<SEC-DOCUMENT>0001299933-16-002456.txt : 20160512
<SEC-HEADER>0001299933-16-002456.hdr.sgml : 20160512
<ACCEPTANCE-DATETIME>20160512160650
ACCESSION NUMBER:		0001299933-16-002456
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160511
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160512
DATE AS OF CHANGE:		20160512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		161643743

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_53513.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Penske Automotive Group, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	May 11, 2016
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	Penske Automotive Group, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Delaware
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	1-12297
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	22-3086739
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	2555 Telegraph Road, Bloomfield Hills, Michigan
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	&nbsp;
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	48302
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	248-648-2500
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 1.01 Entry into a Material Definitive Agreement.
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On May 11, 2016, the Company and the Company's domestic wholly owned subsidiaries, which are providing the related guarantees, entered into an underwriting agreement (the "Underwriting Agreement") with Merrill Lynch Pierce, Fenner & Smith Incorporated, as representative of the underwriters, in connection with the offer and sale of the $500 million in aggregate principal amount 5.50% Senior Subordinated Notes due 2026.  A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this Form 8-K and is incorporated herein by this reference.  The representations, warranties, covenants and opinions (collectively, "representations") set forth in the Underwriting Agreement have been made only for purposes of, were and are solely for the benefit of the parties to that agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to such agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors.  In addition, the representations were made only as of the date of the applicable agreement or such other date as is specified in such agreement.  Moreover, information concerning the subject matter of the representations may change after the date of the applicable agreement, which subsequent information may or may not be fully reflected in the parties&#x2019; public disclosures.  Accordingly, the Underwriting Agreement is included with this filing only to provide investors with information regarding the terms of that agreement, and not to provide investors with any other factual information regarding the parties, their respective affiliates or their respective businesses, and the investors should not rely on those representations nor will we update those representations.
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	Item 9.01 Financial Statements and Exhibits.
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1.1 Underwriting Agreement dated as of May 11, 2016 among the Company, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several underwriters named therein.
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Penske Automotive Group, Inc.
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	&nbsp;&nbsp;
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<I>
	May 12, 2016
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<I>
	By:
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	&nbsp;
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<I>
	/s/ Shane M. Spradlin
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<BR>
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	&nbsp;
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<I>
	Name: Shane M. Spradlin
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	Title: Executive Vice President
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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	&nbsp;
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Underwriting Agreement dated as of May 11, 2016 among the Company, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several underwriters named therein.
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt">PENSKE AUTOMOTIVE GROUP, INC.<BR>
(a Delaware Corporation)</FONT>



<P align="center" style="font-size: 12pt">and<BR>
The Guarantors named herein



<P align="center" style="font-size: 12pt">5.500% Senior Subordinated Notes due 2026



<P align="center" style="font-size: 12pt">UNDERWRITING AGREEMENT



<P align="left" style="font-size: 12pt">Dated: May&nbsp;11, 2016


<P align="center" style="font-size: 12pt"><B>Underwriting Agreement</B>



<P align="left" style="font-size: 12pt">May&nbsp;11, 2016


<P align="left" style="font-size: 12pt">MERRILL LYNCH, PIERCE, FENNER & SMITH


<P align="left" style="font-size: 12pt; text-indent: 9%">INCORPORATED


<P align="left" style="font-size: 12pt">One Bryant Park
<BR>
New York, NY 10036


<P align="left" style="font-size: 12pt">As Representative of the
<BR>
several Underwriters listed
<BR>
in Schedule&nbsp;A hereto


<P align="left" style="font-size: 12pt">c/o MERRILL LYNCH, PIERCE, FENNER & SMITH


<P align="left" style="font-size: 12pt; text-indent: 11%">INCORPORATED


<P align="left" style="font-size: 12pt">One Bryant Park
<BR>
New York, NY 10036


<P align="left" style="font-size: 12pt">Ladies and Gentlemen:


<P align="left" style="font-size: 12pt; text-indent: 7%"><I>Introductory. </I>Penske Automotive Group, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), proposes
to issue and sell to the several underwriters named in Schedule&nbsp;A hereto (the &#147;<B>Underwriters</B>&#148;), for
whom Merrill Lynch, Pierce, Fenner & Smith Incorporated (the &#147;<B>Representative</B>&#148;) is acting as
representative, $500,000,000 principal amount of its 5.500% Senior Subordinated Notes due 2026 (the
&#147;<B>Notes</B>&#148;). The Notes will be guaranteed (collectively, the &#147;<B>Guarantees</B>&#148;), jointly and severally, by
each of the subsidiary guarantors named in Schedule&nbsp;B hereto (the &#147;<B>Guarantors</B>&#148;). The Notes and the
Guarantees are collectively referred to herein as the &#147;<B>Securities</B>.&#148; The Securities will be issued
pursuant to an indenture dated as of November&nbsp;21, 2014 (the &#147;<B>Base Indenture</B>&#148;), among the Company,
the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (the &#147;<B>Trustee</B>&#148;).
The Notes will be issued only in book-entry form in the name of Cede & Co., as nominee of The
Depository Trust Company (the &#147;<B>Depositary</B>&#148;) pursuant to a letter of representations, to be dated on
or before the Closing Date (as defined below), among the Company, the Guarantors, the Trustee and
the Depositary. Certain terms of the Securities will be established pursuant to a supplemental
indenture dated as of the Closing Date (the &#147;<B>Supplemental Indenture</B>&#148;) to the Base Indenture
(together with the Base Indenture, the &#147;<B>Indenture</B>&#148;). The use of the neuter in this Underwriting
Agreement (the &#147;<B>Agreement</B>&#148;) shall include the feminine and masculine wherever appropriate.


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Representations and Warranties</U>. The Company and each Guarantor, jointly and
severally, represent and warrant to, and agree with, each of the Underwriters as of the Applicable
Time (as defined below) and as of the Closing Date:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(a)&nbsp;The Company has prepared and filed with the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) a registration statement on Form S-3 (File No.&nbsp;333-193394), which contains a
base prospectus (the &#147;<B>Base Prospectus</B>&#148;), to be used in connection with the public offering
and sale of the Securities. Such registration statement, as amended, including the
financial statements, exhibits and schedules thereto, at each time of effectiveness under
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder
(collectively, the &#147;<B>Securities Act</B>&#148;), including any required information deemed to be a part
thereof at the time of effectiveness pursuant to Rule&nbsp;430A, 430B or 430C under the
Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder (collectively, the &#147;<B>Exchange Act</B>&#148;), is called the
&#147;<B>Registration Statement</B>.&#148; Any preliminary prospectus supplement relating to the Securities
that is filed with the Commission pursuant to Rule&nbsp;424(b), together with the Base
Prospectus, is hereafter called a &#147;<B>Preliminary Prospectus</B>.&#148; The term &#147;<B>Prospectus</B>&#148; shall
mean the final prospectus supplement relating to the Securities that is first filed pursuant
to Rule 424(b) after the date and time that this Agreement is executed and delivered by the
parties hereto, including the Base Prospectus. Any reference herein to the Registration
Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and
include the documents incorporated by reference therein pursuant to Item&nbsp;12 of Form S-3
under the Securities Act; any reference to any amendment or supplement to any Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include any documents filed
after the date of such Preliminary Prospectus or Prospectus and prior to the Closing Date,
as the case may be, under the Exchange Act, and incorporated by reference in such
Preliminary Prospectus or Prospectus, as the case may be; and any reference to any amendment
to the Registration Statement shall be deemed to refer to and include any annual report of
the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act after the effective
date of the Registration Statement that is incorporated by reference in the Registration
Statement prior to the Closing Date.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(b) <I>Compliance with Registration Requirements</I>. The Company meets the requirements for
use of Form S-3 under the Securities Act. The Registration Statement has become effective
upon filing with the Commission under the Securities Act. No stop order suspending the
effectiveness of the Registration Statement is in effect, the Commission has not issued any
order or notice preventing or suspending the use of the Registration Statement, any
Preliminary Prospectus or the Prospectus and no proceedings for such purpose or pursuant to
Section&nbsp;8A of the Securities Act have been instituted or are pending or, to the best
knowledge of the Company and the Guarantors, are contemplated or threatened by the
Commission. In addition, the Indenture has been duly qualified under the Trust Indenture Act
of 1939, as amended, and the rules and regulations promulgated thereunder (collectively, the
&#147;<B>Trust Indenture Act</B>&#148;).



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">Each of the Preliminary Prospectus and the Prospectus when filed complied in all
material respects with the Securities Act. Each of the Registration Statement and any
post-effective amendment thereto, at each time of effectiveness, at the date hereof and at
the Closing Date, complied and will comply in all material respects with the Securities Act
and did not and will not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements
therein not misleading. The Prospectus, as amended or supplemented, as of its date, at the
time of any filing pursuant to Rule 424(b) and, at the Closing Date, did not and will not
contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The representations and warranties set forth in the two
immediately preceding sentences do not apply to statements in or omissions from the
Registration Statement or any post-effective amendment thereto, or the Preliminary
Prospectus or the Prospectus, or any amendments or supplements thereto, made in reliance
upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by the Representative expressly for use therein, it being understood and agreed
that the only such information furnished by the Representative consists of the information
described as such in Section 7(b) hereof.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">The documents incorporated by reference in the Registration Statement, the Disclosure
Package (as defined herein) and the Prospectus, when they were filed with the Commission
conformed in all material respects to the requirements of the Exchange Act. Any further
documents so filed and incorporated by reference in the Registration Statement, the
Disclosure Package and the Prospectus or any further amendment or supplement thereto, when
such documents are filed with the Commission will conform in all material respects to the
requirements of the Exchange Act. All documents incorporated or deemed to be incorporated
by reference in the Registration Statement, the Disclosure Package and the Prospectus, as of
their respective dates, when taken together with the other information in the Disclosure
Package, at the Applicable Time and, when taken together with the other information in the
Prospectus, at the Closing Date, did not or will not include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(c) <I>Well-Known Seasoned Issuer. </I>(i)&nbsp;At the time of filing the Registration Statement,
(ii)&nbsp;at the time of the most recent amendment thereto for the purposes of complying with
Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section&nbsp;13 or&nbsp;15(d) of the Exchange Act or
form of prospectus), (iii)&nbsp;at the time the Company or any person acting on its behalf
(within the meaning, for this clause only, of Rule&nbsp;163(c) of the Securities Act) made any
offer relating to the Securities in reliance on the exemption of Rule&nbsp;163 of the Securities
Act, and&nbsp;(iv)&nbsp;at the Applicable Time (with such date and time being used as the
determination date for purposes of this clause (iv)), the Company was and is a &#147;well-known
seasoned issuer&#148; as defined in Rule&nbsp;405 of the Securities Act. The Registration Statement
is an &#147;automatic shelf registration statement,&#148; as defined in Rule&nbsp;405 of the Securities Act
that has been filed with the Commission not earlier than three years prior to the date
hereof; the Company has not received from the Commission any notice pursuant to Rule
401(g)(2) of the Securities Act objecting to use of the automatic shelf registration
statement form; and the Company has not otherwise ceased to be eligible to use the automatic
shelf registration form.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(d) <I>Company Not Ineligible Issuer. </I>(i)&nbsp;At the earliest time after the filing of the
Registration Statement relating to the Securities that the Company or another offering
participant made a <I>bona fide </I>offer (within the meaning of Rule&nbsp;164(h)(2) of the Securities
Act) and (ii)&nbsp;as of the Applicable Time (with such date being used as the determination date
for purposes of this clause (ii)), the Company was not and is not an &#147;ineligible issuer&#148; (as
defined in Rule&nbsp;405 of the Securities Act), without taking account of any determination by
the Commission pursuant to Rule&nbsp;405 of the Securities Act that it is not necessary that the
Company be considered an &#147;ineligible issuer.&#148;



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(e) <I>Disclosure Package. </I>The term &#147;<B>Disclosure Package</B>&#148; shall mean (i)&nbsp;the Base
Prospectus, including any Preliminary Prospectus, (ii)&nbsp;the issuer free writing prospectuses
as defined in Rule&nbsp;433 of the Securities Act (each, an &#147;<B>Issuer Free Writing Prospectus</B>&#148;),
identified in Schedule&nbsp;C hereto, and (iii)&nbsp;any other free writing prospectus that the
parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure
Package. As of 3:20&nbsp;pm (Eastern time) on the date of this Agreement (the &#147;<B>Applicable
Time</B>&#148;), neither the Disclosure Package nor the Prospectus contains an untrue statement of a
material fact or omits to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading;
provided that this representation, warranty and agreement shall not apply to statements in
or omissions from the Disclosure Package or the Prospectus or any amendment or supplement
thereto made in reliance upon and in conformity with information furnished to the Company in
writing by any Underwriter through the Representative expressly for use in the Disclosure
Package or the Prospectus or amendment or supplement thereto, as the case may be. The
Registration Statement and the Prospectus will contain all the information specified in, and
meeting the requirements of, the Securities Act. Neither the Company nor the Guarantors has
distributed or will distribute, prior to the later of the Closing Date and the completion of
the Underwriters&#146; distribution of the Securities, which shall be deemed to be no later than
the Closing Date unless the Company otherwise receives notice, any written communication in
connection with the offering and sale of the Securities other than the Preliminary
Prospectus, the Prospectus and any Issuer Free Writing Prospectus reviewed and consented to
by the Underwriters.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(f) <I>Issuer Free Writing Prospectuses. </I>Each Issuer Free Writing Prospectus as of its
issue date and at all subsequent times through the completion of the offering of Securities
under this Agreement or until any earlier date that the Company notified or notifies the
Representative as described in the next sentence, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in
the Registration Statement, the Disclosure Package or the Prospectus. If at any time
following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or
development as a result of which such Issuer Free Writing Prospectus conflicted or would
conflict with the information contained in the Registration Statement, the Disclosure
Package or the Prospectus, the Company has promptly notified or will promptly notify the
Representative and has promptly amended or supplemented or will promptly amend or
supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct
such conflict. Any Issuer Free Writing Prospectus not identified on Schedule&nbsp;C, when taken
together with the Disclosure Package as of the Applicable Time, did not, and at the Closing
Date will not, contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The foregoing three sentences do not apply to
statements in or omissions from any Issuer Free Writing Prospectus based upon and in
conformity with written information furnished to the Company by any Underwriter through the
Representative specifically for use therein, it being understood and agreed that the only
such information furnished by any Underwriter consists of the information described as such
in Section 7(b) hereof.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(g) <I>Distribution of Offering Material by the Company and the Guarantors. </I>Neither the
Company nor any Guarantor has distributed or will distribute, prior to the later of the
Closing Date and the completion of the Underwriters&#146; distribution of the Securities, any
written communication in connection with the offering and sale of the Securities other than
the Preliminary Prospectus, the Prospectus and any Issuer Free Writing Prospectus reviewed
and consented to by the Representative.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(h) <I>The Underwriting Agreement. </I>This Agreement has been duly authorized, executed and
delivered by the Company and each of the Guarantors.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(i) <I>Authorization of the Securities. </I>(i)&nbsp;The Notes to be purchased by the Underwriters
from the Company are in the form contemplated by the Indenture, have been duly authorized by
the Company for issuance and sale pursuant to this Agreement and the Indenture and, at the
Closing Date, will have been duly executed by the Company and, when authenticated in the
manner provided for in the Indenture and delivered against payment of the purchase price
therefor, will constitute valid and binding agreements of the Company, enforceable in
accordance with their terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors or by general equitable principles and will be entitled to
the benefits of the Indenture. (ii)&nbsp;The Guarantees of the Notes will be in the form
contemplated by the Indenture, have been duly authorized by the Guarantors for issuance
pursuant to this Agreement and the Indenture and, at the Closing Date, will have been duly
executed by each of the Guarantors and, when the Notes have been authenticated in the manner
provided for in the Indenture and delivered against payment of the purchase price therefor,
will constitute valid and binding agreements of the Guarantors, enforceable in accordance
with their terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors or by general equitable principles, and will be entitled to
the benefits of the Indenture.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(j) <I>The Indenture. </I>The Indenture has been duly authorized by the Company and the
Guarantors and, at the Closing Date, will have been duly executed and delivered by the
Company and each of the Guarantors and will constitute a valid and binding agreement of the
Company and each of the Guarantors, enforceable against the Company and each of the
Guarantors in accordance with its terms, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights and remedies of creditors or by general equitable principles.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(k) <I>Description of the Securities and the Indenture</I>. The Notes, the Guarantees of the
Notes and the Indenture will conform in all material respects to the respective statements
relating thereto contained in the Disclosure Package and the Prospectus.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(l) <I>No Material Adverse Change. </I>Except as otherwise disclosed in the Disclosure
Package and the Prospectus (exclusive of any amendment or supplement thereto), including the
documents incorporated by reference therein, (i)&nbsp;there has been no material adverse change,
or any development that could reasonably be expected to result in a material adverse change,
in the condition, financial or otherwise, or in the earnings, business, operations or
prospects, whether or not arising from transactions in the ordinary course of business, of
the Company and its subsidiaries, considered as one entity (any such change is called a
&#147;<B>Material Adverse Change</B>&#148;); (ii)&nbsp;the Company and its subsidiaries, considered as one entity,
have not incurred any material liability or obligation, indirect, direct or contingent, not
in the ordinary course of business nor entered into any material transaction or agreement
not in the ordinary course of business; and (iii)&nbsp;there has been no dividend or distribution
of any kind declared, paid or made by the Company or, except for dividends paid to the
Company or other subsidiaries, any of its subsidiaries on any class of capital stock or
repurchase or redemption by the Company or any of its subsidiaries of any class of capital
stock.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(m) <I>Exchange Act Compliance. </I>The Company is subject to and in compliance in all
material respects with the reporting requirements of Section&nbsp;13 or 15(d) of the Exchange
Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(n) <I>Independent Accountants. </I>Deloitte & Touche LLP, who have expressed their opinion
with respect to the financial statements (which term as used in this Agreement includes the
related notes thereto) and supporting schedules included or incorporated by reference in the
Registration Statement, the Disclosure Package and the Prospectus, are independent public
accountants with respect to the Company, as required by the Securities Act and the Exchange
Act and the applicable published rules and regulations thereunder and the rules of the
Public Company Accounting Oversight Board (United States). KPMG Audit Plc, who have
expressed their opinion with respect to the financial statements of UAG UK Holdings Limited,
are independent public accountants with respect to the Company, as required by the
Securities Act and the Exchange Act and the applicable published rules and regulations
thereunder and the rules of the Public Company Accounting Oversight Board.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(o) <I>Preparation of Financial Statements. </I>The financial statements filed with the
Commission as a part of and incorporated by reference in the Registration Statement and
included or incorporated by reference in the Disclosure Package and the Prospectus present
fairly in all material respects the consolidated financial position of the Company and its
subsidiaries as of and at the dates indicated and the results of their operations,
stockholders&#146; equity and cash flows for the periods specified. The supporting schedules
included or incorporated by reference in the Registration Statement present fairly the
information required to be stated therein. Such financial statements and supporting
schedules comply as to form with the applicable accounting requirements of Regulation&nbsp;S-X
and have been prepared in conformity with generally accepted accounting principles as
applied in the United States applied on a consistent basis throughout the periods involved,
except as may be expressly stated in the related notes thereto. No other financial
statements or supporting schedules are required to be included or incorporated by reference
in the Registration Statement. The financial data set forth in the Preliminary Prospectus
and the Prospectus under the captions &#147;Summary Consolidated Financial Data&#148; and
&#147;Capitalization&#148; fairly present in all material respects the information set forth therein
on a basis consistent with that of the audited financial statements incorporated by
reference in the Registration Statement. The Company&#146;s ratios of earnings to fixed charges
set forth in each of the Preliminary Prospectus and the Prospectus under the captions
&#147;Summary Consolidated Financial Data,&#148; &#147;Ratio of Earnings to Fixed Charges,&#148; and in Exhibit
12 to the Registration Statement have been calculated in compliance in all material respects
with the requirements of Item 503(d) of Regulation&nbsp;S-K under the Securities Act. The
interactive data in eXtensible Business Reporting Language incorporated by reference in the
Registration Statement, the Disclosure Package and the Prospectus fairly present the
information called for in all material respects and have been prepared in accordance with
the Commission&#146;s rules and guidelines applicable thereto.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">All disclosures contained in the Disclosure Package and the Prospectus regarding
&#147;non-GAAP financial measures&#148; (as such term is defined by the rules and regulations of the
Commission) comply with Regulation&nbsp;G under the Exchange Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(p) <I>Incorporation and Good Standing of the Company and its Subsidiaries. </I>Each of the
Company, the Guarantors and each &#147;significant subsidiary&#148; of the Company (as such term is
defined in Rule&nbsp;1-02 of Regulation&nbsp;S-X) (each a &#147;<B>Subsidiary</B>&#148; and, collectively, the
&#147;<B>Subsidiaries</B>&#148;) has been duly incorporated or formed and is validly existing as a
corporation, partnership or limited liability company in good standing under the laws of the
jurisdiction of its incorporation or organization and has corporate or similar power and
authority to own, lease and operate its properties and to conduct its business as described
in the Disclosure Package and the Prospectus and, in the case of the Company and the
Guarantors, to enter into and perform its obligations under each of this Agreement, the
Securities and the Indenture. Each of the Company, each of the Guarantors and each
Subsidiary is duly qualified as a foreign corporation, partnership or limited liability
company, as applicable, to transact business and is in good standing in each jurisdiction in
which such qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except for such jurisdictions where the failure to so
qualify or to be in good standing would not, individually or in the aggregate, result in a
Material Adverse Change. All of the issued and outstanding capital stock or other ownership
interest of each subsidiary has been duly authorized and validly issued, is fully paid and
non-assessable and is owned by the Company, directly or through subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance or claim, other than liens
granted pursuant to the Company&#146;s indebtedness as permitted under the Indenture. The
Company does not own or control, directly or indirectly, any corporation, association or
other entity other than the subsidiaries listed in Exhibit&nbsp;21 to the Company&#146;s Annual Report
on Form 10-K for the fiscal year ended December&nbsp;31, 2015 (&#147;Exhibit&nbsp;21&#148;), other than entities
that were omitted from Exhibit&nbsp;21 in compliance with Regulation&nbsp;S-K under the Securities Act
(&#147;Regulation&nbsp;S-K&#148;) and entities that were acquired since such date.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(q) <I>Capitalization and Other Capital Stock Matters. </I>The Company has a capitalization
as set forth in the Disclosure Package and the Prospectus under the heading
&#147;Capitalization&#148;.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(r) <I>Regulations T, U and X</I>. None of the transactions contemplated by this Agreement
(including, without limitation, the use of the proceeds from the sale of the Securities)
will violate or result in a violation of Section&nbsp;7 of the Exchange Act, or any regulation
promulgated thereunder, including, without limitation, Regulations T, U, and X of the Board
of Governors of the Federal Reserve System.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(s) <I>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals
Required</I>. None of the Company, the Guarantors or any of the Subsidiaries is in violation of
its charter, by laws or similar organizational documents or is in default (or, with the
giving of notice or lapse of time, would be in default) (&#147;<B>Default</B>&#148;) under any indenture,
mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to
which the Company, the Guarantors or any of the Subsidiaries is a party or by which it or
any of them may be bound (including, without limitation, the U.S. Credit Agreement with
Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation and the U.K.
Credit Agreement with the Royal Bank of Scotland plc and BMW Financial Services (GB)
Limited), or to which any of the property or assets of the Company, the Guarantors or any of
the Subsidiaries is subject (each, an &#147;<B>Existing Instrument</B>&#148;), except for such Defaults as
would not, individually or in the aggregate, result in a Material Adverse Change. The
execution, delivery and performance of this Agreement and the Indenture by the Company and
each Guarantor party thereto, and the issuance and delivery of the Securities, and
consummation of the transactions contemplated hereby and thereby have been duly authorized
by all necessary corporate or similar action and (i)&nbsp;will not result in any violation of the
provisions of the charter, by laws or similar organizational document of the Company or any
Guarantor, (ii)&nbsp;will not conflict with or constitute a breach of, or Default or a Debt
Repayment Triggering Event (as defined below) under, or result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Company or any
Guarantor pursuant to, or require the consent of any other party to, any Existing
Instrument, except for such conflicts, breaches, Defaults, liens, charges or encumbrances as
would not, individually or in the aggregate, result in a Material Adverse Change, and (iii)
will not result in any violation of any law, administrative regulation or administrative or
court decree of any arbitrator, court, governmental body, regulatory body, administrative
agency or other authority, body or agency having jurisdiction over the Company or any of its
subsidiaries or any of their respective properties, assets or operations (each, a
&#147;<B>Governmental Entity</B>&#148;). No consent, approval, authorization or other order of, or
registration or filing with, any Governmental Entity is required for the Company&#146;s or any
Guarantor&#146;s execution, delivery and performance of this Agreement or the Indenture or the
issuance and delivery of the Securities and consummation of the transactions contemplated
hereby and thereby, except such as may be required under applicable state securities or blue
sky laws. No consent of any floor plan lender, automobile manufacturer or distributor or
any affiliate of any of the foregoing is required in connection with the sale of the
Securities or the consummation of the transactions contemplated by this Agreement. As used
herein, a &#147;<B>Debt Repayment Triggering Event</B>&#148; means any event or condition which gives, or
with the giving of notice or lapse of time would give, the holder of any note, debenture or
other evidence of indebtedness (or any person acting on such holder&#146;s behalf) the right to
require the repurchase, redemption or repayment of all or a portion of such indebtedness by
the Company or any of its subsidiaries.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(t) <I>No Material Actions or Proceedings. </I>There are no legal or governmental actions,
suits or proceedings pending or, to the best of the Company&#146;s or any Guarantor&#146;s knowledge,
threatened against or affecting the Company or any of its subsidiaries, which has as the
subject thereof any property owned or leased by the Company or any of its subsidiaries,
where in any such case there is a reasonable possibility that such action, suit or
proceeding might be determined adversely to the Company or such subsidiary and any such
action, suit or proceeding, if so determined adversely, would reasonably be expected to
result in a Material Adverse Change or adversely affect the consummation of the transactions
contemplated by this Agreement. No material labor dispute with the employees of the Company
or any of its subsidiaries exists or, to the best of the Company&#146;s knowledge, is threatened
or imminent.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(u) <I>Intellectual Property Rights. </I>The Company and its subsidiaries own or possess
sufficient trademarks, trade names, patent rights, copyrights, licenses, approvals, trade
secrets and other similar rights (collectively, &#147;<B>Intellectual Property Rights</B>&#148;) reasonably
necessary to conduct their businesses as now conducted; and the expected expiration of any
of such Intellectual Property Rights (other than the Intellectual Property Rights granted
pursuant to the Trade Name and Trademark Agreement dated May&nbsp;6, 2008 between the Company and
Penske System, Inc., which is filed with the Commission) would not result in a Material
Adverse Change. Neither the Company nor any of its subsidiaries has received any notice of
infringement or conflict with asserted Intellectual Property Rights of others, which
infringement or conflict, if the subject of an unfavorable decision, could reasonably be
expected to result in a Material Adverse Change.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(v) <I>All Necessary Permits, etc. </I>The Company and each subsidiary possess such valid and
current certificates, authorizations or permits issued by the appropriate state, federal or
foreign regulatory agencies or bodies necessary to conduct their respective businesses, and
neither the Company nor any subsidiary has received any notice of proceedings relating to
the revocation or modification of, or non-compliance with, any such certificate,
authorization or permit which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, could result in a Material Adverse Change.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(w) <I>Title to Properties. </I>The Company and each of its subsidiaries has good and
marketable title to all the properties and assets reflected as owned in the financial
statements referred to in this Agreement (or elsewhere in the Disclosure Package and the
Prospectus), in each case free and clear of any security interests, mortgages, liens,
encumbrances, equities, claims and other defects, except for the security interests held by
the lenders under the Company&#146;s credit agreements as permitted under the Indenture, any
floor plan lender or such as do not materially and adversely affect the value of such
property and do not materially interfere with the use made or proposed to be made of such
property by the Company or such subsidiary. The real property, improvements, equipment and
personal property held under lease by the Company or any subsidiary are held under valid and
enforceable leases, with such exceptions are not material and as do not materially interfere
with the use made or proposed to be made of such real property, improvements, equipment or
personal property by the Company or such subsidiary.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(x) <I>Tax Law Compliance. </I>The Company and its subsidiaries have filed all necessary
federal, state and foreign income and franchise tax returns or have properly requested
extensions thereof and have paid all taxes required to be paid by any of them and, if due
and payable, any related or similar assessment, fine or penalty levied against any of them
except as may be being contested in good faith and by appropriate proceedings. The Company
has made adequate charges, accruals and reserves in the applicable financial statements
referred to in this Agreement in respect of all federal, state and foreign income and
franchise taxes for all periods as to which the tax liability of the Company or any of its
subsidiaries has not been finally determined.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(y) <I>Company and Guarantors Not an &#147;Investment Company.&#148; </I>Neither the Company nor any
Guarantor is required, and upon the sale of the Securities as herein contemplated and the
use of proceeds as described in the Disclosure Package will be required, to register as an
&#147;investment company&#148; under the Investment Company Act of 1940, as amended (the &#147;<B>Investment
Company Act</B>&#148;).



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(z) <I>Insurance. </I>The Company, the Guarantors and the Subsidiaries carry or are entitled
to the benefits of insurance, with financially sound and reputable insurers, in such amounts
and covering such risks as it believes prudent, and all such insurance is in full force and
effect in all material respects. Other than what may be inferred from publicly available
information with respect to the insurance industry generally, the Company has no reason to
believe that it, any Guarantor or any Subsidiary will not be able (A)&nbsp;to renew its existing
insurance coverage as and when such policies expire or (B)&nbsp;to obtain comparable coverage
from similar institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that would not result in a Material Adverse Change.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(aa) <I>No Price Stabilization or Manipulation. </I>The Company has not taken and will not
take, directly or indirectly, any action designed to or that might be reasonably expected to
cause or result in stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Securities.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(bb) <I>Solvency</I>. The Company and each of the Guarantors is, and immediately after the
Closing Date will be, Solvent. As used herein, the term &#147;Solvent&#148; means, with respect to
the Company or any Guarantor on a particular date, that on such date (i)&nbsp;the fair market
value of the assets of the Company or such Guarantor, as the case may be, is greater than
the total amount of liabilities (including contingent liabilities) of the Company or such
Guarantor, as the case may be, (ii)&nbsp;the present fair salable value of the assets of the
Company or such Guarantor, as the case may be, is greater than the amount that will be
required to pay the probable liabilities of the Company or such Guarantor, as the case may
be, on its debts as they become absolute and matured, (iii)&nbsp;the Company or such Guarantor,
as the case may be, is able to realize upon its assets and pay its debts and other
liabilities, including contingent obligations, as they mature and (iv)&nbsp;the Company or such
Guarantor, as the case may be, does not have unreasonably small capital.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(cc) <I>Internal Controls and Procedures. </I>The Company on a consolidated basis and UAG UK
Holdings Limited maintain effective internal control over financial reporting (as defined
under Rule&nbsp;13a-15 and 15d-15 under the Exchange Act Regulations) and a system of internal
accounting controls sufficient to provide reasonable assurances that (i)&nbsp;transactions are
executed in accordance with management&#146;s general or specific authorization; (ii)
transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles as applied in the United States and
to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in
accordance with management&#146;s general or specific authorization; (iv)&nbsp;the recorded
accountability for assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences; and (v)&nbsp;the interactive data in
eXtensible Business Reporting Language incorporated by reference in the Disclosure Package
and the Prospectus and the Issuer Free Writing Prospectus, if any, fairly presents the
information called for in all material respects and is prepared in accordance with the
Commission&#146;s rules and guidelines applicable thereto. Since the end of the Company&#146;s most
recent audited fiscal year, there has been (1)&nbsp;no material weakness in the Company&#146;s
internal control over financial reporting (whether or not remediated) and (2)&nbsp;no change in
the Company&#146;s internal control over financial reporting that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s internal control over financial
reporting.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(dd) <I>Disclosure Controls. </I>The Company and its subsidiaries maintain an effective system
of &#147;disclosure controls and procedures&#148; (as defined in Rule&nbsp;13a-15(e) of the Exchange Act)
that is designed to ensure that information required to be disclosed by the Company in
reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the Commission&#146;s rules and forms,
including controls and procedures designed to ensure that such information is accumulated
and communicated to the Company&#146;s management as appropriate to allow timely decisions
regarding required disclosure. The Company and its subsidiaries have carried out
evaluations of the effectiveness of their disclosure controls and procedures as required by
Rule&nbsp;13a-15 of the Exchange Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(ee) <I>Compliance with Environmental Laws</I>. Except as would not, individually or in the
aggregate, result in a Material Adverse Change (i)&nbsp;neither the Company nor any of its
subsidiaries is in violation of any federal, state, local or foreign law or regulation
relating to pollution or protection of human health or the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including without limitation, laws and regulations relating to emissions,
discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes,
toxic substances, hazardous substances, petroleum and petroleum products (collectively,
&#147;<B>Materials of Environmental Concern</B>&#148;), or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Materials of
Environmental Concern (collectively, &#147;<B>Environmental Laws</B>&#148;), which violation includes, but is
not limited to, noncompliance with any permits or other governmental authorizations required
for the operation of the business of the Company or its subsidiaries under applicable
Environmental Laws, or noncompliance with the terms and conditions thereof, nor has the
Company or any of its subsidiaries received any written communication, whether from a
governmental authority, citizens group, employee or otherwise, that alleges that the Company
or any of its subsidiaries is in violation of any Environmental Law, (ii)&nbsp;there is no claim,
action or cause of action filed with a court or governmental authority, no investigation
with respect to which the Company has received written notice, and no written notice by any
person or entity alleging potential liability for investigatory costs, cleanup costs,
governmental responses costs, natural resources damages, property damages, personal
injuries, attorneys&#146; fees or penalties arising out of, based on or resulting from the
presence, or release into the environment, of any Material of Environmental Concern at any
location owned, leased or operated by the Company or any of its subsidiaries, now or in the
past (collectively, &#147;<B>Environmental Claims</B>&#148;), pending or, to the best of the Company&#146;s and
the Guarantors&#146; knowledge, threatened against the Company or any of its subsidiaries or any
person or entity whose liability for any Environmental Claim the Company or any of its
subsidiaries has retained or assumed either contractually or by operation of law, and (iii)
to the best of the Company&#146;s and the Guarantors&#146; knowledge, there are no past or present
actions, activities, circumstances, conditions, events or incidents, including, without
limitation, the release, emission, discharge, presence or disposal of any Material of
Environmental Concern, that reasonably could result in a violation of any Environmental Law
or form the basis of a potential Environmental Claim against the Company or any of its
subsidiaries or against any person or entity whose liability for any Environmental Claim the
Company or any of its subsidiaries has retained or assumed either contractually or by
operation of law.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(ff) <I>ERISA Compliance</I>. The Company and its subsidiaries and any &#147;employee benefit
plan&#148; (as defined under the Employee Retirement Income Security Act of 1974, as amended, and
the regulations and published interpretations thereunder (collectively, &#147;<B>ERISA</B>&#148;))
established or maintained by the Company, its subsidiaries or their &#147;ERISA Affiliates&#148; (as
defined below) are in compliance in all material respects with ERISA. &#147;<B>ERISA Affiliate</B>&#148;
means, with respect to the Company or a subsidiary, any member of any group of organizations
described in Sections&nbsp;414, or of the Internal Revenue Code of 1986, as amended, and the
regulations and published interpretations thereunder (the &#147;<B>Code</B>&#148;) of which the Company or
such subsidiary is a member. No &#147;reportable event&#148; (as defined under ERISA) has occurred or
is reasonably expected to occur with respect to any &#147;employee benefit plan&#148; established or
maintained by the Company, its subsidiaries or any of their ERISA Affiliates. No &#147;employee
benefit plan&#148; established or maintained by the Company, its subsidiaries or any of their
ERISA Affiliates, if such &#147;employee benefit plan&#148; were terminated, would have any &#147;amount of
unfunded benefit liabilities&#148; (as defined under ERISA). Neither the Company, its
subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur
any liability under Title IV of ERISA with respect to termination of, or withdrawal from,
any &#147;employee benefit plan&#148; or (ii)&nbsp;Sections&nbsp;412, 4971, 4975 or 4980B of the Code. Each
&#147;employee benefit plan&#148; established or maintained by the Company, its subsidiaries or any of
their ERISA Affiliates that is intended to be qualified under Section&nbsp;401 of the Code is so
qualified and nothing has occurred, whether by action or failure to act, which would cause
the loss of such qualification.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(gg) <I>No Default in Senior Indebtedness. </I>No event of default exists under any contract,
indenture, mortgage, loan agreement, note, lease or other agreement or instrument
constituting Senior Indebtedness (as defined in the Indenture).



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(hh) <I>No Unlawful Contributions or Other Payments</I>. Neither the Company nor any of its
subsidiaries nor, to the knowledge of the Company or any of the Guarantors, any of their
respective directors, officers, agents, employees, affiliates or other person acting on
behalf of the Company or any of its subsidiaries is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
&#147;<B>FCPA</B>&#148;) including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift,
promise to give, or authorization of the giving of anything of value to any &#147;foreign
official&#148; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA and the
Company, its subsidiaries and, to the knowledge of the Company, its affiliates have
conducted their businesses in compliance with all applicable anti-bribery and
anti-corruption laws and have instituted, maintain and enforce policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith. In addition, none of the Company or any of its subsidiaries, or to the
knowledge of the Company or any of the Guarantors, any of their respective directors,
officers, agents, employees, affiliates or other person acting on behalf of the Company or
any of its subsidiaries is aware of or has taken any action, directly or indirectly, that
would result in a violation by such persons of the U.K. Bribery Act 2010, any applicable law
or regulation implementing the OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions or any other applicable anti-bribery or
anti-corruption law.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(ii) <I>No Conflict with Money Laundering Laws</I>. The operations of the Company and its
subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all applicable
jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines issued, administered or enforced by any governmental agency
(collectively, the &#147;<B>Money Laundering Laws</B>&#148;) and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the
best knowledge of the Company and the Guarantors, threatened.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(jj) <I>No Conflict with Sanctions Laws</I>. Neither the Company nor any of its subsidiaries
nor, to the knowledge of the Company or any of the Guarantors, any of their respective
directors, officers, agents, employees, affiliates or other person acting on behalf of the
Company or any of its subsidiaries is currently the subject of or has been designated by an
agency to be the target of any sanctions administered or enforced by the Office of Foreign
Assets Control of the U.S. Treasury Department, the U.S. Department of Commerce, the U.S.
Department of State, the United Nations Security Council, the European Union, Her Majesty&#146;s
Treasury, or other relevant sanctions authority (collectively, &#147;<B>Sanctions</B>&#148;), nor is the
Company or any of its subsidiaries located, organized or resident in a country, region or
territory that is the subject or target of Sanctions. The Company will not, directly or
indirectly, use the proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person, (i)&nbsp;to
fund or facilitate any activities of or business with any person that, at the time of such
funding or facilitation, is the subject or target of Sanctions, or is in Crimea, Cuba, Iran,
North Korea, Sudan or Syria or in any other country or territory, that, at the time of such
funding, is the subject of Sanctions, or (ii)&nbsp;in any other manner that will result in a
violation by any person (including any person participating in the offering, whether as
underwriter, advisor, investor or otherwise) of Sanctions.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(kk) <I>Compliance with the Sarbanes-Oxley Act</I>. There is and has been no failure on the
part of the Company or, to the Company&#146;s knowledge, any of the Company&#146;s directors or
officers, in their capacities as such, to comply in all material respects with any provision
of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection
therewith (the &#147;<B>Sarbanes-Oxley Act</B>&#148;), including Section&nbsp;402 related to loans and Sections
302 and 906 related to certifications.


<P align="left" style="font-size: 12pt; text-indent: 4%">Any certificate signed by an officer of the Company or any Guarantor and delivered to the
Representative or to counsel for the Underwriters shall be deemed to be a representation and
warranty by the Company or such Guarantor to each Underwriter as to the matters set forth therein,
to the extent such certificate states it is a representation and warranty.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Purchase and Sale</U>. On the basis of the representations, warranties and agreements
herein contained and subject to the terms and conditions herein set forth, the Company agrees to
sell to each Underwriter, and each Underwriter, severally and not jointly, agrees to purchase from
the Company the aggregate principal amount of Notes set forth opposite such Underwriter&#146;s name on
Schedule&nbsp;A hereto. The purchase price per Note to be paid by the several Underwriters to the
Company shall be equal to 98.875% of the principal amount thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;<U>Delivery and Payment; Representations and Warranties and Covenants of the
Underwriters</U>.


<P align="left" style="font-size: 12pt; text-indent: 7%">(a)&nbsp;<I>Payment</I>. Payment of the purchase price for, and delivery of global certificates for, the
Securities shall be made at the office of Shearman & Sterling LLP, 599 Lexington Avenue, New York,
New York, 10022, or at such other place as shall be agreed upon by the Representative and the
Company, at 9:00&nbsp;A.M. (Eastern time) on the third business day after the date hereof, or such other
time not later than three business days after such date as shall be agreed upon by the
Representative and the Company (such time and date of payment and delivery being herein called the
&#147;<B>Closing Date</B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 7%">Payment shall be made to the Company by wire transfer of immediately available funds to a bank
account designated by the Company, against delivery to the Underwriters of certificates for the
purchased Securities.


<P align="left" style="font-size: 12pt; text-indent: 7%">(b)&nbsp;<I>Denominations; Registration. </I>Global Certificates for the Securities shall be registered
in the name of Cede & Co., as nominee of DTC, and shall be in such denominations ($2,000 or
integral multiples of $1,000 in excess thereof) as the Representative may request in writing at
least one full business day before the Closing Date. The global certificates representing the
Securities shall be made available for examination and packaging by the Representative in The City
of New York not later than 10:00&nbsp;A.M. on the last business day prior to the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 7%">(c)&nbsp;<I>Public Offering of the Notes</I>. The Representative hereby advises the Company that the
Underwriters intend to offer for sale to the public, as described in the Disclosure Package and the
Prospectus, their respective portions of the Securities as soon after this Agreement has been
executed by the Representative, in its sole judgment, and has determined is advisable and
practicable.


<P align="left" style="font-size: 12pt; text-indent: 7%">(d)&nbsp;<I>Delivery of Prospectus to the Underwriters</I>. Not later than 10:00&nbsp;A.M. on the second
business day following the date the Securities are first released by the Underwriters for sale to
the public, the Company shall deliver or cause to be delivered, copies of the Prospectus in such
quantities and at such places as the Representative shall reasonably request.


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;<U>Covenants</U>. The Company and the Guarantors, jointly and severally, covenant with
the Underwriters as follows:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(a) <I>Representative Review of Proposed Amendments and Supplements. </I>During the period
beginning at the Applicable Time and ending on the later of the Closing Date or such date,
as in the opinion of counsel for the Underwriters, the Prospectus is no longer required by
law to be delivered in connection with sales by an Underwriter or dealer, including in
circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 (the &#147;<B>Prospectus
Delivery Period</B>&#148;), prior to amending or supplementing the Registration Statement, the
Disclosure Package or the Prospectus, the Company shall furnish to the Representative for
review a copy of each such proposed amendment or supplement, and neither the Company nor the
Guarantors shall file or use any such proposed amendment or supplement to which the
Representative reasonably object.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(b) <I>Securities Act Compliance. </I>After the date of this Agreement and during the
Prospectus Delivery Period, the Company shall promptly advise the Representative in writing
(i)&nbsp;when the Registration Statement, if not effective at the Applicable Time, shall have
become effective, (ii)&nbsp;of the receipt of any comments of, or requests for additional or
supplemental information from, the Commission, (iii)&nbsp;of the time and date of any filing of
any post-effective amendment to the Registration Statement or any amendment or supplement to
any Preliminary Prospectus or the Prospectus, (iv)&nbsp;of the time and date that any
post-effective amendment to the Registration Statement becomes effective, and (v)&nbsp;of the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or of any order or notice preventing or suspending the use of the
Registration Statement, any Preliminary Prospectus or the Prospectus, or of any receipt by
the Company of any notification with respect to the suspension of the qualification of the
Notes for sale in any jurisdiction or of the threatening or initiation of any proceedings
for any of such purposes (including any notice or order pursuant to Section&nbsp;8A or Rule
401(g)(2) of the Securities Act). The Company shall use commercially reasonable efforts to
prevent the issuance of any such stop order or notice of prevention or suspension of such
use. If the Commission shall enter any such stop order or issue any such notice at any
time, the Company will use commercially reasonable efforts to obtain the lifting or reversal
of such order or notice at the earliest possible moment, or, subject to Section&nbsp;4(a), will
file an amendment to the Registration Statement or will file a new registration statement
and use its best efforts to have such amendment or new registration statement declared
effective as soon as practicable. Additionally, the Company agrees that it shall comply
with the provisions of Rules 424(b) and 430B, as applicable, under the Securities Act,
including with respect to the timely filing of documents thereunder, and will use
commercially reasonable efforts to confirm that any filings made by the Company under such
Rule 424(b) were received in a timely manner by the Commission.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(c) <I>Exchange Act Compliance. </I>During the Prospectus Delivery Period, the Company will
file all documents required to be filed with the Commission and the New York Stock Exchange
pursuant to Section&nbsp;13, 14 or 15 of the Exchange Act in the manner and within the time
periods required by the Exchange Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(d) <I>Final Term Sheet. </I>The Company will prepare a final term sheet in a form approved
by the Representative, and will file such term sheet pursuant to Rule 433(d) under the
Securities Act within the time required by such rule (such term sheet, the &#147;<B>Final Term
Sheet</B>&#148;).



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(e) <I>Permitted Free Writing Prospectuses. </I>The Company represents that it has not made,
and agrees that, unless it obtains the prior written consent of the Representative, it will
not make, any offer relating to the Notes that constitutes or would constitute an Issuer
Free Writing Prospectus or that otherwise constitutes or would constitute a &#147;free writing
prospectus&#148; (as defined in Rule&nbsp;405 of the Securities Act) or a portion thereof required to
be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433 of the
Securities Act; <I>provided </I>that the prior written consent of the Representative shall be
deemed to have been given in respect of the Free Writing Prospectuses included in Schedules
C and D hereto. Any such free writing prospectus consented to by the Representative is
hereinafter referred to as a &#147;<B>Permitted Free Writing Prospectus</B>.&#148; The Company agrees that
(i)&nbsp;it has treated and will treat, as the case may be, each Permitted Free Writing
Prospectus as an Issuer Free Writing Prospectus, and (ii)&nbsp;has complied and will comply, as
the case may be, with the requirements of Rules&nbsp;164 and 433 of the Securities Act applicable
to any Permitted Free Writing Prospectus, including in respect of timely filing with the
Commission, legending and record keeping. The Company consents to the use by any Underwriter
of a free writing prospectus that (a)&nbsp;is not an &#147;issuer free writing prospectus&#148; as defined
in Rule&nbsp;433, or (b)&nbsp;contains only (1)&nbsp;information describing the preliminary terms of the
Securities or their offering, (2)&nbsp;information that describes the final terms of the
Securities or their offering and that is included in the Final Term Sheet of the Company
contemplated in Section&nbsp;1(d) or (3)&nbsp;information permitted under Rule&nbsp;134 under the
Securities Act; <I>provided </I>that each Underwriter severally covenants with the Company not to
take any action without the Company&#146;s consent which consent shall be confirmed in writing
that would result in the Company being required to file with the Commission under Rule
433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such
Underwriter that otherwise would not be required to be filed by the Company thereunder, but
for the action of the Underwriter.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(f) <I>Amendments and Supplements to the Registration Statement, Disclosure Package and
Prospectus and Other Securities Act Matters. </I>If, during the Prospectus Delivery Period, any
event or development shall occur or condition exist as a result of which it is, in the
judgment of the Company, the Representative or counsel for the Underwriters, necessary to
amend or supplement the Disclosure Package or the Prospectus, or to file under the Exchange
Act any document incorporated by reference in the Disclosure Package or the Prospectus, as
then amended or supplemented, to correct an untrue statement of material fact, or to include
a statement of material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made or then prevailing, as the case may be, not
misleading, or if in the judgment of the Company, Representative or counsel for the
Underwriters it is otherwise necessary to amend or supplement the Registration Statement,
the Disclosure Package or the Prospectus, or to file under the Exchange Act any document
incorporated by reference in the Disclosure Package or the Prospectus, or to file a new
registration statement containing the Prospectus, in order to comply with law, including in
connection with the delivery of the Prospectus, the Company&nbsp;agrees to (i)&nbsp;notify the
Representative of any such event or condition and (ii)&nbsp;promptly prepare (subject to
Section&nbsp;4(a)&nbsp;and 4(e)&nbsp;hereof), file with the Commission (and use its best efforts to have
any amendment to the Registration Statement or any new registration statement to be declared
effective)&nbsp;and furnish at its own expense to the Underwriters and to dealers, amendments or
supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any
new registration statement, necessary in order to make the statements in the Disclosure
Package or the Prospectus as so amended or supplemented, in the light of the circumstances
under which they were made or then prevailing, as the case may be, not misleading or so that
the Registration Statement, the Disclosure Package or the Prospectus, as amended or
supplemented, will comply with law.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(g) <I>Copies of Any Amendments and Supplements to the Prospectus. </I>The Company agrees to
furnish to the Representative, without charge, during the Prospectus Delivery Period, as
many copies of the Prospectus and any amendments and supplements thereto (including any
documents incorporated or deemed incorporated by reference therein) and the Disclosure
Package as the Representative may request.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(h) <I>Copies of the Registration Statements and the Prospectus. </I>The Company will furnish
to the Representative and counsel for the Underwriters signed copies of the Registration
Statement and of each amendment thereto (including exhibits filed therewith or incorporated
by reference therein and documents incorporated or deemed to be incorporated by reference
therein) and, during the Prospectus Delivery Period, as many copies of each Preliminary
Prospectus, the Prospectus and any supplement thereto and the Disclosure Package as the
Representative may reasonably request.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(i) <I>Blue Sky Compliance. </I>The Company and the Guarantors shall cooperate with the
Representative and counsel for the Underwriters to qualify or register the Securities for
offering and sale under (or obtain exemptions from the application of) the state securities
or blue sky laws or Canadian provincial securities laws or other foreign laws of those
jurisdictions designated by the Representative and consented to by the Company, and the
Company and the Guarantors shall comply in all material respects with such laws and shall
continue such qualifications, registrations and exemptions in effect so long as required for
the distribution of the Securities. Neither the Company nor any Guarantor shall be required
to (i)&nbsp;qualify as a foreign corporation or other entity or as a dealer in securities in any
such jurisdiction where it would not otherwise be required to so qualify, (ii)&nbsp;file any
general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to
taxation in respect of doing business in any such jurisdiction if it is not otherwise so
subject. The Company and the Guarantors will advise the Representative promptly of the
suspension of the qualification or registration of (or any such exemption relating to) the
Securities for offering, sale or trading in any jurisdiction or any initiation or threat of
any proceeding for any such purpose, and in the event of the issuance of any order
suspending such qualification, registration or exemption, the Company and the Guarantors
shall use their best efforts to obtain the withdrawal thereof at the earliest possible
moment.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(j) <I>DTC. </I>The Company and the Guarantors will cooperate with the Representative and use
their commercially reasonable efforts to permit the Securities to be eligible for clearance
and settlement through the facilities of DTC.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(k) <I>Use of Proceeds. </I>The Company and the Guarantors will use the net proceeds received
from the sale of the Securities in the manner specified in the Disclosure Package and the
Prospectus under &#147;Use of Proceeds.&#148;



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(l) <I>Restriction on Sale of Securities. </I>During a period of 30&nbsp;days from the date of the
Prospectus, the Company will not, without the prior written consent of Merrill Lynch,
Pierce, Fenner & Smith Incorporated, directly or indirectly, issue, sell, offer or agree to
sell, grant any option for the sale of, or otherwise dispose of, any other debt securities
of the Company. For clarification purposes, the foregoing sentence shall not apply to (i)
the Securities to be sold hereunder, (ii)&nbsp;borrowings under the Company&#146;s existing revolving
credit and existing or new floor plan or similar facilities, (iii)&nbsp;any sale-leaseback or
mortgage transactions and (iv)&nbsp;seller paper.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(m) <I>Earnings Statement. </I>As soon as practicable, the Company will make generally
available to its security holders and to the Representative an earnings statement (which
need not be audited) covering a period of at least twelve months beginning with the first
fiscal quarter of the Company occurring after the &#147;effective date&#148; (as defined in Rule&nbsp;158
under the Securities Act) of the Registration Statement.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(n) <I>Reporting Obligations. </I>During the Prospectus Delivery Period the Company and the
Guarantors shall file all documents required to be filed with the Commission pursuant to the
Exchange Act and the rules and regulations of the Commission thereunder within the time
periods required thereby.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(o) <I>Filing Fees. </I>The Company agrees to pay the required Commission filing fees
relating to the Securities within the time required by Rule&nbsp;456(b)(1) of the Securities Act
without regard to the proviso therein and otherwise in accordance with Rules&nbsp;456(b) and
457(r) of the Securities Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(p) <I>Compliance with Sarbanes-Oxley Act. </I>During the Prospectus Delivery Period, the
Company will comply with all applicable securities and other laws, rules and regulations,
including, without limitation, the Sarbanes-Oxley Act, and use its best efforts to cause the
Company&#146;s directors and officers, in their capacities as such, to comply with such laws,
rules and regulations, including, without limitation, the provisions of the Sarbanes-Oxley
Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(q) <I>Future Reports to the Representative. </I>At any time when the Company is not subject
to Section&nbsp;13 or 15 of the Exchange Act and any Securities remain outstanding, the Company
will furnish to the Representative (i)&nbsp;to the extent not available on the Commission&#146;s EDGAR
filing system, as soon as practicable after the end of each fiscal year, copies of the
Annual Report of the Company containing the balance sheet of the Company as of the close of
such fiscal year and statements of operations, shareholders&#146; equity and cash flows for the
year then ended and the report thereon of the Company&#146;s independent public or certified
public accountants; (ii)&nbsp;to the extent not available on the Commission&#146;s EDGAR filing
system, as soon as practicable after the filing thereof, copies of each proxy statement,
Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or
other report filed by the Company with the Commission, FINRA or any securities exchange; and
(iii)&nbsp;as soon as available, copies of any report or communication of the Company&nbsp;mailed
generally to holders of its capital stock or debt securities (including the holders of the
Securities), if, in each case, such documents are not filed with the Commission within the
time periods specified by the Commission&#146;s rules and regulations&nbsp;under Section&nbsp;13&nbsp;or 15&nbsp;of
the Exchange Act.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(r) <I>No Manipulation of Price. </I>The Company will not take, directly or indirectly, any
action designed to cause or result in, or that has constituted or might reasonably be
expected to constitute, under the Exchange Act or otherwise, the stabilization or
manipulation of the price of any securities of the Company to facilitate the sale or resale
of the Securities.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(s) <I>Notice of Inability to Use Automatic Shelf Registration Statement Form</I>. If at any
time during the Prospectus Delivery Period, the Company receives from the Commission a
notice pursuant to Rule&nbsp;401(g)(2) or otherwise ceases to be eligible to use the automatic
shelf registration statement form, the Company will (i)&nbsp;promptly notify the Representative,
(ii)&nbsp;promptly file a new registration statement or post-effective amendment on the proper
form relating to the Notes, in a form satisfactory to the Representative, (iii)&nbsp;use its best
efforts to cause such registration statement or post-effective amendment to be declared
effective and (iv)&nbsp;promptly notify the Representative of such effectiveness. The Company
will take all other action necessary or appropriate to permit the public offering and sale
of the Notes to continue as contemplated in the registration statement that was the subject
of the Rule&nbsp;401(g)(2) notice or for which the Company has otherwise become ineligible.
References herein to the Registration Statement shall include such new registration
statement or post-effective amendment, as the case may be.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;<U>Payment of Expenses</U><I>.</I>


<P align="left" style="font-size: 12pt; text-indent: 7%">(a)&nbsp;<I>Expenses</I>. The Company and the Guarantors shall pay all expenses incident to the
performance of their obligations under this Agreement, including (i)&nbsp;the preparation, printing,
delivery to the Underwriters and any filing of the Preliminary Prospectus, the Prospectus and of
each amendment or supplement thereto, (ii)&nbsp;the preparation, printing and delivery to the
Underwriters of this Agreement, the Indenture, the Securities, and such other documents as may be
required in connection with the offer, purchase, sale, issuance or delivery of the Securities or
the preparation, issuance and delivery of the certificates for the Securities to the Underwriters,
including any transfer taxes, any stamp or other duties payable upon the sale, issuance and
delivery of the Securities to the Underwriters, (iii)&nbsp;the fees and disbursements of the Company&#146;s
and the Guarantors&#146; counsel, accountants and other advisors, (iv)&nbsp;the qualification of the
Securities under securities laws in accordance with the provisions of Section 4(i) hereof,
including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in
connection therewith and in connection with the preparation of the Blue Sky Survey and any
supplement thereto in an amount not to exceed $5,000, (v)&nbsp;any fees of the Financial Industry
Regulatory Authority, Inc. (&#147;FINRA&#148;) in connection with the Securities, (vi)&nbsp;the fees and expenses
of the Trustee, including the fees and disbursements of counsel for the Trustee in connection with
the Indenture and the Securities, (vii)&nbsp;one half of the costs and expenses of the Company relating
to investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the
Securities including, without limitation, expenses associated with the production of road show
slides and graphics, travel and lodging expenses of the representatives and officers of the
Company, and the cost of aircraft and other transportation chartered in connection with the road
show, (viii)&nbsp;any fees payable in connection with any rating of the Securities and (ix)&nbsp;any fees and
expenses payable in connection with the approval of the Securities for book-entry transfer by DTC.


<P align="left" style="font-size: 12pt; text-indent: 7%">(b)&nbsp;<I>Termination of Agreement</I>. If this Agreement is terminated by the Representative in
accordance with the provisions of Section&nbsp;6 or Section&nbsp;10(a)(i) or Section&nbsp;10(a)(iii) (due to a
suspension or material limitation ordered with respect to the securities of the Company only and
not as part of a general suspension or material limitation) hereof, the Company and the Guarantors
shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable
fees and disbursements of counsel for the Underwriters.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.&nbsp;<U>Conditions of the Underwriters&#146; Obligations</U>. The obligations of the Underwriters
hereunder are subject to the accuracy of the representations and warranties of the Company and each
of the Guarantors contained in Section&nbsp;1 hereof as of the date hereof and as of the Closing Date,
and to the accuracy of the representations and warranties of the Company and each of the Guarantors
in certificates of any officer of the Company or any of its subsidiaries delivered pursuant to the
provisions hereof, to the performance by the Company and each of the Guarantors of its respective
covenants and other obligations hereunder, and to the following further conditions:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(a) <I>No Downgrade. </I>Subsequent to the execution and delivery of this Agreement, (i)&nbsp;no
downgrading shall have occurred in the rating accorded the Securities or any other debt
securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries
by any &#147;nationally recognized statistical rating organization,&#148; as such term is defined by
the Commission for purposes of Section&nbsp;3(a)(62) of the Exchange Act; and (ii)&nbsp;no such
organization shall have publicly announced that it has under surveillance or review, or has
changed its outlook with respect to, its rating of the Securities or of any other debt
securities or preferred stock issued or guaranteed by the Company, the Guarantors or any of
their subsidiaries (other than an announcement with positive implications of a possible
upgrading).



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(b) <I>Opinion of Counsel for Company and the Guarantors</I>. At the Closing Date, the
Representative shall have received (1)&nbsp;the favorable opinion, dated as of such Closing Date,
of Freshfields Bruckhaus Deringer US LLP, counsel for the Company and the Guarantors, in
form and substance satisfactory to counsel for the Underwriters, to the effect set forth in
Exhibit&nbsp;A(1) hereto and (2)&nbsp;the favorable opinion, dated as of such Closing Date, of Shane
M. Spradlin, Executive Vice President and General Counsel of the Company, in form and
substance satisfactory to counsel for the Underwriters, to the effect set forth in Exhibit
A(2) hereto and to such further effect as counsel to the Underwriters may reasonably
request.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(c) <I>Opinion of Counsel for Underwriters</I>. At the Closing Date, the Representative shall
have received the favorable opinion, dated as of such Closing Date, of Shearman & Sterling,
LLP, counsel for the Underwriters, in form and substance reasonably satisfactory to the
Underwriters.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(d) <I>Officers&#146; Certificate. </I>At the Closing Date, there shall not have been, since the
Applicable Time or since the respective dates as of which information is given in the
Disclosure Package or the Prospectus (exclusive of any amendments or supplements thereto
subsequent to the Applicable Time), any material adverse change in the condition, financial
or otherwise, or in the earnings, business affairs or business prospects of the Company and
its subsidiaries considered as one enterprise, whether or not arising in the ordinary course
of business, and the Representative shall have received a certificate of the President or a
Vice President of the Company and of the chief financial or chief accounting officer of the
Company, dated as of such Closing Date, to the effect that (i)&nbsp;there has been no such
material adverse change, (ii)&nbsp;the representations and warranties in Section&nbsp;1 hereof are
true and correct with the same force and effect as though expressly made at and as of the
Closing Date, and (iii)&nbsp;the Company and each of the Guarantors has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied at or prior
to such Closing Date.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(e) <I>Accountants&#146; Comfort Letters</I>. At the time of the execution of this Agreement, the
Representative shall have received from (1)&nbsp;Deloitte & Touche&nbsp;LLP, a letter dated such date,
in form and substance satisfactory to the Representative, together with signed or reproduced
copies of such letter for the other Underwriters, containing statements and information of
the type ordinarily included in the accountants&#146; &#147;comfort letters&#148; to Underwriters with
respect to the financial statements of the Company and covering certain financial
information included in or incorporated by reference in the Disclosure Package and other
customary information and (2)&nbsp;KPMG Audit Plc a letter dated such date, in form and substance
satisfactory to the Representative, together with signed or reproduced copies of such letter
for the other Underwriters, relating to UAG UK Holdings Limited.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(f) <I>Bring-down Comfort Letter. </I>On the Closing Date, the Representative shall have
received from Deloitte & Touche&nbsp;LLP and KPMG Audit Plc, respectively, a letter dated such
date, in form and substance satisfactory to the Representative, to the effect that they
reaffirm the statements made in the letter furnished pursuant to subsection (e)&nbsp;of this
Section, except that (i)&nbsp;it shall cover certain financial information included in or
incorporated by reference to the Prospectus and any amendment or supplement thereto and (ii)
the specified date referred to therein for the carrying out of procedures shall be a date
not more than three business days prior to such Closing Date.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(g) <I>DTC</I>. On the Closing Date, the Securities shall be eligible for clearance and
settlement through DTC.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(h) <I>Indenture and Securities</I>. At the Closing Date, the Company, the Guarantors and the
Trustee shall have executed and delivered the Indenture and the Securities.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(i) <I>Compliance with Registration Requirements; No Stop Order; No Objection from FINRA.</I>
For the period from and after effectiveness of this Agreement and prior to the Closing Date
and, with respect to the Securities:



<P align="left" style="margin-left:7%; font-size: 12pt; text-indent: 6%">(i)&nbsp;the Company shall have filed the Prospectus with the Commission (including
the information required by Rules&nbsp;430A, 430B and 430C under the Securities Act) in
the manner and within the time period required by Rule 424(b) under the Securities
Act;



<P align="left" style="margin-left:7%; font-size: 12pt; text-indent: 6%">(ii)&nbsp;the Final Term Sheet, and any other material required to be filed by the
Company pursuant to Rule 433(d) under the Securities Act shall have been filed with
the Commission within the applicable time periods prescribed for such filings under
such Rule&nbsp;433; and



<P align="left" style="margin-left:7%; font-size: 12pt; text-indent: 6%">(iii)&nbsp;no stop order suspending the effectiveness of the Registration Statement,
or any post-effective amendment to the Registration Statement, shall be in effect and
no proceedings for such purpose or pursuant to Section&nbsp;8A of the Securities Act shall
have been instituted or threatened by the Commission; and the Company shall not have
received from the Commission any notice pursuant to Rule&nbsp;401(g)(2) of the Securities
Act objecting to use of the automatic shelf registration statement form.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(j) <I>Additional Documents. </I>At the Closing Date, counsel for the Underwriters shall have
been furnished with such documents and opinions as they may require for the purpose of
enabling them to pass upon the issuance and sale of the Securities as herein contemplated,
or in order to evidence the accuracy of any of the representations or warranties, or the
fulfillment of any of the conditions, herein contained; and all proceedings taken by the
Company and each of the Guarantors in connection with the issuance and sale of the
Securities as herein contemplated shall be satisfactory in form and substance to the
Representative and counsel for the Underwriters.



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 3%">(k) <I>Termination of Agreement. </I>If any condition specified in this Section shall not
have been fulfilled when and as required to be fulfilled, this Agreement may be terminated
by the Representative by notice to the Company and the Guarantors at any time on or prior to
the Closing Date, and such termination shall be without liability of any party to any other
party, except as provided in Section&nbsp;5 and except that Sections&nbsp;1, 7, 8, 9 and 18 shall
survive any such termination and remain in full force and effect.


<P align="left" style="font-size: 12pt; text-indent: 4%">7.&nbsp;<U>Indemnification</U>.


<P align="left" style="font-size: 12pt; text-indent: 7%">(a)&nbsp;<I>Indemnification of the Underwriters. </I>The Company and each Guarantor, jointly and
severally, agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is
defined in Rule 501(b) under the Securities Act (each, an &#147;<B>Affiliate</B>&#148;)), its selling agents and
each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange&nbsp;Act as follows:



<P align="left" style="margin-left:7%; font-size: 12pt; text-indent: 6%">(i)&nbsp;against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, arising out of any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, the Preliminary Prospectus,
any Issuer Free Writing Prospectus, any &#147;roadshow&#148; as defined in Rule&nbsp;433 of the
Securities Act or the Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made
(in the case of any Preliminary Prospectus, any Issuer Free Writing Prospectus, any
&#147;roadshow&#148; or the Prospectus), not misleading;



<P align="left" style="margin-left:7%; font-size: 12pt; text-indent: 6%">(ii)&nbsp;against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, to the extent of the aggregate amount paid in settlement of any
litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or of any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission; provided
that (subject to Section&nbsp;7(d) below) any such settlement is effected with the written
consent of the Company; and



<P align="left" style="margin-left:7%; font-size: 12pt; text-indent: 6%">(iii)&nbsp;against any and all expense whatsoever, as incurred (including the fees
and disbursements of counsel chosen by such Underwriter), reasonably incurred in
investigating, preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid under
(i)&nbsp;or (ii)&nbsp;above;


<P align="left" style="font-size: 12pt"><I>provided, however</I>, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with the Underwriter Information (as
defined herein).


<P align="left" style="font-size: 12pt; text-indent: 7%">(b)&nbsp;<I>Indemnification of Company. </I>Each Underwriter, severally and not jointly, agrees to
indemnify and hold harmless the Company and each person, if any, who controls the Company within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection
(a)&nbsp;of this Section, as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions, made in the Preliminary Prospectus, any Issuer Free Writing
Prospectus or the Prospectus, in reliance upon and in conformity with the Underwriter Information
furnished to the Company by such Underwriter expressly for use therein; it being understood and
agreed that the only such information furnished by any Underwriter consists of the names of the
Underwriters appearing on the cover page of the Preliminary Prospectus and the Prospectus and the
sixth paragraph of text and the first sentence of the tenth paragraph of text under the caption
&#147;Underwriting&#148; in the Preliminary Prospectus and the Prospectus (collectively, the &#147;<B>Underwriter
Information</B>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 7%">(c)&nbsp;<I>Actions Against Parties; Notification. </I>Each indemnified party shall give notice as
promptly as reasonably practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability under this Section&nbsp;7 to the extent it
is not materially prejudiced as a result thereof and in any event shall not relieve it from any
liability which it may have otherwise than on account of this indemnity agreement. In the case of
parties indemnified pursuant to Section&nbsp;7(a) above, counsel to the indemnified parties shall be
selected by such Underwriter, and, in the case of parties indemnified pursuant to Section&nbsp;7(b)
above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party
may participate at its own expense in the defense of any such action<I>; provided, however, </I>that
counsel to the indemnifying party shall not (except with the consent of the indemnified party) also
be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees
and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or contribution could be
sought under this Section or Section&nbsp;8 hereof (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an
unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.


<P align="left" style="font-size: 12pt; text-indent: 7%">(d)&nbsp;<I>Settlement Without Consent if Failure to Reimburse. </I>If at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature
contemplated by Section&nbsp;7(a)(ii) effected without its written consent if (i)&nbsp;such settlement is
entered into more than 90&nbsp;days after receipt by such indemnifying party of the aforesaid request,
(ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 45
days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have
reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.


<P align="left" style="font-size: 12pt; text-indent: 4%">8.&nbsp;<U>Contribution</U>.


<P align="left" style="font-size: 12pt; text-indent: 7%">If the indemnification provided for in Section&nbsp;7 hereof is for any reason unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims,
damages or expenses referred to therein, then each indemnifying party shall contribute to the
aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Company and the Guarantors on the one hand and the Underwriters on the
other hand from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation
provided by clause (i)&nbsp; is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault
of the Company and the Guarantors on the one hand and the Underwriters on the other hand in
connection with the statements or omissions which resulted in such losses, liabilities, claims,
damages or expenses, as well as any other relevant equitable considerations.


<P align="left" style="font-size: 12pt; text-indent: 7%">The relative benefits received by the Company and the Guarantors, on the one hand, and the
Underwriters, on the other hand, in connection with the offering of the Securities pursuant to this
Agreement shall be deemed to be in the same respective proportions as the total net proceeds from
the offering of the Securities pursuant to this Agreement (before deducting expenses) received by
the Company and the Guarantors, and the total underwriting discount received by the Underwriters,
in each case as set forth on the front cover page of the Prospectus bear to the aggregate initial
public offering price of the Securities as set forth on such cover.


<P align="left" style="font-size: 12pt; text-indent: 7%">The relative fault of the Company and the Guarantors, on the one hand, and the Underwriters,
on the other hand, shall be determined by reference to, among other things, whether any such untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company and the Guarantors, on the one hand, or the
Underwriters, on the other hand, and the parties&#146; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.


<P align="left" style="font-size: 12pt; text-indent: 7%">The Company, the Guarantors and the Underwriters agree that it would not be just and equitable
if contribution pursuant to this Section were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this Section. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or
omission or alleged omission.


<P align="left" style="font-size: 12pt; text-indent: 7%">Notwithstanding the provisions of this Section, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Securities purchased and
sold by it hereunder exceeds the amount of any damages which such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission.


<P align="left" style="font-size: 12pt; text-indent: 7%">No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.


<P align="left" style="font-size: 12pt; text-indent: 7%">For purposes of this Section, each person, if any, who controls an Underwriter within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act and such
Underwriter&#146;s Affiliates and selling agents shall have the same rights to contribution as such
Underwriter, and each person, if any, who controls the Company and any of the Guarantors within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same
rights to contribution as the Company and any Guarantor. The Underwriters&#146; respective obligations
to contribute pursuant to this Section&nbsp;8 are several in proportion to the aggregate principal
amount of Notes set forth opposite their respective names in Schedule&nbsp;A hereto and not joint.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.&nbsp;<U>Representations, Warranties and Agreements to Survive</U>.


<P align="left" style="font-size: 12pt; text-indent: 7%">All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company or any of its subsidiaries or any Guarantor submitted pursuant hereto
shall remain operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or
on behalf of any Underwriter or its Affiliates or selling agents, any person controlling an
Underwriter, its officers or directors, any person controlling the Company or any Guarantor and
(ii)&nbsp;delivery of and payment for the Securities.


<P align="left" style="font-size: 12pt; text-indent: 4%">10.&nbsp;<U>Termination of this Agreement</U>.


<P align="left" style="font-size: 12pt; text-indent: 7%">(a)&nbsp;<I>Termination; General</I>. The Representative may terminate this Agreement, by notice to the
Company and the Guarantors, at any time at or prior to the Closing Date (i)&nbsp;if there has been,
since the Applicable Time or since the date as of which information is given in the Disclosure
Package or the Prospectus (exclusive of any amendments or supplements thereto subsequent to the
date of this Agreement), any material adverse change in the condition, financial or otherwise, or
in the earnings, business affairs or business prospects of the Company and its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, or (ii)&nbsp;if
there has occurred any material adverse change in the financial markets in the United States or the
international financial markets, any outbreak of hostilities or escalation thereof or other
calamity or crisis or any change or development involving a prospective change in national or
international political, financial or economic conditions, in each case the effect of which is such
as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with
the offering, sale or delivery of the Securities or to enforce contracts for the sale of the
Securities, or (iii)&nbsp;if trading in any securities of the Company has been suspended or materially
limited by the Commission or the New York Stock Exchange (&#147;NYSE&#148;), or if trading generally on the
NYSE or in the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum
prices for trading have been fixed, or maximum ranges for prices have been required, by any of said
exchanges or by such system or by order of the Commission, the FINRA or any other governmental
authority, or (iv)&nbsp;a material disruption has occurred in commercial banking or securities
settlement or clearance services in the United States or (v)&nbsp;if a banking moratorium has been
declared by either Federal or New York authorities.


<P align="left" style="font-size: 12pt; text-indent: 7%">(b)&nbsp;<I>Liabilities</I>. If this Agreement is terminated pursuant to this Section, such termination
shall be without liability of any party to any other party except as provided in Section&nbsp;5 hereof,
and provided further that Sections&nbsp;1, 7, 8, 9 and 18 shall survive such termination and remain in
full force and effect.


<P align="left" style="font-size: 12pt; text-indent: 4%">11.&nbsp;<U>Tax Disclosure</U><I>. </I>Notwithstanding any other provision of this Agreement,
immediately upon commencement of discussions with respect to the transactions contemplated hereby,
the Company (and each employee, representative or other agent of the Company) may disclose to any
and all persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by this Agreement and all materials of any kind (including opinions or
other tax analyses) that are provided to the Company relating to such tax treatment and tax
structure. For purposes of the foregoing, the term &#147;tax treatment&#148; is the purported or claimed
federal income tax treatment of the transactions contemplated hereby, and the term &#147;tax structure&#148;
includes any fact that may be relevant to understanding the purported or claimed federal income tax
treatment of the transactions contemplated hereby.


<P align="left" style="font-size: 12pt; text-indent: 4%">12.&nbsp;<U>Notices</U>. All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Underwriters shall be directed to Merrill Lynch, Pierce, Fenner
& Smith Incorporated at One Bryant Park, New York, New York 10036 (Fax: (212)&nbsp;901-7897), Attention:
Legal Department. Notices to the Company and the Guarantors shall be directed to the Company at
2555 Telegraph Road, Bloomfield Hills, Michigan 48302 (fax: (248)&nbsp;648-2515), Attention Shane M.
Spradlin, with a copy to Freshfields Bruckhaus Deringer US LLP at 601 Lexington Avenue, New York,
New York 10022 (fax: (212)&nbsp;277-4001), Attention Valerie Ford Jacob.


<P align="left" style="font-size: 12pt; text-indent: 4%">13.&nbsp;<U>No Advisory or Fiduciary Relationship</U><I>. </I>The Company and each Guarantor named
herein acknowledge and agree that: (a)&nbsp;the purchase and sale of the Securities pursuant to this
Agreement, including the determination of the public offering price of the Securities and any
related discounts and commissions, is an arm&#146;s-length commercial transaction between the Company
and the Guarantors, on the one hand, and the several Underwriters, on the other hand; (b)&nbsp;in
connection with each transaction contemplated hereby and the process leading to such transaction
each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of
the Company or any Guarantor, or any of their respective stockholders, creditors or employees or
any other party; (c)&nbsp;no Underwriter has assumed nor will assume an advisory or fiduciary
responsibility in favor of the Company or any Guarantor with respect to the offering contemplated
hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Company or any Guarantor on other matters) and no Underwriter has any
obligation to the Company or any Guarantor with respect to the offering contemplated hereby except
the obligations expressly set forth in this Agreement; (d)&nbsp;the several Underwriters and their
respective affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Company and the Guarantors and that the several Underwriters have no
obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary
relationship; and (e)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax
advice with respect to the offering contemplated hereby and the Company and the Guarantors have
consulted their own legal, accounting, regulatory and tax advisors to the extent they deemed
appropriate. The Company and each Guarantor hereby waive and release, to the fullest extent
permitted by law, any claims that the Company or such Guarantor may have against the several
Underwriters with respect to any breach or alleged breach of agency or fiduciary duty.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.&nbsp;<U>Integration</U>. This Agreement supersedes all prior agreements and understandings
(whether written or oral) among the Company, the Guarantors and the several Underwriters, or any of
them, with respect to the subject matter hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">15.&nbsp;<U>Default by One or More of the Underwriters</U>. If one or more of the Underwriters
shall fail at Closing Date to purchase the Securities which it or they are obligated to purchase
under this Agreement (the &#147;<B>Defaulted Securities</B>&#148;), the Representative shall have the right, within
24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or
any other underwriter, to purchase all, but not less than all, of the Defaulted Securities in such
amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representative
shall not have completed such arrangements within such 24-hour period, then:


<P align="left" style="font-size: 12pt; text-indent: 7%">(a)&nbsp;if the number of Defaulted Securities does not exceed 10% of the number of Securities to
be purchased on such date, each of the non-defaulting Underwriters shall be obligated, severally
and not jointly, to purchase the full amount thereof in the proportions that their respective
underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting
Underwriters, or


<P align="left" style="font-size: 12pt; text-indent: 7%">(b)&nbsp;if the number of Defaulted Securities exceeds 10% of the number of Securities to be
purchased on such date, this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter.


<P align="left" style="font-size: 12pt; text-indent: 7%">No action taken pursuant to this Section shall relieve any defaulting Underwriter from
liability in respect of its default.


<P align="left" style="font-size: 12pt; text-indent: 7%">In the event of any such default which does not result in a termination of this Agreement,
either the Representative or the Company shall have the right to postpone Closing Date, as the case
may be, for a period not exceeding seven days in order to effect any required changes in the
Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein,
the term &#147;Underwriter&#148; includes any person substituted for an Underwriter under this Section&nbsp;15.


<P align="left" style="font-size: 12pt; text-indent: 4%">16.&nbsp;<U>Parties</U>. This Agreement shall inure to the benefit of and be binding upon the
Underwriters, the Company, the Guarantors and their respective successors. Nothing expressed or
mentioned in this Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Underwriters, the Company, the Guarantors and their respective
successors and the controlling persons and officers and directors referred to in Sections&nbsp;7 and 8
and their heirs and legal representatives, any legal or equitable right, remedy or claim under or
in respect of this Agreement or any provision herein contained. This Agreement and all conditions
and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters,
the Company, the Guarantors and their respective successors, and said controlling persons and
officers and directors and their heirs and legal representatives, and for the benefit of no other
person, firm or corporation. No purchaser of Securities from the Underwriters shall be deemed to
be a successor by reason merely of such purchase.


<P align="left" style="font-size: 12pt; text-indent: 4%">17.&nbsp;<U>Trial by Jury</U>. The Company (on its behalf and, to the extent permitted by
applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.


<P align="left" style="font-size: 12pt; text-indent: 4%">18.&nbsp;<U>GOVERNING LAW</U>. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.


<P align="left" style="font-size: 12pt; text-indent: 4%">19.&nbsp;<U>TIME</U>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET
FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.


<P align="left" style="font-size: 12pt; text-indent: 4%">20.&nbsp;<U>Partial Unenforceability</U>. The invalidity or unenforceability of any Section,
paragraph or provision of this Agreement shall not affect the validity or enforceability of any
other Section, paragraph or provision hereof. If any Section, paragraph or provision of this
Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be
made such minor changes (and only such minor changes) as are necessary to make it valid and
enforceable


<P align="left" style="font-size: 12pt; text-indent: 4%">21.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same Agreement.


<P align="left" style="font-size: 12pt">22.&nbsp;<U>Effect of Headings</U><I>. </I>The Section headings herein are for convenience only and shall not
affect the construction hereof..If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding agreement between the
Underwriters and the Company in accordance with its terms.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Very truly yours,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">PENSKE AUTOMOTIVE GROUP, INC.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ J.D. Carlson</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Name:
J.D. Carlson</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="25%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title: EVP & CFO</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:22%; font-size: 12pt">THE GUARANTORS

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATC CHATTANOOGA, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATC KNOXVILLE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATC WEST TEXAS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATC REALTY INVESTMENTS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATLANTIC AUTO FUNDING CORPORATION</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATLANTIC AUTO SECOND FUNDING CORPORATION</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATLANTIC AUTO THIRD FUNDING CORPORATION</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AUTO MALL PAYROLL SERVICES, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AUTOMOTIVE MEDIA HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOWEN REALTY INVESTMENTS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BRETT MORGAN CHEVROLET-GEO, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CENTRAL FORD CENTER, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CJNS, LLC</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC AUTO GROUP, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC ENTERPRISES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC IMPORTS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC MANAGEMENT COMPANY, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC MOTOR SALES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC NISSAN OF TURNERSVILLE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC SPECIAL ADVERTISING, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC SPECIAL AUTOMOTIVE GP, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC SPECIAL, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC TURNERSVILLE, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COVINGTON PIKE DODGE, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CYCLE HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DAN YOUNG CHEVROLET, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DEALER ACCESSORIES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DIFEO PARTNERSHIP, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EUROPA AUTO IMPORTS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FLORIDA CHRYSLER PLYMOUTH, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FRN OF TULSA, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GENE REED CHEVROLET, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GMG MOTORS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GOODSON NORTH, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GOODSON SPRING BRANCH, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HBL, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HT AUTOMOTIVE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">KMT/UAG, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LANDERS AUTO SALES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LANDERS BUICK-PONTIAC, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LANDERS FORD NORTH, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LATE ACQUISITION I, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LATE ACQUISITION II, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MICHAEL CHEVROLET-OLDSMOBILE, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MOTORCARS ACQUISITION III, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MOTORCARS ACQUISITION IV, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MOTORCARS ACQUISITION V, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MOTORCARS ACQUISITION VI, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MOTORCARS ACQUISITION, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NATIONAL CITY FORD, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 27, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 28, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 48, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 49, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 50, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 51, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 52, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 53, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 54, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ACQUISITION 55, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG NEW JERSEY CS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG PENNSYLVANIA CS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG WASHINGTON A1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG NEW JERSEY A1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG NEW JERSEY P1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG NEW JERSEY JL1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ANNAPOLIS JL1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ARKANSAS F1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ARKANSAS F2, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG AZ PROPERTIES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ATLANTA MANAGEMENT, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG AUSTIN H1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG BEDFORD A1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG BEDFORD P1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG BEDFORD PROPERTIES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG CHANTILLY M1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG CLOVIS T1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG CONNECTICUT LR1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG CYCLES MI, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG DAVIE P1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG DISTRIBUTOR S1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG EDISON B1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG GOODYEAR F1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG GREENWICH B1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG GREENWICH HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG INTERNATIONAL SERVICES, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG INVESTMENTS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MADISON L1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MADISON T1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MARIN M1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MCALLEN H1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MCALLEN T1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MENTOR A1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG MICHIGAN HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG NORTH SCOTTSDALE BE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG NORTHERN CALIFORNIA MANAGEMENT, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ONTARIO B1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ORANGE COUNTY MANAGEMENT<FONT style="font-size: 11pt"> COMPANY, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt">PAG ORANGE COUNTY RR1, INC.</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ORLANDO GENERAL, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ORLANDO LIMITED, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG SAN FRANCISCO N1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG SANTA ANA AVW, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG SANTA ANA B1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG SURPRISE T1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG TEMPE M1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG TEXAS MANAGEMENT COMPANY, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG TURNERSVILLE AU, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ORANGE COUNTY L1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG WEST ACQUISITION 8, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG WEST ACQUISITION 9, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG WEST BAY MIT, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG WEST, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PALM AUTO PLAZA, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PEACHTREE NISSAN, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PENSKE CAR RENTAL HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PENSKE CAR RENTAL INDIANA, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PENSKE CAR RENTAL (DT)&nbsp;MEMPHIS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PENSKE CAR RENTAL MEMPHIS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PENSKE COMMERCIAL VEHICLES US, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PETER PAN MOTORS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PMRC, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RELENTLESS PURSUIT ENTERPRISES, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SA AUTOMOTIVE, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SAU AUTOMOTIVE, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SCOTTSDALE 101 MANAGEMENT, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SCOTTSDALE FERRARI, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SCOTTSDALE MANAGEMENT GROUP, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SCOTTSDALE PAINT &#038; BODY, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SDG AUTOMOTIVE INVESTMENTS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SINGLE SOURCE TRUCK PARTS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGMA MOTORS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SK MOTORS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SL AUTOMOTIVE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SOMERSET MOTORS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SUN MOTORS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TAMBURRO ENTERPRISES, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE AROUND THE CLOCK FREIGHTLINER GROUP, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ARKANSAS FLM, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ATLANTA H1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ATLANTA IV MOTORS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CAPITOL, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CAROLINA, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CENTRAL NJ, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CENTRAL REGION MANAGEMENT, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CHANTILLY AU, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CHCC, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CHEVROLET, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CITRUS MOTORS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CLASSIC, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CLOVIS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG CONNECTICUT, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG DULUTH, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG EAST, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ESCONDIDO A1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ESCONDIDO H1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ESCONDIDO M1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG FAYETTEVILLE I, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG FAYETTEVILLE II, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG FAYETTEVILLE III, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG FINANCE COMPANY, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG GRACELAND II, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG HUDSON CJD, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG HUDSON, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG INTERNATIONAL HOLDINGS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG KISSIMMEE MOTORS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG LANDERS SPRINGDALE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG LOS GATOS, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MARIN, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MEMPHIS II, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MEMPHIS IV, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MEMPHIS MANAGEMENT, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MENTOR ACQUISITION, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MICHIGAN CADILLAC, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MICHIGAN H1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MICHIGAN PONTIAC-GMC, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MICHIGAN T1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MICHIGAN TMV, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG MINNEAPOLIS B1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG NANUET II, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG NORTHEAST, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG REALTY, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ROYAL PALM M1, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG ROYAL PALM, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG SAN DIEGO A1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG SAN DIEGO AU, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG SAN DIEGO H1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG ORANGE COUNTY S1, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG SAN DIEGO MANAGEMENT, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG STEVENS CREEK II, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG TEXAS II, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG TEXAS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG TULSA HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG TURNERSVILLE REALTY, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG VK, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY AM, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY FM, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IA, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IAU, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IB, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY II, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IL, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IM, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IN, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IP, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IV, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG WEST BAY IW, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG YOUNG II, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG-CARIBBEAN, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITED AUTOCARE PRODUCTS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITED AUTO LICENSING, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITED AUTO SCOTTSDALE PROPERTY HOLDINGS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITED NISSAN, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITED NISSAN, INC. (A TENNESSEE CORPORATION)</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITED RANCH AUTOMOTIVE, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITEDAUTO DODGE OF SHREVEPORT, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITEDAUTO FIFTH FUNDING INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITEDAUTO FINANCE, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNITEDAUTO FOURTH FUNDING INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST PALM AUTO MALL, INC.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WEST PALM NISSAN, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WESTBURY SUPERSTORE, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">YOUNG MANAGEMENT GROUP, INC.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 22%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Treasurer or Assistant Treasurer</U>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY AUTO GROUP PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OCT PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HUDSON MOTORS PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SOMERSET MOTORS PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DANBURY AUTO PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DIFEO HYUNDAI PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DIFEO NISSAN PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DIFEO CHRYSLER PLYMOUTH JEEP EAGLE PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DIFEO TENAFLY PARTNERSHIP</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DIFEO LEASING PARTNERSHIP</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DIFEO PARTNERSHIP, LLC</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PENSKE AUTOMOTIVE GROUP, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Member</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 22%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Executive Vice President and CFO</U>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WTA MOTORS, LTD.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LATE ACQUISITION II, LLC</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PENSKE AUTOMOTIVE GROUP, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Member</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 22%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Executive Vice President and CFO</U>
<BR>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UAG HOUSTON ACQUISITION, LTD.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UAG TEXAS II, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PENSKE AUTOMOTIVE GROUP, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Shareholder</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 22%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Executive Vice President and CFO</U>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC SPECIAL HYUNDAI, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC OLDSMOBILE-PONTIAC-GMC TRUCK, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASSIC SPECIAL AUTOMOTIVE, LTD.</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HILL COUNTRY IMPORTS, LTD.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TAMBURRO ENTERPRISES, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PAG West, LLC</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Shareholder</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PENSKE AUTOMOTIVE GROUP, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Member</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 23%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Executive Vice President and CFO</U>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D. YOUNG CHEVROLET, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DAN YOUNG MOTORS, LLC</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PAG EAST, LLC</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PENSKE AUTOMOTIVE GROUP, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MEMBER</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:19%; font-size: 12pt; text-indent: 4%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Executive Vice President and CFO</U>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UAG YOUNG II, INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MEMBER</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">By: /s/ J.D. Carlson</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.D. Carlson<BR>
Assistant Treasurer</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000">PAG ORLANDO PARTNERSHIP, LTD.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PAG ORLANDO GENERAL, LLC</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UAG KISSIMMEE MOTORS, LLC</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Shareholder</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PENSKE AUTOMOTIVE GROUP, LLC</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sole Member</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 23%">By: <U>/s/ J.D. Carlson </U>


<P align="left" style="font-size: 12pt">J.D. Carlson<BR>
Its: <U>Executive Vice President and CFO</U>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="left" style="font-size: 12pt">The foregoing Agreement is hereby confirmed and accepted by the Representative as of the date first
above written.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt">Acting as Representative of the
<BR>
several Underwriters named in
<BR>
the attached Schedule&nbsp;A.
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">MERRILL LYNCH, PIERCE, FENNER & SMITH
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 10%">INCORPORATED


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 11pt">By: <U>/s/ Roger C. Matthews, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Name: Roger C. Matthews, Jr.<BR>
Title: Managing Director








<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>SCHEDULE A</B></FONT>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Underwriters</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Principal Amount of</B></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>To Be</B></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Merrill Lynch, Pierce, Fenner &#038; Smith
Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">200,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J.P. Morgan Securities LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">125,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Wells Fargo Securities, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">RBS Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Bancorp Investments, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">500,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 12pt"><B>SCHEDULE B</B>



<P align="center" style="font-size: 12pt"><U><B>Guarantors</B></U>



<P align="left" style="font-size: 12pt">ATC CHATTANGOOGA, LLC
<BR>
ATC KNOXVILLE, LLC
<BR>
ATC REALTY INVESTMENTS, LLC
<BR>
ATC WEST TEXAS, LLC
<BR>
ATLANTIC AUTO FUNDING CORPORATION
<BR>
ATLANTIC AUTO SECOND FUNDING CORPORATION
<BR>
ATLANTIC AUTO THIRD FUNDING CORPORATION
<BR>
AUTO MALL PAYROLL SERVICES, INC.
<BR>
AUTOMOTIVE MEDIA HOLDINGS, LLC
<BR>
BOWEN REALTY INVESTMENTS, LLC
<BR>
BRETT MORGAN CHEVROLET-GEO, INC.
<BR>
CENTRAL FORD CENTER, INC.
<BR>
CJNS, LLC
<BR>
CLASSIC AUTO GROUP, INC.
<BR>
CLASSIC ENTERPRISES, LLC
<BR>
CLASSIC IMPORTS, INC.
<BR>
CLASSIC MANAGEMENT COMPANY, INC.
<BR>
CLASSIC MOTOR SALES, LLC
<BR>
CLASSIC NISSAN OF TURNERSVILLE, LLC
<BR>
CLASSIC OLDSMOBILE-PONTIAC-GMC TRUCK, LTD.
<BR>
CLASSIC SPECIAL ADVERTISING, INC.
<BR>
CLASSIC SPECIAL AUTOMOTIVE GP, LLC
<BR>
CLASSIC SPECIAL AUTOMOTIVE, LTD.
<BR>
CLASSIC SPECIAL HYUNDAI, LTD.
<BR>
CLASSIC SPECIAL, LLC
<BR>
CLASSIC TURNERSVILLE, INC.
<BR>
COUNTY AUTO GROUP PARTNERSHIP
<BR>
COVINGTON PIKE DODGE, INC.
<BR>
CYCLE HOLDINGS, LLC
<BR>
D. YOUNG CHEVORLET, LLC
<BR>
DAN YOUNG CHEVROLET, INC.
<BR>
DAN YOUNG MOTORS, LLC
<BR>
DANBURY AUTO PARTNERSHIP
<BR>
DEALER ACCESSORIES, LLC
<BR>
DIFEO CHRYSLER PLYMOUTH JEEP EAGLE PARTNERSHIP
<BR>
DIFEO HYUNDAI PARTNERSHIP
<BR>
DIFEO LEASING PARTNERSHIP
<BR>
DIFEO NISSAN PARTNERSHIP
<BR>
DIFEO PARTNERSHIP, LLC
<BR>
DIFEO TENAFLY PARTNERSHIP
<BR>
EUROPA AUTO IMPORTS, INC.
<BR>
FLORIDA CHRYSLER PLYMOUTH, INC.
<BR>
FRN OF TULSA, LLC
<BR>
GENE REED CHEVROLET, INC.
<BR>
GMG MOTORS, INC.
<BR>
GOODSON NORTH, LLC
<BR>
GOODSON SPRING BRANCH, LLC
<BR>
HBL, LLC
<BR>
HILL COUNTRY IMPORTS, LTD.
<BR>
HT AUTOMOTIVE, LLC
<BR>
HUDSON MOTORS PARTNERSHIP
<BR>
KMT/UAG, INC.
<BR>
LANDERS AUTO SALES, LLC
<BR>
LANDERS BUICK-PONTIAC, INC.
<BR>
LANDERS FORD NORTH, INC.
<BR>
LATE ACQUISITION I, LLC
<BR>
LATE ACQUISITION II, LLC
<BR>
MICHAEL CHEVROLET-OLDSMOBILE, INC.
<BR>
MOTORCARS ACQUISITION III, LLC
<BR>
MOTORCARS ACQUISITION IV, LLC
<BR>
MOTORCARS ACQUISITION V, LLC
<BR>
MOTORCARS ACQUISITION VI, LLC
<BR>
MOTORCARS ACQUISITION, LLC
<BR>
NATIONAL CITY FORD, INC.
<BR>
OCT PARTNERSHIP
<BR>
PAG ACQUISITION 27, LLC
<BR>
PAG ACQUISITION 28, LLC
<BR>
PAG ACQUISITION 48, LLC
<BR>
PAG ACQUISITION 49, LLC
<BR>
PAG ACQUISITION 50, LLC
<BR>
PAG ACQUISITION 51, LLC
<BR>
PAG ACQUISITION 52, LLC
<BR>
PAG ACQUISITION 53, LLC
<BR>
PAG ACQUISITION 54, LLC
<BR>
PAG ACQUISITION 55, LLC
<BR>
PAG NEW JERSEY CS, LLC
<BR>
PAG PENNSYLVANIA CS, LLC
<BR>
PAG WASHINGTON A1, LLC
<BR>
PAG NEW JERSEY A1, LLC
<BR>
PAG NEW JERSEY P1, LLC
<BR>
PAG NEW JERSEY JL1, LLC
<BR>
PAG ANNAPOLIS JL1, LLC
<BR>
PAG ARKANSAS F1, LLC
<BR>
PAG ARKANSAS F2, LLC
<BR>
PAG ATLANTA MANAGEMENT, INC.
<BR>
PAG AUSTIN H1, LLC
<BR>
PAG AZ PROPERTIES, LLC
<BR>
PAG BEDFORD A1, LLC
<BR>
PAG BEDFORD P1, LLC
<BR>
PAG BEDFORD PROPERTIES, LLC
<BR>
PAG CHANTILLY M1, LLC
<BR>
PAG CLOVIS T1, INC.
<BR>
PAG CONNECTICUT LR1, LLC
<BR>
PAG CYCLES MI, LLC
<BR>
PAG DAVIE P1, LLC
<BR>
PAG DISTRIBUTOR S1, LLC
<BR>
PAG EAST, LLC
<BR>
PAG EDISON B1, LLC
<BR>
PAG GOODYEAR F1, LLC
<BR>
PAG GREENWICH B1, LLC
<BR>
PAG GREENWICH HOLDINGS, LLC
<BR>
PAG INTERNATIONAL SERVICES, LLC
<BR>
PAG INVESTMENTS, LLC
<BR>
PAG MADISON L1, LLC
<BR>
PAG MADISON T1, LLC
<BR>
PAG MARIN M1, INC.
<BR>
PAG MCALLEN H1, LLC
<BR>
PAG MCALLEN T1, LLC
<BR>
PAG MENTOR A1, INC.
<BR>
PAG MICHIGAN HOLDINGS, LLC
<BR>
PAG NORTH SCOTTSDALE BE, LLC
<BR>
PAG NORTHERN CALIFORNIA MANAGEMENT, INC.
<BR>
PAG ONTARIO B1, INC.
<BR>
PAG ORANGE COUNTY MANAGEMENT COMPANY, INC.
<BR>
PAG ORANGE COUNTY RR1, INC.
<BR>
PAG ORLANDO GENERAL, LLC
<BR>
PAG ORLANDO LIMITED, LLC
<BR>
PAG ORLANDO PARTNERSHIP, LTD.
<BR>
PAG SAN FRANCISCO N1, INC.
<BR>
PAG SANTA ANA AVW, INC.
<BR>
PAG SANTA ANA B1, INC.
<BR>
PAG SURPRISE T1, LLC
<BR>
PAG TEMPE M1, LLC
<BR>
PAG TEXAS MANAGEMENT COMPANY, LLC
<BR>
PAG TURNERSVILLE AU, LLC
<BR>
PAG ORANGE COUNTY L1, INC.
<BR>
PAG WEST ACQUISITION 8, INC.
<BR>
PAG WEST ACQUISITION 9, INC.
<BR>
PAG WEST BAY MIT, LLC
<BR>
PAG WEST, LLC
<BR>
PALM AUTO PLAZA, LLC
<BR>
PEACHTREE NISSAN, INC
<BR>
PENSKE CAR RENTAL (DT)&nbsp;MEMPHIS, LLC
<BR>
PENSKE CAR RENTAL HOLDINGS, LLC
<BR>
PENSKE CAR RENTAL INDIANA, LLC
<BR>
PENSKE CAR RENTAL MEMPHIS, LLC
<BR>
PENSKE COMMERCIAL VEHICLES US, LLC
<BR>
PETER PAN MOTORS, INC.
<BR>
PMRC, LLC
<BR>
RELENTLESS PURSUIT ENTERPRISES, INC.
<BR>
SA AUTOMOTIVE, LTD.
<BR>
SAU AUTOMOTIVE, LTD.
<BR>
SCOTTSDALE 101 MANAGEMENT, LLC
<BR>
SCOTTSDALE FERRARI, LLC
<BR>
SCOTTSDALE MANAGEMENT GROUP, LTD.
<BR>
SCOTTSDALE PAINT & BODY, LLC
<BR>
SDG AUTOMOTIVE INVESTMENTS, LLC
<BR>
SIGMA MOTORS INC.
<BR>
SINGLE SOURCE TRUCK PARTS, LLC
<BR>
SK MOTORS, LLC
<BR>
SL AUTOMOTIVE, LLC
<BR>
SOMERSET MOTORS PARTNERSHIP
<BR>
SOMERSET MOTORS, INC.
<BR>
SUN MOTORS, LLC
<BR>
TAMBURRO ENTERPRISES, INC.
<BR>
THE AROUND THE CLOCK FREIGHTLINER GROUP, LLC
<BR>
UAG ARKANSAS FLM, LLC
<BR>
UAG ATLANTA H1, LLC
<BR>
UAG ATLANTA IV MOTORS, INC.
<BR>
UAG CAPITOL, INC.
<BR>
UAG CAROLINA, INC.
<BR>
UAG CENTRAL NJ, LLC
<BR>
UAG CENTRAL REGION MANAGEMENT, LLC
<BR>
UAG CHANTILLY AU, LLC
<BR>
UAG CHCC, INC.
<BR>
UAG CHEVROLET, INC.
<BR>
UAG CITRUS MOTORS, LLC
<BR>
UAG CLASSIC, INC.
<BR>
UAG CLOVIS, INC.
<BR>
UAG CONNECTICUT, LLC
<BR>
UAG DULUTH, INC.
<BR>
UAG EAST, LLC
<BR>
UAG ESCONDIDO A1, INC.
<BR>
UAG ESCONDIDO H1, INC.
<BR>
UAG ESCONDIDO M1, INC.
<BR>
UAG FAYETTEVILLE I, LLC
<BR>
UAG FAYETTEVILLE II, LLC
<BR>
UAG FAYETTEVILLE III, LLC
<BR>
UAG FINANCE COMPANY, INC.
<BR>
UAG GRACELAND II, INC.
<BR>
UAG HOUSTON ACQUISITION, LTD.
<BR>
UAG HUDSON CJD, LLC
<BR>
UAG HUDSON, INC.
<BR>
UAG INTERNATIONAL HOLDINGS, INC.
<BR>
UAG KISSIMMEE MOTORS, LLC
<BR>
UAG LANDERS SPRINGDALE, LLC
<BR>
UAG LOS GATOS, INC.
<BR>
UAG MARIN, INC.
<BR>
UAG MEMPHIS II, INC.
<BR>
UAG MEMPHIS IV, INC.
<BR>
UAG MEMPHIS MANAGEMENT, INC.
<BR>
UAG MENTOR ACQUISITION, LLC
<BR>
UAG MICHIGAN CADILLAC, LLC
<BR>
UAG MICHIGAN H1, LLC
<BR>
UAG MICHIGAN PONTIAC-GMC, LLC
<BR>
UAG MICHIGAN T1, LLC
<BR>
UAG MICHIGAN TMV, LLC
<BR>
UAG MINNEAPOLIS B1, LLC
<BR>
UAG NANUET II, LLC
<BR>
UAG NORTHEAST, LLC
<BR>
UAG REALTY, LLC
<BR>
UAG ROYAL PALM M1, LLC
<BR>
UAG ROYAL PALM, LLC
<BR>
UAG SAN DIEGO A1, INC.
<BR>
UAG SAN DIEGO AU, INC.
<BR>
UAG SAN DIEGO H1, INC.
<BR>
PAG ORANGE COUNTY S1, INC.
<BR>
UAG SAN DIEGO MANAGEMENT, INC.
<BR>
UAG STEVENS CREEK II, INC.
<BR>
UAG TEXAS II, INC.
<BR>
UAG TEXAS, LLC
<BR>
UAG TULSA HOLDINGS, LLC
<BR>
UAG TURNERSVILLE REALTY, LLC
<BR>
UAG VK, LLC
<BR>
UAG WEST BAY AM, LLC
<BR>
UAG WEST BAY FM, LLC
<BR>
UAG WEST BAY IA, LLC
<BR>
UAG WEST BAY IAU, LLC
<BR>
UAG WEST BAY IB, LLC
<BR>
UAG WEST BAY II, LLC
<BR>
UAG WEST BAY IL, LLC
<BR>
UAG WEST BAY IM, LLC
<BR>
UAG WEST BAY IN, LLC
<BR>
UAG WEST BAY IP, LLC
<BR>
UAG WEST BAY IV, LLC
<BR>
UAG WEST BAY IW, LLC
<BR>
UAG YOUNG II, INC.
<BR>
UAG-CARIBBEAN, INC.
<BR>
UNITED AUTO LICENSING, LLC
<BR>
UNITED AUTO SCOTTSDALE PROPERTY HOLDINGS, LLC
<BR>
UNITED AUTOCARE PRODUCTS, LLC
<BR>
UNITED NISSAN, INC.
<BR>
UNITED NISSAN, INC.
<BR>
UNITED RANCH AUTOMOTIVE, LLC
<BR>
UNITEDAUTO DODGE OF SHREVEPORT, INC.
<BR>
UNITEDAUTO FIFTH FUNDING, INC.
<BR>
UNITEDAUTO FINANCE, INC.
<BR>
UNITEDAUTO FOURTH FUNDING INC.
<BR>
WEST PALM AUTO MALL, INC.
<BR>
WEST PALM NISSAN, LLC
<BR>
WESTBURY SUPERSTORE, LTD.
<BR>
WTA MOTORS, LTD.


<P align="center" style="font-size: 12pt">YOUNG MANAGEMENT GROUP, INC.<B>SCHEDULE C</B>



<P align="center" style="font-size: 12pt"><U><B>Issuer Free Writing Prospectuses</B></U><BR>
<B>(a) </B>The Final Term Sheet filed pursuant to Rule&nbsp;433 as an issuer free writing prospectus by the<BR>
Company on May&nbsp;11, 2016<B>SCHEDULE D</B>



<P align="center" style="font-size: 12pt"><U><B>Permitted Free Writing Prospectuses</B></U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any electronic roadshow used in connection with the offer and sale of the Securities.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt; display: none">4




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