UnitedAuto Completes $119 Million Private Placement

BLOOMFIELD HILLS, Mich.--March 26, 2004--UnitedAuto Group, Inc. , a FORTUNE 500 automotive specialty retailer, today announced it has completed the issuance and sale of 4.05 million shares of its common stock to Mitsui & Co., Ltd. and Mitsui & Co. (U.S.A.), Inc. for approximately $119.4 million.

Commenting on the private placement transaction with Mitsui, UnitedAuto Chairman Roger Penske said, "We are pleased to complete this sale of shares to Mitsui and welcome continued support as one of our largest shareholders. The capital provided by this transaction strengthens our balance sheet by reducing our leverage, and provides funds which may be available for future acquisitions and selected capital investments."

About UnitedAuto

UnitedAuto, which has pursued a strategy based on internal growth from its existing dealerships, as well as from strategic acquisitions, operates 136 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.