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Letter to the Editor
Wednesday September 15
AutoNation Acquires Schooley Cadillac in Florida
AutoNation, Inc., America's largest automotive retailer, has signed an agreement to acquire Schooley Cadillac in West Palm Beach, Florida from owner Charles W. Schooley, III.The acquisition is expected to close in the fourth quarter, making it AutoNation's second Cadillac dealership in Florida and the company's 32nd dealership in South Florida. One of the oldest and most well-known luxury automotive retailers in the area, Schooley Cadillac has been owned by the Schooley family continuously since it first opened in 1952. The dealership occupies approximately 10 acres in a prime retail location in suburban Palm Beach County, including a state-of-the-art service facility and body shop.
Terms of the all-cash asset transaction, which is subject to customary conditions and approvals, were not disclosed. AutoNation estimates that the annual revenue from the dealership will be approximately $54 million.
"Cadillac has been experiencing a strong resurgence recently by offering products that a broad range of consumers find appealing, and the team at Schooley has proven to be great representatives for the revitalized brand," said Michael E. Maroone, AutoNation's president and chief operating officer. "We look forward to their contributions as part of the AutoNation team, and we expect that Schooley Cadillac will become an outstanding addition to the strong line of luxury vehicles we offer at AutoNation."
Currently, AutoNation now offers 15 brands of vehicle at locations from Miami to West Palm Beach, including Chevrolet, Chrysler/Jeep, Dodge, Ford, Honda, Isuzu, Kia, Lexus, Lincoln-Mercury, Mercedes-Benz, Nissan, Oldsmobile and Toyota. AutoNation's dealerships also offer used vehicles, parts and service, and finance and insurance products.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. Ranked No. 97 on the 2004 Fortune 500 and a component of the Standard and Poor's 500 Index, AutoNation employs approximately 28,000 people and owns and operates 365 new vehicle franchises in 18 states.
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