FORT LAUDERDALE, Fla.,
July 7, 2016 /PRNewswire/ --
AutoNation, Inc. (NYSE: AN), America's largest automotive retailer,
today announced that it has signed agreements to acquire four
stores, including five franchises, in the Westchester County, New York area. The
stores to be acquired are BMW Mt. Kisco, Land Rover Mt. Kisco and
Jaguar Land Rover Larchmont/New
Rochelle from The Premier Collection and White Plains Jaguar
from DiSimone Imports, collectively representing approximately
$190 million in annual revenue and
2,600 retail new and used vehicle annual unit sales. The
acquisitions are subject to customary terms and conditions,
including manufacturer approvals, and are expected to close in the
third quarter of 2016.
To further enhance the customer experience, AutoNation will
renovate the BMW facilities in Mt.
Kisco. Also, in connection with the transaction, AutoNation
will construct a new state-of-the-art Jaguar Land Rover store in
the White Plains area. In
Mt. Kisco, AutoNation will relocate the Land Rover franchise and
combine it with Jaguar in a new state-of-the-art auto retail
facility. AutoNation will also renovate and expand its Jaguar
Land Rover facilities in Larchmont/New
Rochelle.
Upon completion of the above-mentioned facilities in
White Plains and Mt. Kisco, AutoNation will be awarded a Land
Rover franchise in White Plains
and Jaguar franchise in Mt. Kisco. These new Jaguar Land
Rover facilities in White Plains
and Mt. Kisco are expected to
generate approximately $100 million
in additional annual revenue once fully operational.
Mike Jackson, AutoNation's
Chairman, Chief Executive Officer and President, stated, "These
acquisitions will greatly enhance our brand mix, positioning us
with outstanding premium luxury offerings in this new market.
We look forward to welcoming the BMW, Jaguar and Land Rover
customers and 140 new associates in Westchester County to AutoNation."
About AutoNation, Inc.
AutoNation is America's largest
automotive retailer, currently owning and operating 363 new vehicle
franchises from coast to coast. AutoNation sold its 10 millionth
vehicle in 2015, the first automotive retailer to reach this
milestone. AutoNation is also the only automotive retailer to
guarantee every vehicle retailed is recall free. A commitment to
delivering a peerless experience through customer-focused sales and
service processes is what drives AutoNation's success. AutoNation
supports the Breast Cancer Research Foundation through its Drive
Pink Campaign. AutoNation is transforming the automotive industry
through bold leadership, technology and innovation.
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 and
franchise add-points, 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; our ability to obtain manufacturer approval
for pending acquisitions; economic conditions, including conditions
in the credit markets and changes in interest rates; new and used
vehicle margins; the success and financial viability and the
incentive and marketing programs of vehicle manufacturers and
distributors with which we hold franchises; our ability to maintain
and enhance our retail brands and reputation and to attract
consumers to our own digital channels; restrictions imposed by
vehicle manufacturers; natural disasters and other adverse weather
events; the resolution of legal and administrative proceedings;
regulatory factors affecting our business, including fuel economy
requirements; the announcement of safety recalls; 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.