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Letter to the Editor

AutoNation Acquires Lexus of Palm Beach

FORT LAUDERDALE, Fla. -- AutoNation, Inc. has announced that it has completed the acquisition of Lexus of Palm Beach from Robert Cuillo.

Terms of the all-cash, asset acquisition, which does not include Mr. Cuillo's other Palm Beach dealerships, were not disclosed. Mr. Cuillo will not retain a position with Lexus of Palm Beach.

Lexus of Palm Beach is located on Okeechobee Boulevard in Palm Beach and is AutoNation's only Lexus franchise in South Florida. Lexus of Palm Beach had 2000 revenue of $118 million and has won the Lexus Elite award in each of the last nine years. AutoNation's other South Florida luxury franchises include Mercedes-Benz of Fort Lauderdale and Mercedes-Benz of Miami.

"South Florida shoppers can now buy best-in-class luxury vehicles from an automotive retail company that believes in offering a best-in-class experience," said Michael E. Maroone, President and Chief Operating Officer of AutoNation, Inc.

AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer of new and used automobiles. AutoNation employs approximately 31,000 people at 368 automotive retail franchises in 17 states.

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