FORT LAUDERDALE, Fla., Oct. 17 /PRNewswire-FirstCall/ -- AutoNation,
Inc. (NYSE: AN), America's largest retailer of new and used automobiles,
today announced that it has signed an agreement to acquire Don Mackey BMW
in Tucson, Arizona from owners Don Mackey and Pete Cunningham.
The store will be renamed BMW Tucson after the anticipated completion
of the transaction in January 2008. BMW Tucson will become the 23rd new
vehicle franchise owned by AutoNation in Arizona and AutoNation's 13th BMW
dealership nationwide. Terms of the all-cash transaction, which is subject
to customary conditions and approvals, were not disclosed. AutoNation
estimates that revenue generated by the dealership in 2007 will total
approximately $45 million.
"Don Mackey BMW will be an outstanding addition to our brand mix in
Arizona," said Michael E. Maroone, AutoNation's president and chief
operating officer. "BMW is a great franchise, that will continue to have
strong growth and an expanding product line up. This fits perfectly in our
portfolio since Arizona is the fastest-growing state in the nation, and
Tucson is the state's second largest market. This acquisition puts us in
position to better serve the widest possible customer base. Add in the
fact, that the luxury vehicle market is the fastest growing segment for
auto retailers, this transaction also strengthens our ability to deliver
great opportunities to our associates and great value to our shareholders."
Neither of the current owners will retain a position with the
dealership following the closing. The store is located at 835 West Auto
Mall Drive in Tucson, AZ,. AutoNation intends to relocate the dealership to
a new, state-of- the-art facility at a nearby location within the next 24
months, a move that is intended to double the size of the existing store.
The current facility will be used to accommodate the expansion of Dobbs
Honda, AutoNation's other franchise in the Tucson market. All current
employees are expected to continue in their current positions.
Currently, AutoNation's franchises in Arizona offer new vehicles from
Buick, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Hyundai, Isuzu, Jeep,
Nissan, Pontiac, Scion, Subaru and Toyota, as well as used vehicles, parts
and services, and finance and insurance products.
About 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 25,000 full-time employees and owns and
operates 325 new vehicle franchises in 16 states. For additional
information, please visit http://corp.AutoNation.com or
http://www.AutoNation.com, where more than 80,000 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.
 back to top
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, AutoNation, Inc.,
+1-954-769-7208
|
