lincoln-Mercury, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Pontiac,
GMC, and Toyota, as well as used vehicles, parts and service, and finance and
insurance products.
About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's
largest automotive retailer. Ranked #97 on the Fortune 500, AutoNation
employs approximately 28,000 people at 367 new vehicle franchises in 18
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.
CONTACT: Marc Cannon, AutoNation, +1-954-769-3146, or
cannonm@autonation.com