Penske Corporation Acquires Additional Shares in UnitedAuto

BLOOMFIELD HILLS, Mich., Feb. 17, 2004 -- Penske Corporation announced today that it has purchased an additional 357,123 shares of UnitedAuto Group in a private transaction with Aeneas Venture Corporation. The additional shares bring Penske's total beneficial ownership to 19.4 million shares, or 45.9%.

Roger S. Penske, Chairman of Penske Corporation commented, "I am pleased to have the opportunity to increase our ownership in UnitedAuto. Since 1999, Penske Corporation has invested over $212 million in the Company. As I look forward, I am excited about UnitedAuto's growth potential."

Penske Corporation is a closely-held diversified transportation services company whose subsidiaries operate in a variety of segments including retail automotive, truck leasing, transportation logistics, transportation component manufacturing, and high performance racing. Penske Corporation's businesses generate annual revenues of approximately $14 billion and employ 34,000 people at over 1,700 locations worldwide.