United Auto Group Buys San Diego Franchises
New York-based United Auto Group completed its purchase of Kearny Mesa Toyota and Lexus Kearny Mesa in San Diego for undisclosed terms. Agreements to buy Kearny Mesa Dodge and Mazda Kearny Mesa are still subject to manufacturer approval. The total estimated 1998 revenue for the four franchises is $160 million. The acquisitions mark a westward expansion for United Auto, which has 98 franchises nationwide, most along the East Coast, and operates eight dealerships in Phoenix and Las Vegas. The company, which had 1997 revenue of $2 billion, sells new and used vehicles as well as auto parts through its subsidiaries. It is the second-largest publicly traded auto retailer. United Auto shares rose 25 cents to close at $23.44 on the NYSE.