FORT LAUDERDALE, Fla.,
Sept. 10, 2014 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest
automotive retailer, announced today that it has signed agreements
to acquire Audi, Mercedes-Benz, Porsche and Volvo stores in the
Seattle-Bellevue market from Barrier
Motors.
The annual revenue for these stores is approximately
$355 million, with retail sales of
approximately 5,500 new and used vehicle units. Upon completion of
the transaction, AutoNation will own and operate 22 franchises in
the state of Washington, including
13 franchises in the Seattle-Bellevue market. The transactions are
subject to customary terms and conditions, including manufacturer
approval, and are expected to close in the fourth quarter 2014.
Mike Jackson, AutoNation's
Chairman and Chief Executive Officer, stated, "We are pleased
to be adding the Barrier Audi, Mercedes-Benz, Porsche and Volvo
stores to our Seattle-Bellevue platform. The Barrier stores
have a great reputation in the market. The franchises are in
attractive automotive retail locations and the facilities are first
class."
Mr. Jackson added, "The acquisition will greatly enhance our
brand mix in Seattle-Bellevue, positioning us with outstanding
premium luxury offerings in the market, where we already represent
BMW. The product cycles from Audi, Mercedes-Benz and Porsche
are some of the most exciting in the industry. We also look
forward to welcoming the Barrier customers and over 300 associates
into the AutoNation family."
Jimmy Barrier, President and
Chief Executive Officer, Barrier Motors, stated, "I am
extremely pleased to have worked with senior leadership of
AutoNation to put this transaction together. AutoNation
is the largest auto retailer in the
United States, with a strong premium luxury business and
track record. I am very excited for our associates, who have
been a key part of our success in building one of the finest
premium luxury automotive retail businesses in America. I
look forward to watching the Barrier stores under AutoNation's
leadership continue our long tradition of outstanding customer
service."
About AutoNation, Inc.
AutoNation is transforming the automotive retail industry
through bold leadership. We deliver a superior automotive retail
experience through our customer-focused sales and service
processes. Owning and operating 274 new vehicle franchises, which
sell 34 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.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 acquisitions, the future performance of our franchises,
and the automotive retail industry, 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 generally; conditions in
the credit markets and changes in interest rates; the success and
financial viability of vehicle manufacturers and distributors with
which we hold franchises; factors affecting our goodwill and other
intangible asset impairment testing; natural disasters and other
adverse weather events; restrictions imposed by vehicle
manufacturers; the resolution of legal and administrative
proceedings; regulatory factors affecting our business; 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.