AutoNation to Acquire Laurel Motors Automotive Group

FORT LAUDERDALE, Fla., Nov. 8 -- AutoNation, Inc. , America's largest retailer of new and used automobiles, today announced that it has signed an agreement to acquire Laurel Motors Automotive Group from Richard B. Cogswell, Jr. and Thomas A. Kinnish. The group would include the Company's first luxury new vehicle franchises in the Chicago area. Terms of the all-cash acquisition were not disclosed. Laurel Motors includes the following seven luxury new vehicle franchises at six Chicago-area dealerships:

* Laurel Audi of Tinley Park * Laurel Audi of Westmont * Laurel BMW (Westmont) * Laurel Jaguar Volvo (Tinley Park) * Laurel Mercedes-Benz (Westmont) * Mercedes-Benz of Naperville

Including the recent openings of Laurel Jaguar Volvo and Laurel Audi of Tinley Park, AutoNation estimates revenue of approximately $350 million in 2002 for Laurel Motors. "Our goal in every market is to provide consumers true selection, great service and unbeatable prices. This makes an intelligent buying or servicing decision impossible without considering an AutoNation dealership," said Michael E. Maroone, AutoNation's President and Chief Operating Officer. "This is why we're adding a world-class collection of luxury new vehicle franchises to our Chicago presence." Once closed, the Laurel Motors acquisition will bring to 18 the total number of Chicago-area new vehicle franchises owned and operated by AutoNation. Currently, the Company's 11 Chicago-area franchises offer new vehicles from Chevrolet, Dodge, Ford, Toyota and Kia, as well as used vehicles, parts and services, and finance and insurance products. The Laurel Motors acquisition is expected to close during the first quarter of 2002 and is subject to customary closing approvals.