FORT LAUDERDALE, Fla., Sept. 13 /PRNewswire-FirstCall/ -- AutoNation, Inc.
(NYSE: AN), America's largest automotive retailer, today announced that it has
signed an agreement to acquire Land Rover Fort Lauderdale from owners Steve
and Tom Shelton. The dealership, located at 5730 North Federal Highway in
Fort Lauderdale, is the only Land Rover dealership in Broward County.
The acquisition will bring to 35 the total number of new vehicle
franchises in South Florida owned by AutoNation. Terms of the all-cash
transaction, which is subject to customary conditions and approvals, were not
disclosed. Land Rover Fort Lauderdale, currently the nation's 15th largest
Land Rover dealership in the United States, generated annual revenue of
approximately $63 million and sold 589 new vehicles in 2005. AutoNation
currently owns three Land Rover dealerships in the U.S., including the world's
largest in Encino, California.
"Land Rover Fort Lauderdale is an outstanding addition to our brand mix in
the South Florida market," said Michael E. Maroone, AutoNation's president and
chief operating officer. "AutoNation has focused on continuing to enhance our
luxury portfolio, because we believe luxury vehicles will be the fastest
growing segment of automotive retail for the next few years. This transaction
underscores our commitment to offer those customers the vehicles and services
they want."
We anticipate completing the transaction in October 2006. Neither of the
current owners will retain a position with AutoNation. AutoNation intends to
relocate the Land Rover dealership to a larger facility in the Margate/Coconut
Creek area that will offer greater new and used vehicle selection and more
service capacity for the convenience of our customers.
AUTONATION, INC.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's
largest automotive retailer and a component of the Standard and Poor's 500
Index. AutoNation has approximately 27,000 full-time employees and owns and
operates 338 new vehicle franchises in 16 states. For additional information,
please visit http://corp.AutoNation.com or www.AutoNation.com, where more than
100,000 vehicles are 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:
Marc Cannon of AutoNation, Inc.
+1-954-769-3146
or
[email protected]