FORT LAUDERDALE, Fla.,
Aug. 18, 2015 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest automotive
retailer, today announced that it has signed agreements to acquire
13 stores in Georgia, Alabama and Tennessee from Carl Gregory Enterprises and 3
stores in the Baltimore, Maryland
market from Valley Motors Auto Group representing over $600 million in combined annual
revenue.
The franchises to be acquired in the Southeast include Chrysler,
Dodge, Jeep, Ram, Fiat, Ford, Lincoln, Honda, Hyundai and Volkswagen. In
2014, the Carl Gregory stores retailed approximately 16,750 new and
used vehicles. The franchises to be acquired from Valley Motors
Auto Group include Audi, Mercedes-Benz, Subaru and Volkswagen. The
Valley Motors Auto Group stores retailed approximately 2,900 new
and used vehicles in 2014. Once these transactions are completed,
AutoNation's total franchise count will be 327 franchises, an
increase of 34 franchises. The transactions are subject to
customary terms and conditions, including manufacturer approval,
and are expected to close later this year.
Mike Jackson, AutoNation's
Chairman, Chief Executive Officer and President, stated, "We are
pleased to have the opportunity to add 13 stores in Georgia, Alabama and Tennessee and 3 stores in the Baltimore, MD / Washington, D.C. market and bring AutoNation's
store count to 253 from Coast to Coast."
Mr. Jackson added, "We continue to seek acquisitions to leverage
our scale, expand the AutoNation brand and provide a peerless
experience to more customers."
About AutoNation, Inc.
AutoNation is transforming the automotive retail industry
through bold leadership. We deliver a peerless automotive retail
experience through our customer-focused sales and service
processes. Currently owning and operating 293 new vehicle
franchises, which sell 35 new vehicle brands across 15 states,
AutoNation is America's largest automotive retailer, with
state-of-the-art operations and the ability to leverage economies
of scale that benefit the customer. As an indication of our
leadership position in our industry, AutoNation is a component of
the S&P 500 Index.
Please visit investors.autonation.com, www.autonation.com,
www.autonationdrive.com, www.twitter.com/autonation,
www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and
www.facebook.com/CEOMikeJackson, where AutoNation discloses
additional information about the Company, its business, and its
results of operations.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "plans," "believes,"
"continues," "may," "will," and variations of such words and
similar expressions are intended to identify such forward-looking
statements. Statements regarding our expectations for pending
acquisitions, as well as statements that describe our objectives,
goals, or plans, are forward-looking statements. Our
forward-looking statements reflect our current expectations
concerning future results and events, and they involve known and
unknown risks, uncertainties and other factors that are difficult
to predict and may cause our actual results, performance or
achievements to be materially different from any future results,
performance and achievements expressed or implied by these
statements. These risks, uncertainties and other factors include,
among others: our ability to integrate successfully acquired and
awarded franchises and to attain planned sales volumes within our
expected time frames; economic conditions, including conditions in
the credit markets and changes in interest rates; our ability to
maintain and enhance our retail brands and reputation and to
attract consumers to our own digital channels; the success and
financial viability and the incentive and marketing programs of
vehicle manufacturers and distributors with which we hold
franchises; natural disasters and other adverse weather events;
restrictions imposed by vehicle manufacturers; the resolution of
legal and administrative proceedings; regulatory factors affecting
our business, including fuel economy requirements; factors
affecting our goodwill and other intangible asset impairment
testing; and other factors described in our news releases and
filings made under the securities laws, including, among others,
our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q
and our Current Reports on Form 8-K. Forward-looking
statements contained in this news release speak only as of the date
of this news release, and we undertake no obligation to update
these forward-looking statements to reflect subsequent events or
circumstances.
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SOURCE AutoNation, Inc.