UnitedAuto Acquires Moran Cadillac in Torrance, California

BLOOMFIELD HILLS, Mich.--Jan. 2, 20043, 2004--UnitedAuto Group, Inc. , a FORTUNE 500 automotive specialty retailer, today announced that it has acquired Moran Cadillac located in Torrance, California. The newly acquired dealership will be renamed Penske Cadillac South Bay. This dealership is expected to generate approximately $30 million in revenue on an annual basis.

Roger Penske, Chairman of UnitedAuto commented, "We are delighted with the opportunity to represent General Motors' premier brand in the South Bay area of Los Angeles County. The Cadillac brand, with its many new products, represents an exciting opportunity for UnitedAuto in this market. With this acquisition, UnitedAuto now operates 23 General Motors' franchises in North America."

UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 138 franchises in the United States and 83 franchises internationally, primarily in the United Kingdom. UnitedAuto dealerships sell new and used vehicles, and market a complete line of after-market automotive products and services.