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UnitedAuto Announces Agreement to Acquire Assets of Mel Farr Imports

25 October 2000

UnitedAuto Announces Definitive Agreement to Acquire Assets of Mel Farr Imports, Inc. in Bloomfield Hills, Michigan

    DETROIT--Oct. 24, 2000--United Auto Group, Inc. , a leading publicly-traded automobile retailer, announced today that it has entered into a definitive agreement to acquire the assets of Mel Farr Imports, Inc. in Bloomfield Hills, Michigan.
    Mel Farr Imports operates new vehicle franchises for Toyota, Mazda and Volkswagen.
    The acquisition is subject to customary due diligence and closing conditions, including manufacturers' approval, and is expected to close in the fourth quarter of 2000. Terms of the transaction have not been disclosed
    Roger S. Penske, UnitedAuto Chairman, said, "We continue to demonstrate our ability to execute on our plan to grow the business strategically. This additional business in metropolitan Detroit will enhance the Company's recently announced presence in the Detroit market."