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Letter to the Editor
Tuesday July 6
UnitedAuto Acquires German Luxury Retailer Tamsen GmbH and Adds Mercedes-Benz Franchise in Chandler, Arizona
UnitedAuto Group, Inc. has announced an expansion of its international footprint by acquiring a 75 percent interest in Tamsen GmbH in Hamburg and Bremen, located in the northern part of Germany. Tamsen is Continental Europe's number one luxury automobile retailer.Tamsen operates Ferrari, Maserati, Aston Martin, Rolls-Royce, Bentley and Lamborghini franchises. The Tamsen dealerships have projected annual revenue of approximately $85 million in 2004. The remaining 25 percent interest in Tamsen will continue to be held by Heiner Tamsen, and he will remain active in managing the business with UnitedAuto Group. The partnership with UnitedAuto Group enables Heiner Tamsen to continue and extend his successful corporate strategy. Tamsen said, "The realization of our strategic plans demands a strong partner. I am proud and enthusiastic to team up with UnitedAuto Group - one of the world leaders in car retailing."
Commenting on the acquisition, UnitedAuto Chairman Roger Penske said, "We are thrilled to partner with such an innovative retailer like Tamsen as UnitedAuto expands its international presence in Germany. Mr. Heiner Tamsen has built an outstanding reputation by specializing in the prestige and luxury segment representing some of the finest-made automobiles in the world today."
In other company news, UnitedAuto Group, Inc. has acquired Mercedes-Benz of Chandler, Arizona. This dealership is expected to generate approximately $70 million in revenue on an annual basis.
Chairman Roger Penske commented, "We are delighted with the opportunity to represent Mercedes-Benz in Chandler, Arizona. The greater Phoenix area is one of the fastest growing areas in the United States, and the Mercedes brand will be an outstanding addition to our existing premium and luxury brand mix as we continue to develop our scale in this important market."
With this acquisition, UnitedAuto operates 22 franchises in the metropolitan Phoenix area. UnitedAuto operates 138 franchises in the United States and 94 franchises internationally, primarily in the United Kingdom.
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