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 http://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.
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Related links:
http://corp.autonation.com
http://www.AutoNation.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/750525.html/
CONTACT:
Marc Cannon of AutoNation, Inc.,
+1-954-769-3146, or cannonm@autonation.com
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