AutoNation to Acquire Barrier Motors Premium Luxury Group in Seattle-Bellevue, Washington Market

FORT LAUDERDALE, Fla., Sept. 10, 2014 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, announced today that it has signed agreements to acquire Audi, Mercedes-Benz, Porsche and Volvo stores in the Seattle-Bellevue market from Barrier Motors.  

The annual revenue for these stores is approximately $355 million, with retail sales of approximately 5,500 new and used vehicle units. Upon completion of the transaction, AutoNation will own and operate 22 franchises in the state of Washington, including 13 franchises in the Seattle-Bellevue market.  The transactions are subject to customary terms and conditions, including manufacturer approval, and are expected to close in the fourth quarter 2014.

Mike Jackson, AutoNation's Chairman and Chief Executive Officer, stated, "We are pleased to be adding the Barrier Audi, Mercedes-Benz, Porsche and Volvo stores to our Seattle-Bellevue platform.  The Barrier stores have a great reputation in the market.  The franchises are in attractive automotive retail locations and the facilities are first class." 

Mr. Jackson added, "The acquisition will greatly enhance our brand mix in Seattle-Bellevue, positioning us with outstanding premium luxury offerings in the market, where we already represent BMW.  The product cycles from Audi, Mercedes-Benz and Porsche are some of the most exciting in the industry.  We also look forward to welcoming the Barrier customers and over 300 associates into the AutoNation family."

Jimmy Barrier, President and Chief Executive Officer, Barrier Motors, stated, "I am extremely pleased to have worked with senior leadership of AutoNation to put this transaction together.  AutoNation is the largest auto retailer in the United States, with a strong premium luxury business and track record.  I am very excited for our associates, who have been a key part of our success in building one of the finest premium luxury automotive retail businesses in America.  I look forward to watching the Barrier stores under AutoNation's leadership continue our long tradition of outstanding customer service."

About AutoNation, Inc.

AutoNation is transforming the automotive retail industry through bold leadership. We deliver a superior automotive retail experience through our customer-focused sales and service processes. Owning and operating 274 new vehicle franchises, which sell 34 new vehicle brands across 15 states, AutoNation is America's largest automotive retailer, with state-of-the-art operations and the ability to leverage economies of scale that benefit the customer. As an indication of our leadership position in our industry, AutoNation is a component of the S&P 500 Index.

Please visit investors.autonation.com, www.autonation.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 acquisitions, the future performance of our franchises, and the automotive retail industry, 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; economic conditions generally; conditions in the credit markets and changes in interest rates; the success and financial viability of vehicle manufacturers and distributors with which we hold franchises; factors affecting our goodwill and other intangible asset impairment testing; natural disasters and other adverse weather events; restrictions imposed by vehicle manufacturers; the resolution of legal and administrative proceedings; regulatory factors affecting our business; 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.