-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IBH5ILd7USQwljpT+bXWehqFxOxAeagzgYSLDj5uFW9GAlmWMbTg1hf9qm6AB6Dv KHnLuNS+IVcj6fEgoedNHQ== 0000899140-97-000250.txt : 19970304 0000899140-97-000250.hdr.sgml : 19970304 ACCESSION NUMBER: 0000899140-97-000250 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970212 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970303 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED AUTO GROUP INC CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 97549595 BUSINESS ADDRESS: STREET 1: 375 PARK AVE STREET 2: 22ND FL CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 2122233300 MAIL ADDRESS: STREET 1: 375 PARK AVENUE STREET 2: 22ND FL CITY: NEW YORK STATE: NY ZIP: 10152 8-K 1 CURRENT REPORT ON FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 12, 1997 UNITED AUTO GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 1-12297 22-3086739 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 375 Park Avenue, New York, New York 10152 (Address of principal executive offices) (Zip Code) (212) 223-3300 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) ITEM 5. Other Events. On February 12, 1997, United Auto Group, Inc. (the "Company") signed an agreement to acquire Gary Hanna Nissan, Inc., a Nissan dealership based in Las Vegas, Nevada, for aggregate consideration in the amount of approximately $14 million. On February 25, 1997, Company signed an agreement to acquire Florida Chrysler-Plymouth Jeep Eagle, Palm Beach Toyota, Palm Infiniti and Palm Nissan, located in West Palm Beach Florida, and Amity Toyota Superstore, Lexus of Massapequa, Westbury Nissan Superstore and Westbury Toyota, located in Long Island, New York for aggregate consideration in the amount of approximately $53 million. For more information, please see the Company's press releases filed as exhibits hereto, which are incorporated herein by reference. ITEM 7. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired: N/A (b) Pro Forma Financial Information: N/A (c) Exhibits: 99.1 Press Release relating to acquisition of Gary Hanna Nissan, Inc., issued February 12, 1997. 99.2 Press Release relating to acquisition of delaerships located in West Palm Beach, Florida and Long Island, New York, issued February 25, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UNITED AUTO GROUP, INC. DATE: March 3, 1997 By:/s/ Philip N. Smith, Jr. Philip N. Smith, Jr. Vice President, Secretary and General Counsel EXHIBIT INDEX Exhibit No. Document 99.1 Press Release relating to acquisition of Gary Hanna Nissan, Inc., issued February 12, 1997. 99.2 Press Release relating to acquisition of delaerships located in West Palm Beach, Florida and Long Island, New York, issued February 25, 1997. 235979.01 EX-99.1 2 PRESS RELEASE OF 2/12/97 1 UNITED AUTO GROUP, INC. PRESS RELEASE Contact: Carl Spielvogel Bob Amen Chairman and Chief Amen & Associates Executive Officer 212 448-4200 Robert Nelson Chief Financial Officer 212 223-3300 FOR IMMEDIATE RELEASE UNITED AUTO GROUP ANNOUNCES ACQUISITION OF LAS VEGAS NISSAN DEALERSHIP Company to Expand Presence in Southwest Through Gary Hanna Nissan Acquisition NEW YORK, NEW YORK, February 12, 1997 - United Auto Group, Inc. (NYSE: UAG), the nation's second largest publicly-traded automotive retailer, has signed a definitive agreement to acquire 100% of the capital stock of Las Vegas-based Gary Hanna Nissan Inc., the largest Nissan dealership in Nevada. The announcement was made today by Carl Spielvogel, Chairman and Chief Executive Officer of United Auto and Marshall S. Cogan. Chairman of the Executive Committee. The aggregate consideration for the acquisition is approximately $12.5 million, including approximately $7.0 million in cash and approximately $5.5 million in United Auto common stock. The Company has agreed to make an additional cash payment to the extent that the common stock issued in the transaction is valued at less than $6.0 million when the shares become freely tradable. The transaction is expected to close by April 30, 1997 and is subject to manufacturer approval as well as other customary conditions. 2 The dealership, which will be renamed United Nissan, had estimated 1996 revenues of $68.0 million. The acquisition expands United Auto's presence in the Southwest where it also owns Sun Automotive Group, located in Phoenix and Scottsdale, Arizona. Mr. Spielvogel said, "This acquisition, located in one of the nation's fastest growing population centers, reflects our commitment to build United Auto in tandem with the best-selling automotive brands." United Auto also owns four Nissan dealerships in the Southeast, he added. Mr. Cogan said, "United Auto will continue to pioneer consolidation in automotive retailing. Since our October 1996 IPO we've made good progress in acquiring profitable franchised dealerships in the South, structuring transactions in the three to five times operating profit range and expanding market presence." Gary Hanna Nissan, founded in 1980, was honored in 1996 with Nissan's coveted Circle of Excellence Award for sales performance and customer satisfaction. The dealership also sells previously-owned vehicles and offers a complete range of services including service and parts, and the placement of financing and insurance. United Auto has pursued a business strategy based on internal growth from existing dealerships and on strategic acquisitions. The acquisition of Gary Hanna Nissan is United Auto's second since completing its initial public offering on 3 October 28, 1996. The Company expects to complete the previously announced acquisition of Houston-based Shannon Automotive Ltd., which operates Crown Dodge and Jeep Eagle Chrysler-Plymouth, by March 1, 1997. United Auto operates 38 franchises in Arizona, Arkansas, Connecticut, Georgia, New Jersey, New York and Tennessee. As an integral part of its dealership operations, United Auto sells used vehicle and operates eight stand-alone United Auto Man used car retail centers. United Auto dealerships market a complete line of aftermarket automotive products and services through United AutoCare. The Company also owns Atlantic Auto Finance Corporation, a finance company engaged in the purchase, sale and servicing of prime credit quality automobile loans. EX-99.2 3 PRESS RELEASE OF 2/25/97 1 UNITED AUTO GROUP, INC. PRESS RELEASE Contact: Carl Spielvogel Bob Amen Chairman and Chief Amen & Associates Executive Officer 212 448-4200 Robert Nelson Chief Financial Officer 212 223-3300 FOR IMMEDIATE RELEASE UNITED AUTO GROUP ANNOUNCES ACQUISITION OF NINE DEALERSHIPS WITH REVENUES TOTALING $430 MILLION Chrysler, Infiniti, Lexus, Nissan and Toyota Franchises To Expand Company's Presence in the South and New York Metropolitan Area NEW YORK, NEW YORK, February 25, 1997 - United Auto Group, Inc. (NYSE: UAG), the nation's second largest publicly-traded automotive retailer, has signed a definitive agreement to acquire 100% of the capital stock of nine automotive dealerships located in the South and New York metropolitan area which represent the Chrysler, Infiniti, Lexus, Nissan and Toyota brands. The announcement was made today by Carl Spielvogel, Chairman and Chief Executive Officer of United Auto and Marshall S. Cogan, Chairman of the Executive Committee of United Auto. The dealerships, which had estimated 1996 revenues of approximately $430.0 million, are owned by John A. Staluppi and John A. Staluppi, Jr. The aggregate consideration for the acquisition is approximately $53.0 million, including approximately $25.0 million in cash, promissory notes totaling $25.0 million and approximately $3.0 million in United Auto common stock. The Company has agreed to make certain additional 2 payments contingent upon the future performance of the dealerships. The Company has also agreed to, make an additional cash payment to the extent that the common stock issued in the transaction is valued at less than $3.0 million when the shares become freely tradable. The transaction is expected to close by May 1, 1997 and is subject to manufacturer approvals as well as other customary conditions. United Auto has pursued a business strategy based on internal growth from existing dealerships and on strategic acquisitions. The acquisition of the nine Florida and New York metropolitan area dealerships is United Auto's third acquisition since completing its initial public offering on October 28, 1996. The Company expects to complete the previously announced acquisitions of Houston-based Shannon Automotive Ltd., which operates Crown Dodge and Jeep Eagle Chrysler-Plymouth, and Las Vegas-based Gary Hanna Nissan Inc. by March 15 and April 30, 1997, respectively. The Southern dealerships, located in West Palm Beach, Florida are: Florida Chrysler-Plymouth Jeep Eagle; Palm Beach Toyota; Palm Infiniti and Palm Nissan. The New York metropolitan area dealerships, located on Long Island, are: Amity Toyota Superstore, Lexus of Massepequa, Westbury Nissan Superstore and Westbury Toyota. All of the dealerships also sell previously- owned vehicles and offer a complete range of services including service and parts, and the placement of financing and insurance. 3 Mr. Spielvogel said, "The acquisition of these dealerships reflects our commitment to strong brands as well as our confidence in the growth of the West Palm Beach and Long Island markets." United Auto also owns six Chrysler, two Lexus, five Nissan and four Toyota dealerships in the urban areas of Arizona, Arkansas, Georgia, and the New York metropolitan area, including Arkansas-based Landers Auto Sales, one of the nation's largest dealers of Chrysler products, and Atlanta Toyota, the nation's fourth largest Toyota dealer. Mr. Cogan said, "Acquiring these dealerships reflects our commitment to complete a transaction of scale during the first half of this year. We will employ these assets to generate long-term growth and shareholder value." United Auto operates 38 franchises in Arizona, Arkansas, Connecticut, Georgia, New Jersey, New York and Tennessee. As an integral part of its dealership operations, United Auto sells used vehicles and operates eight stand-alone United Auto Mart used vehicle retail centers. United Auto dealerships market a complete line of aftermarket automotive products and services through United AutoCare The Company also owns Atlantic Auto Finance Corporation, a finance company engaged in the purchase, sale and servicing of prime credit quality automobile loans. -----END PRIVACY-ENHANCED MESSAGE-----