Document:

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                                                                 EXHIBIT 10.2.17

                               [LAND ROVER LOGO]

                               AUTOMOBILE DEALER
                               SALES AND SERVICE
                                   AGREEMENT

<PAGE>
                                DEALER AGREEMENT
                             GRANT OF THE FRANCHISE

This Dealer Agreement ("Agreement") is entered into effective the _________ day
of ______________, 20__ (the "Commencement Date") by and between Land Rover
North America, Inc., a Delaware Corporation with its principal place of business
located at 4371 Parliament Place, Lanham, Maryland 20706 (hereafter "Company")
and

         Dealer Name: __________________________________________________________
                      (hereafter "Dealer")

         Business Entity: ______________________________________________________
                          (corporation, partnership, sole proprietor, etc.)

         Place of Incorporation/Registration: __________________________________

         Principal Business Address: ___________________________________________

         (Street, City, County, State, Zip Code): ______________________________

         Doing Business As: ____________________________________________________

         Dealer Principal:
                 Name  _________________________________________________________

                 Residence _____________________________________________________

                 Phone Number __________________________________________________

PURPOSE AND EXPECTATION

The purpose of this Agreement is to:

A.       Authorize Dealer to sell and service Land Rover Products and to display
         the Land Rover marque and represent itself as a Dealer of Land Rover
         Products, all in accordance with the terms of this Agreement.

B.       Describe the basic rights and obligations of the parties to the
         relationship and the terms and conditions upon which the rights are
         granted and the obligations imposed.

C.       Affirm an expectation between the parties that each of the parties will
         perform its obligations in a relationship of trust and confidence with
         the other and recognize that a successful long-term relationship will
         result from the mutual performance of such obligations.

D.       Combine Dealer with Company and with other dealers into a distribution
         system dedicated to delivering to the automotive consumer in the United
         States an ownership experience that has never been previously enjoyed
         resulting in unparalleled repeat purchases of Land Rover Products.

JOINT UNDERTAKING

In addition to fulfilling the terms and conditions of this Agreement, the
parties agree to work jointly to achieve their goals, and to maintain the
standards of excellence inherent to Land Rover products.

Company will plan and oversee strategic marketing initiatives to ensure
successful development of the Land Rover brand and distribution of products in
the marketplace.

One such initiative is development of the Land Rover brand. Enjoying a truly
unique position in automotive markets throughout the world, the Land Rover brand
is best characterized by its Marque Values. These principles embody the quality
and craftsmanship built into every Land Rover product. They also serve as the
cornerstone of marketing efforts worldwide.

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                            Land Rover Marque Values

         INDIVIDUALISM - Knowing your own mind: independence
         AUTHENTICITY - Fit for purpose: the original
         FREEDOM - Go where you want to go: choice
         ADVENTURE - Exploring the unknown: with care for the environment
         GUTS - Giving everything you've got: endurance
         SUPREMACY - Superior to all competitors: leadership

To ensure integrated and consistent promotion of the Land Rover brand, Company
will provide Dealer comprehensive training, marketing and product development
programs as well as overall brand development strategies.

Selected by Land Rover for exceptional business practice, Dealer Principal is an
ethical operator of a retail motor vehicle sales and service facility staffed
with personnel experienced in the automotive business and recognized as the best
in the community.

The Land Rover Customer is a discriminating consumer with high quality and
service expectations. Dealer, therefore, is expected by Company to:

         Require the personal involvement of the Dealer Principal, all
         individuals connected with Dealer and recognize Company's reliance on
         representations with respect to that personal involvement made
         elsewhere in this Agreement.

         Conduct sales and, promotional efforts consistent with Land Rover's
         elite image.

         Provide a facility that is immediately identifiable as Land Rover and
         one that evokes excitement and enthusiasm about Land Rover Products.

         Maintain a staff of highly trained professionals who are genuinely
         enthusiastic about Land Rover Products and equally dedicated to deliver
         the ultimate ownership experience.

         Implement operating procedures applicable to all Dealers so that the
         customer will receive consistent, quality service from every Land Rover
         Product Dealer, regardless of location.

STANDARDS OF PERFORMANCE

Dealer and Company agree that the performance standards contained and/or
referred to in this Agreement describe minimums only.

To achieve the highest level of customer satisfaction possible in the sales,
performance of warranty and maintenance process, as well as to achieve the
repeat sales level that the parties need to properly and successfully develop
the Land Rover marque in the U.S., the parties agree to achieve exceptional
standards of performance.

In addition to meeting these high standards, the parties agree that the
standards themselves will move to even higher levels as competition increases
and consumer tastes and demands change.

Thus the parties recognize that customer satisfaction is dependent upon
Company's development of the Marque Values and that Dealer will provide the
highest level of sales and service satisfaction through a dedicated,
well-trained staff that meets and/or exceeds customer expectations.

GRANT

Based upon the mutual representations contained herein, Company is pleased to
grant to Dealer the right to sell Land Rover Products and to make Dealer a part
of the Land Rover distribution system, together with such rights, privileges and
obligations that accompany said appointment.

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TERM

Subject to the provisions of this Agreement, it shall commence on the
Commencement date and continue for a period until March 31, 2003. The Agreement
shall be renewable annually for a three (3) year period from March 31st of the
year in which the renewal review is conducted. On or before March 31st of each
year, the parties will meet and conduct a review of Dealer's performance for the
year of the review against that year's previously agreed performance goals.
Dealer is assured the opportunity to renew the Dealer Agreement with Company at
the expiration date, subject to Company's determination that Dealer continues to
fulfill its obligations under the Agreement and subject to Article 12.4.12 and
Article 12.4.13.

"Company"

By _________________________________

"Dealer"

By _________________________________
         John Doe

"Dealer Principal"

By _________________________________
         John Doe

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 DEALER OWNERSHIP AND MANAGEMENT EXHIBIT

1.       Dealer firm name:

2.       Principal place of business:

3.       Dealer is a (   ) proprietorship
                     (   ) partnership
                     ( X ) corporation, incorporated under the
                           laws of the State of

4.       The following persons are the beneficial and record owners of Dealer:

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      Name and Address of Each                        If a Corporation,                  Percentage of
      Record or Beneficial                            Number and                         Ownership in
      Owner of Dealer                                 Class of Shares                    Dealer

                                                      Number            Class
<S>                                                   <C>               <C>              <C>

</TABLE>

Any beneficial ownership arrangement must be explained on a separate sheet
attached to this Dealer Ownership and Management Exhibit.

________________________________________________________________________________

     LRNA __________          DEALER __________          DATE __________

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5.       The following persons are Dealer's Officers:
         Name and Address                                 Title

6.       The following person has been approved to function as Centre Manager of
         Dealer for a six month initial evaluation period and, as such, is
         authorized to make all decisions on behalf of Dealer with respect to
         Dealer's operations:
         Name and Address                                 Title

7.       The following person is the Dealer Principal:
         Name and Address                                 Title

Dealer hereby certifies that the foregoing information is true, complete, and
accurate as of the date of execution hereof, and agrees that there will be no
change in the foregoing in any respect without Company's prior written approval.

________________________________________________________________________________

     LRNA __________          DEALER __________          DATE __________

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DEALER FACILITIES EXHIBIT

1.       Dealer firm name:

2.       Company has approved the location of the following premises, and no
         others, for Dealer's Premises:

         a. Salesroom:

         b. Land Rover Vehicle Storage Facilities:

         c. Workshop and Land Rover Parts Storage Facilities:

         d. Body and Paint Shop (if any):

         e. Pre-owned Land Rover Sales Facilities:

3.       Service Reception and Shop Requirements:

                  Minimum Number of Stalls

                  Minimum Number of Lifts

                  Dedicated Service Reception Requirements         Yes

                  Dedicated Service Lane Requirements              Yes

4.       Showroom Display Requirements:

         Compass Rose

         Adventure Gear

         "Gear" Display

         Royal Warrants

         Vehicle Display of _ Land Rover Vehicles

________________________________________________________________________________

     LRNA __________          DEALER __________          DATE __________

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5.       Personnel

         Designated Number of Land Rover
         Sales Guides required

         Designated Number of Land Rover
         Technicians required

         Designated Number of Land Rover
         Service Advisors required

Dealer hereby certifies that the foregoing information is true, complete and
accurate as of the date of execution hereof, and agrees there will be no change
in the foregoing without Company's prior written approval.

________________________________________________________________________________

     LRNA __________          DEALER __________          DATE __________

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DEALER MINIMUM FINANCIAL REQUIREMENTS EXHIBIT

1        Dealer firm name:

2.       Principal place of business:

3.       Dealer agrees to comply and maintain compliance with the following
         minimum financial requirements:

         a.       Net Working Capital for the Conduct
                  Of Dealer's Operation ...................$

         b.       Wholesale Credit for the Sale of
                  Land Rover Vehicles .....................$

         C.       Dealer's Debt to Equity Ratio.....................________

________________________________________________________________________________

     LRNA __________          DEALER __________          DATE __________

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DEALER PRIMARY AREA OF RESPONSIBILITY EXHIBIT

1.       Dealer firm name:

2.       Company has assigned as the Dealer's Primary Area of Responsibility
         the area defined by the following zip codes:

________________________________________________________________________________

     LRNA __________          DEALER __________          DATE __________
<PAGE>
                                [LAND ROVER LOGO]

                         LAND ROVER NORTH AMERICA, INC.
                                DEALER AGREEMENT
                          STANDARD TERMS AND CONDITIONS

<PAGE>

                                TABLE OF CONTENTS

Definitions ..................................................................1

Marque Values, Advertising and Promotions Trademarks .........................2

Supply of Product ............................................................2

Primary Area of Responsibility/Facilities ....................................4

Customer Relations and Retention .............................................4

Dealer Performance, Operations and Personnel .................................5

Obligation of Company to Dealer ..............................................7

Ownership, Succession, Transfer and Assignment ...............................7

Warranty .....................................................................9

Indemnification .............................................................10

Communications and Disputes .................................................10

Termination .................................................................11

Effects of Termination ......................................................13

Miscellaneous ...............................................................13

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                            STANDARD TERMS AND CONDITIONS
                            LAND ROVER NORTH AMERICA, INC.

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                            ARTICLE 1 - DEFINITIONS
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                            The following definitions shall apply in this agreement. Any reference to the singular shall, where
                            appropriate, include the plural and vice versa.

AGREEMENT                   1.1 "Agreement" means the combination of the text of the Grant of the Franchise executed by the parties
                            hereto, these Standard Terms and Conditions and the Dealer Ownership and Management Exhibit, Dealer
                            Primary Area of Responsibility Exhibit, Dealer Facilities and Location Exhibit, Dealer Financial
                            Requirements Exhibit, Dealer Succession Plan Exhibit together with any other exhibit incorporated by
                            reference.

COMPANY                     1.2 "Company" means Land Rover North America, Inc., a corporation organized under the laws of the state
                            of Delaware with its principal place of business located at 4390 Parliament Place, Lanham, Maryland
                            20706.

COMMENCEMENT DATE           1.3 "Commencement Date" means the effective date of this Agreement as specified in the Grant of the
                            Franchise.

DEALER                      1.4 "Dealer" means the business entity together with the individual(s) and/or organization(s) described
                            in the Dealer Ownership and Management Exhibit.

DEALER PREMISES             1.5 "Dealer Premises" means the physical location described in the Dealer Facilities and Location
                            Exhibit and none other.

DEALER PRINCIPAL            1.6 "Dealer Principal" means the person designated as such in the Dealer Ownership and Management
                            Exhibit.

GENERAL MANAGER             1.7 "General Manager" means the individual named as such in the Dealer Ownership and Management Exhibit.

MANUFACTURER                1.8 "Manufacturer" means Rover Group Limited, a corporation organized under the laws of England under
                            Registration No. 48324 with its registered office at Fletchampstead Highway, Coventry, CV49DB, United
                            Kingdom.

PRIMARY AREA OF
RESPONSIBILITY              1.9 "Primary Area of Responsibility" means the geographic area described in the Dealer Primary Area of
                            Responsibility Exhibit.

LAND ROVER CENTRE           1.10 "Land Rover Centre" means a Dealer Premises which is a free standing facility designed and
                            constructed in accordance with Company guidelines offering sales, service and parts available to
                            Customers and dedicated exclusively to the sales and service of Land Rover Products, with staff trained
                            in accordance with Company guidelines and designated as a Centre by Company. Such designation as a
                            Centre may be withdrawn by Company if Dealer fails to maintain the requirements of a Centre.

LAND ROVER VEHICLE          1.11 "Land Rover Vehicle" means a four wheel drive vehicle assembled by Manufacturer bearing the
                            trademark Land Rover and imported by Company.

LAND ROVER PARTS
ACCESSORIES                 1.12 "Land Rover Parts & Accessories" means replacement parts and optional equipment marketed by Company
                            for Land Rover Vehicles. The optional equipment will be referred to for marketing purposes as "Gear", as
                            "Land Rover Gear" or "Vehicle Gear".

LAND ROVER PRODUCTS         1.13 "Land Rover Products" means the combination of Land Rover Vehicles and Land Rover Parts and
                            Accessories.
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WARRANTY                    1.14 "Warranty" means that certain undertaking issued by Company which describes the limited obligation
                            of Company with respect to repair and service of Land Rover Vehicles in accordance with the written
                            terms of such undertaking as described in Article 9.

                            ARTICLE 2 - MARQUE VALUES, ADVERTISING AND PROMOTIONS TRADEMARKS
                            --------------------------------------------------------------------------------------------------------

MARQUE VALUES               2.1 Dealer and Company, as part of a national Land Rover distribution system, agrees to adhere to the
                            Marque Values and promote Land Rover Products and conduct their operations in a manner consistent with
                            those values.

ADVERTISING                 2.2 Advertising will be done consistently and regularly in compliance with Company guidelines and Dealer
                            will correct and/or withdraw, as required by Company, any advertising or promotional material which
                            Company, in its sole opinion, deems objectionable.

PROMOTIONS                  2.3 Dealer will conduct, on a regular basis, promotional events such as off-road events, service
                            clinics, lifestyle and press events and support local civic and cultural events, all to further enhance
                            the image of the Dealer and other Land Rover dealers.

SIGNS                       2.4 Dealer will purchase, illuminate, promptly repair and maintain at the Dealer Premises, signs and
                            displays of the type developed by Company as well as such other types of signs necessary to effectively
                            identify the Dealer and the Dealer Premises. The parties will cooperate so as to adhere to local laws
                            and ordinances which relate to the placement, size and general appearance and control of signs. Dealer
                            will provide Company with sufficient information concerning local laws and ordinances to allow for
                            proper design and placement of signs.

ADVERTISING GROUPS          2.5 To the maximum extent permitted by law, Dealer will participate in promotional, advertising and
                            public relations programs and groups developed by Company and will further develop and actively utilize
                            programs for the advertising, promotion and media coverage of Land Rover Products.

USE OF TRADEMARK            2.6 Dealer will not use or display any Company trademark except in the following fashion:

                                 2.6.1 In connection with the promotion, sale and service of Land Rover Products exclusively; and

                                 2.6.2 Only in such manner and for such purposes incident to such promotion, sale, and service as
                                 Company may specify from time-to-time.

LIMITATION                  2.7 Dealer agrees not to use any word, symbol or abbreviation which is similar to, or may be confused
                            with Company's trademark. Dealer may use the designations "Land Rover Authorized Dealer," "Land Rover
                            Genuine Parts," and "Land Rover Authorized Service" and the vehicle names "Range Rover", "Discovery",
                            "Defender 90" and "Defender 110". No Company trademark may be used except in the color, size, form and
                            style as uniformly approved by Company. Dealer is not authorized to offer any resale items displaying
                            Company's trademark except those items offered by Company.

INFRINGEMENT                2.8 The parties agree to cooperate with each other in preventing any acts of trademark infringement or
                            misuse. Dealer will advise Company of any potential non-compliance which comes to Dealer's attention and
                            Company will properly address any violation or infringement or perceived infringement in order to assure
                            the integrity and values of the Land Rover marque.

                            ARTICLE 3 - SUPPLY OF PRODUCT
                            --------------------------------------------------------------------------------------------------------

 NEW VEHICLE ORDER          3.1 Subject to their availability, Company will sell and deliver Land Rover Products to Dealer in
                            accordance with the terms of this Agreement. Dealer will place orders in accordance with procedures
                            established by the Company. All orders are subject to acceptance by Company and may be accepted in whole
                            or in part. Orders will be accepted by formal notice or by shipment. All orders are deemed firm except
                            Dealer may cancel all or part of its order by notice, if such notice is received by Company prior to
                            notice of acceptance being issued by Company or prior to shipment of the order if shipment is used by
                            Company as the method of acceptance of Dealer's order. If such notice of cancellation is issued orally,
                            it shall be immediately confirmed in writing.
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DELIVERY                   3.2 Company will select the distribution point for delivery. Dealer shall be responsible for the costs of
                           shipping from the Company nominated distribution point on a nationwide equalized cost basis. If
                           diversions are made at Dealer's request, or as a result of Dealer's failure or refusal to accept
                           delivery, except as provided in section 3.7 below, all costs of such diversion shall be for Dealer's
                           account and shall be paid promptly.

DEALER COST                3.3 All acceptances of Dealer's orders will be at the prevailing Company price. Company retains the
                           right, subject to notice, to revise prices from time to time. Such revised prices shall be effective as
                           of the date stated and will apply to all unfilled orders of Land Rover Products which have not yet been
                           shipped to Dealer. Company will protect retail Customers with orders in place secured by deposits from
                           price increases in accordance with local law. In agreeing to provide such protection, Company retains the
                           right to set reasonable requirements on such orders (including methods of reporting and accepting
                           deposits) to audit all such claims for price protection and to recharge Dealer for any price protection
                           given to a Customer that is not subsequently substantiated. The amount recharged will be the difference
                           between the price to the Customer as represented and what the price would have been but for the
                           protection.

PAYMENT                    3.4 Dealer will pay for Land Rover Products in cash, by electronic funds transfer, by sight draft, on an
                           account maintained by Dealer for such purpose, or in such other manner as specified by Company at the
                           time and upon the conditions specified in terms of payment established by Company. Delivery of checks or
                           of instruments other than cash will not constitute payment until cash has actually been collected. All
                           collection charges, transfer charges and exchange costs, if any, together with attorney fees, shall be
                           for Dealer's account.

TITLE                      3.5 Title to all Land Rover Products will pass to Dealer upon full payment by Dealer. Dealer will execute
                           and deliver, and authorizes Company to execute on its behalf, any financing statements or other documents
                           necessary to evidence its ownership. Company may take possession of any Land Rover Product to which it
                           has title. Company is entitled to all the rights and remedies of a secured party under the provisions of
                           the Uniform Commercial Code in addition to its rights under this Agreement.

RISK OF LOSS               3.6 Risk of Loss to all Land Rover Products shall pass to Dealer at the same time as their delivery
                           to Dealer at Company's distribution point or to a carrier at the place of delivery specified in
                           Company's terms of delivery. Dealer will promptly advise Company of any damage incurred in transit
                           on unloading Land Rover Vehicles. In order to receive payment for any transit damage, Dealer will
                           adhere to carrier and insurance company requirements with respect to inspection and
                           documentation to assure proper reporting of any damage. Company will handle all claims for transit
                           damage with the relevant insurance carrier and turn over to Dealer all amounts, if any, collected
                           upon receipt by Company. No Land Rover Products will be sold by Dealer in a damaged condition
                           under any circumstances.

REPAIR/REPLACEMENT         3.7 Dealer will promptly repair any transportation damage to a Land Rover Vehicle. In the event damage is
                           in excess of six percent (6%) of the Manufacturer's Suggested Retail Price, exclusive of glass, tires,
                           wheels and lighting components, or has sustained damage which under applicable state law requires
                           disclosure by Dealer to Customer, Dealer may, at its discretion, return the vehicle to Company and
                           Company may either substitute a different vehicle or credit Dealer's account for the cost of the unit.

DISTRIBUTION               3.8 Company retains the right to distribute Land Rover Vehicles in accordance with its best
                           judgment for maximum sales benefit, will at all times make the distribution fair and equitable and
                           will consider Dealer preferences recognizing the variances in regional sales performance and taking
                           into consideration Dealer investment and performance. Company will provide Dealer with a written
                           explanation of the allocation methods. Dealer agrees that distribution includes Dealer accepting a
                           representative selection of all Company models and color and trim specifications for all Land Rover
                           Vehicles.
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                         Land Rover Standard Provisions

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INVENTORY                   3.9 Subject to Company's ability to deliver, Dealer will maintain a pre-agreed level of inventory of
                            Land Rover Vehicles amounting to sixty (60) days sales of each model based on Dealer's annual objective.
                            The parties agree that such inventory is reasonable in the circumstances. Such inventory level will be
                            subject to adjustment based on actual sales and projections made by Company.

DEMONSTRATORS               3.10 Dealer will maintain a specific number of Land Rover Vehicles for demonstration purposes and shall
                            at all times keep such vehicles in clean, first-class working condition and shall register such vehicle
                            as demonstrator with Company. The specific number required will be based on volume and subject to
                            adjustment annually. One (1) vehicle for each model must be available at Dealer's Premises during normal
                            business hours.

                            ARTICLE 4 - PRIMARY AREA OF RESPONSIBILITY/FACILITIES
                            --------------------------------------------------------------------------------------------------------

DESCRIPTION                 4.1 Dealer and Company have agreed that Dealer is responsible for actively marketing, promoting, selling
                            and servicing Land Rover Products in a professional manner, that will enhance the image and reputation
                            of Land Rover Products and all dealers of Land Rover Products, within a geographic territory referred to
                            as the Dealer's Primary Area of Responsibility ("PAR"). Dealer's PAR, more fully described in attached
                            Primary Area of Responsibility Exhibit, contains sufficient potential for sales and service of Land
                            Rover Products to justify the investment Dealer has made and agrees to continue to make to profitably
                            develop the market. Dealer agrees to devote the necessary resources, including advertising, market
                            research, promotional events and sales and service activities to the development of this market. In the
                            case of a Land Rover Centre, Dealer will devote all of its resources to the development of the PAR.

EXCLUSIVITY
OF TERRITORY                4.2 In consideration of Dealer's devoting and continuing to devote the resources necessary to develop
                            the Primary Area of Responsibility, Company agrees that it will not locate another dealer of Land Rover
                            Products within Dealer's Primary Area of Responsibility. In the event Dealer fails to develop the
                            Primary Area of Responsibility, or to complete any remodeling or expansion to the Dealer Premises, or
                            addition of other facilities, as agreed to meet demand and achieve and maintain customer satisfaction,
                            or reduces the amount of the Dealer Premises described in the Dealer Facilities and Location Exhibit
                            dedicated to Land Rover Products or, in the case of a Land Rover Centre, begins conducting any other
                            type of business at the premises other than that devoted to Land Rover Products exclusively, Company
                            may, at its sole option, either terminate this Agreement, or reallocate the Primary Area of
                            Responsibility to match Dealer's Premises as they have been revised or reduced.

FACILITIES
LOCATION                    4.3 Dealer Premises requirements and location(s) are more fully described in the attached Dealer
                            Facilities and Location Exhibit. Dealer agrees to conduct operations from such facilities and none
                            other.

FACILITIES DESIGN           4.4 Dealer fully recognizes and agrees that part of the success of the sale of Land Rover Products is
                            the provision of a unique retail experience to Owners and Customers. This unique experience, while made
                            up of many elements, is symbolized by a consistent, recognizable design and layout. The overall approach
                            to the design and its elements have been jointly developed by Company and Dealers to be instantly
                            recognizable as a facility that is customer friendly and yet efficient to operate. Therefore, Dealer
                            agrees not to alter the design, layout, space allocation or other part of the retail environment from
                            that described in the Dealer Facilities and Location Exhibit unless specifically agreed with Company in
                            advance and further agrees to develop future facilities in accordance with the plans and specifications
                            provided by Company recognizing local restrictions as to signage, design, building specifications, etc.

                            ARTICLE 5 - CUSTOMER RELATIONS AND RETENTION
                            --------------------------------------------------------------------------------------------------------

SATISFACTION                5.1 Customer satisfaction is the key to the development and maintenance of a unique retail environment.
                            Dealer will provide prompt, professional, considerate service to all Owners of Land Rover Products,
                            regardless of the selling dealer and recognizes that Dealer's obligations of training,
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                            supply of spare parts and service capacity are the foundation to satisfactory Customer relations.
                            Dealer agrees to participate in Company's programs to measure and improve Customer Satisfaction.

DEALER COMPLAINT
RESOLUTION                  5.2 Dealer will investigate and resolve in a manner satisfactory to Company all complaints by Owners of
                            Land Rover Vehicles in a prompt and businesslike fashion. Any complaint which Dealer cannot remedy
                            promptly shall be reported to Company and Dealer will keep Company informed of progress on its
                            resolution of such problems. Dealer will at all times of operation designate one employee at the Dealer
                            Premises whose responsibility shall be Customer relations and will serve as the interface with Company
                            on the resolution of any Customer complaints. Dealer and Company will develop remedial programs as
                            necessary to improve Dealer rating in Customer satisfaction and Dealer will implement these programs.

                            ARTICLE 6 - DEALER PERFORMANCE, OPERATIONS AND PERSONNEL
                            --------------------------------------------------------------------------------------------------------

PERFORMANCE                 6.1 On an annual basis, Company and Dealer will agree on sales, service and customer satisfaction goals
                            and objectives for Dealer. The parties intent in setting such goals and objectives is to provide a
                            continuing incentive to achieve the highest standard of excellence among all dealers of Land Rover
                            Products and to reconfirm on an ongoing basis Company's and Dealer's joint commitments to maintaining
                            those high standards in all aspects of Dealer's operations. The criteria for setting the goals and
                            objectives will include comparisons with other dealers of Land Rover Products and dealers of competing
                            models.

REPORTS                     6.2 Dealer agrees to maintain books and records of account in accordance with accepted accounting
                            principles and provide Company with financial statements and other operating reports in a format
                            supplied by Company. Dealer will transmit such accounts and records on the data processing system
                            selected by Company separate from the accounts, reports, etc., required by any organization with which
                            Dealer may have a relationship, so as to reflect Land Rover business on a stand alone basis. At a
                            minimum a Dealer operating a shared facility will report Land Rover revenues separately and by category
                            and allocate expenses on a reasonable and consistent basis which will be described to Company.

TIME OF REPORTING           6.3 Dealer will deliver on or before the tenth (10th) day of each calendar month the required financial
                            statements for the preceding month and year-to-date, and within ninety (90) days of the close of
                            Dealer's fiscal year, a consolidated balance sheet and a profit and loss statement for the Dealer as a
                            whole and for Land Rover Products. Company may require such year-end statement to be certified by a
                            Certified Public Accountant, at Dealer's expense, and will notify Dealer of such requirement at least
                            thirty (30) days prior to the close of such fiscal year.

FINANCIAL REQUIREMENTS      6.4 Dealer agrees to maintain and employ in its operation at all times financial resources sufficient to
                            enable Dealer to perform Dealer's obligations under this Agreement. The resources shall include the
                            amounts of working capital, debt to equity ratio, minimum net worth, new vehicle financing and other
                            financial resources which Company requires. Company and Dealer have reached agreement on certain minimum
                            acceptable financial requirements applicable to Dealer and such minimum standards are contained in the
                            Dealer Financial Requirements Exhibit. The minimum requirements are subject to adjustment from time to
                            time by Company on the basis of Dealer performance.

GENERAL MANAGER             6.5 Dealer agrees to employ at all times a fully qualified and trained General Manager having principal
                            responsibility for the overall management of Dealer to oversee the day-to-day operations and designated
                            as such in the Dealer Ownership and Management Exhibit. This person shall devote full time and attention
                            to the management of Dealer's overall operation and shall have full authority to make decisions and act
                            on behalf of Dealer with Company. In the case of a Land Rover Centre, the General Manager shall be
                            referred to as the Centre Manager and his/her efforts will be directed exclusively to the operation of
                            the Dealer's Land Rover Centre. Dealer agrees to inform Company in writing of any change in the name of
                            the person having such responsibility and authority. No change shall be made or be effective without the
                            prior written consent of Company, which consent will not
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                           be unreasonably withheld. The Dealer Principal may be designated General Manager if he/she devotes
                           full time to the Dealer operations.

SALES PERSONNEL            6.6 Dealer shall at all times employ a sufficient number of fully trained and qualified personnel to
                           allow Dealer to fulfill its sales obligations. At a minimum, Dealer will continuously employ one (1)
                           fully trained sales representative for Land Rover Vehicles who is acceptable to Company and shall
                           primarily sell Land Rover Vehicles. The Land Rover Products Sales Manager shall be authorized to order
                           Land Rover Products and approve all transactions with customers in the absence of the General Manager.
                           The total number of sales personnel employed and their training requirements will be determined by
                           Company, based on sales history and planning volumes.

SERVICE PERSONNEL          6.7 Dealer shall at all times employ a sufficient number of fully qualified and trained technicians,
                           service advisers, and other required personnel to fulfill its service and customer relations and
                           customer retention obligations. Dealer will continuously employ at a minimum, one (1) factory
                           trained technician, such technician having attended training courses conducted by Manufacturer at
                           its assembly plant at Solihull, England, U.K., to repair and service Land Rover Vehicles. The total
                           number of service personnel employed will be determined by Company based on Dealer's sales
                           history and the number of other types of vehicles the service personnel are to be competent to repair.

TRAINING                   6.8 Dealer shall, at its own expense, have its employees attend and complete Company and Manufacturer
                           provided training courses in sales, service, parts, warranty and computer systems which shall be
                           conducted from time to time.

PARTS SALES                6.9 Dealer will use its best efforts to promote the sale of Land Rover Parts and Accessories in Dealer's
                           Primary Area of Responsibility.

PARTS INVENTORY            6.10 Dealer will maintain a three (3) month supply of Land Rover Parts and Accessories at the Dealer
                           Premises in storage areas maintained exclusively for such purpose. The parties agree that such inventory
                           level is reasonable in the circumstances. The adequacy of the supply of spare parts and of the storage
                           area will be determined by Company.

GENUINE PARTS              6.11 In the performance of Warranty service, Dealer will only use genuine Land Rover Parts and
                           Accessories together with parts that have been approved by Company so as not to jeopardize the Owner's
                           Warranty. Dealer will maintain all required records so as to track all repairs and warranty service
                           performed on a Land Rover Vehicle. Dealer will not sell, offer for sale or represent as genuine, Land
                           Rover Parts and Accessories which are not in fact new, genuine Land Rover Parts and Accessories.

SYSTEMS                    6.12 Dealer will purchase, maintain and upgrade as required a data processing system, together with
                           related software and telecommunications as specified by Company for use exclusively with Land Rover
                           Products. Dealer will employ fully qualified data entry and operating personnel to update all information
                           as required, adhere to Company provided operating practices and procedures, and generally employ the
                           system to the maximum effective advantage of Company and Dealer. The system called for will serve as
                           Dealer's primary link with Company and be used for vehicle and parts ordering, warranty claims
                           processing, filing of reports, information storage and retrieval, sales reporting, etc. The purchase will
                           be made from Company to assure uniformity of hardware and software throughout Company's network of
                           Dealers. Dealer will at all times keep the system confidential including the software and data stored
                           therein.

COMPLIANCE WITH LAW        6.13 Dealer will, at all times, maintain current and valid all licenses required for operation of the
                           Dealer and occupancy of the Dealer Premises and will adhere to all applicable laws, rules, regulations
                           and codes relating to the conduct of the business. In addition, Dealer will comply with all applicable
                           provisions of the National Traffic and Motor Vehicle Safety Act of 1966, the Federal Clean Air Act and
                           Magnusson-Moss Warranty Act, all as amended including regulations issued thereafter, together with any
                           other Federal, state and local vehicle emission, safety and warranty legislation.
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OPERATING HOURS            6.14 Dealer will open the Dealer Premises for business during such hours as other dealerships in the
                           vicinity are customarily open.

SERVICE                    6.15 Dealer will designate a separate service area for the repair and service of Land Rover Vehicles,
                           including the installation of special lifting device(s), and keep and make use of a full complement of
                           Company specified tools and equipment. The size of the service area dedicated to Land Rover Products will
                           be a function of Dealer's sales and service volumes. All Company required shop manuals and training
                           manuals shall be complete and up-to-date at all times.

VEHICLE INSPECTION         6.16 Company will specify a system of inspection and services to be completed on all Land Rover Vehicles
                           sold by the Dealer prior to their delivery to the Owner and Dealer will keep records required by Company
                           to establish the performance of such inspection and services.

                           ARTICLE 7 - OBLIGATION OF COMPANY TO DEALER
                           ---------------------------------------------------------------------------------------------------------

SALES AND SERVICE
SUPPORT                    7.1 To assist Dealer in the promotion, sales and service of Land Rover Products, Company will provide, or
                           cause to be provided to the Dealer the following:

                               7.1.1 General and specialized product information and trained field assistance to respond to
                               inquiries, train Dealer sales personnel and provide special advice and counsel with respect to sales
                               and marketing strategies, techniques and organizations.

                               7.1.2 Trained field assistance to respond to inquiries, train Dealer service personnel and provide
                               advice and counsel with respect to maintenance and repair of Land Rover Vehicles and operations and
                               managerial advice and assistance on parts and service organizations.

                               7.1.3 A spare parts supply depot.

SUPPLY OF MATERIALS        7.2 At reasonable cost to Dealer, Company will also provide:

                               7.2.1 Sales training courses for Dealer personnel and refresher courses for previously trained Dealer
                               personnel as well as updates on product development.

                               7.2.2 Service and maintenance training courses for Dealer personnel in all aspects of inspection and
                               preparation prior to sale, Warranty claims and repairs and other service and repairs including
                               training at the Manufacturer's facilities together with refresher and supplemental training courses
                               at Company's facilities.

                               7.2.3 Manuals on operating procedures, including updates on service and parts information. Brochures,
                               special tools and equipment and other data on Land Rover Products as required for performing the
                               Dealer obligations are under.

                               7.2.4 A data processing system to communicate and transmit information, orders, reports, claims,
                               etc., between Dealer and Company in a timely fashion.

NATIONAL ADVERTISING       7.3 Company will develop a marketing program for each model of Land Rover vehicles that will position
                           each product in the market place and provide consistent high quality advertising on a national level, as
                           well as materials useful for the individual Dealers at the local level.

                           ARTICLE 8 - OWNERSHIP, SUCCESSION, TRANSFER AND ASSIGNMENT

OWNERSHIP                  8.1 Dealer has provided Company with a description of the ownership of Dealer, including names,
                           addresses, percentage of ownership and description of holdings of all individuals and/or business
                           entities (corporation, partnership, etc) with direct ownership in Dealer and said information is
                           contained in the Dealer Ownership and Management Exhibit. Dealer recognizes that Company has
                           entered into this Agreement on the basis of and in reliance on the representations contained in such
                           Exhibit. Dealer will not make or agree to any changes in ownership from that described in such
                           Exhibit, except in the instances of 8.2 and 8.3 below.
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DEATH OF THE DEALER
PRINCIPAL              8.2 Upon the death of the Dealer Principal:

                           8.2.1 If the ownership interest of the Dealer Principal in Dealer passes as specified in a written
                           succession agreement previously approved by Company in writing and the management of Dealer remains
                           in the persons named in the Dealer Ownership and Management Exhibit, or in such written succession
                           agreement, Company will enter into a new Dealer Agreement with such named approved successor and the
                           process of 8.2 will not apply; or

                           8.2.2 If no written succession agreement has been approved by Company but the ownership interest in
                           Dealer of such Dealer Principal passes directly to the surviving spouse and the children, or any of them,
                           of the Dealer Principal and, either Dealer's General Manager remains as stated in the Dealer Ownership
                           and Management Exhibitor, or within ninety (90) days after the death of such Dealer Principal, a
                           successor General Manager is appointed in accordance with Article 6.5 and the other management of Dealer
                           remains as stated in the Dealer Ownership and Management Exhibit, then Company will enter into a new
                           Dealer Agreement with Dealer for a period of twelve (12) months. After the expiration of this twelve
                           (12) month period, Company will review with  Dealer the changes, if any, in the management or equity
                           interest of Dealer required by Company as a condition of entering into a new Dealer Agreement with
                           Dealer.

                           8.2.3 Any new Dealer Agreement entered into pursuant to this paragraph will be in substantially the same
                           form as the Dealer Agreement then currently offered by Company to its other dealers.

                           8.2.4 Unless one of the above provisions is complied with, the death of the Dealer Principal will result
                           in the immediate termination of the Dealer Agreement and the provisions of Article 13, Effects of
                           Termination, will apply.

COMPANY'S RIGHT OF
FIRST REFUSAL          8.3 If Dealer, or any holder or holders of 15% of Dealer equity or assets intends to sell such interest,
                       Company shall have the first right to purchase such equity as assets. Any buy/sell agreement or other
                       form of transfer agreement with a prospective buyer shall include a provision confirming Company's option
                       to exercise its right of first refusal.

                           8.3.1 Upon completion and signature of any buy/sell or other transfer agreement, Dealer will provide a
                           copy of the complete buy/sell documentation to Company. Such buy/sell documentation should contain all
                           the necessary terms and conditions to effect a complete, enforceable contract with the prospective
                           purchaser. The Company will have thirty (30) days from the receipt of such full buy/sell documentation to
                           advise Dealer if it intends to exercise its right of first refusal.

                           8.3.2 In the event Company elects to exercise its right of first refusal, the purchase price shall be
                           that amount contained in the buy/sell agreement, subject to any adjustments for inventory and other
                           offsets plus any offsets that are Company specific. Company shall reimburse Dealer for any brokerage
                           commission contractually incurred by Dealer in securing the prospective purchaser and shall reimburse
                           Dealer for any other cost reasonably incurred by Dealer in the negotiation of the buy/sell agreement.
                           Such costs may include attorney's fees, accounting fees and appraisal fees incurred by the prospective
                           buyer, so long as such services benefit company in the evaluation of the transaction, and any other
                           services which Company would have otherwise had to perform and is not obligated to re-perform and which
                           Dealer remains obligated to pay if Company does not exercise the right of first refusal.

                           8.3.3 Once Company has elected to exercise its right of first refusal, it may assign such right to
                           another. However, Company shall remain responsible to guarantee such assignee's performance of the
                           buy/sell agreement.
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                                8.3.4 This provision will not apply to a disposition with a member of the Dealer Principal's
                                immediate family (spouse, child, brother, sister, parent), to an individual named in the succession
                                addendum prepared pursuant to the provisions of the Transfer in the Event of Death of the Dealer
                                provisions in Article 8.2.1 of this Agreement, or to an individual listed in the Ownership and
                                Management Exhibit who has been so listed for the three previous years and who is otherwise
                                qualified to be a Dealer Principal.

                                8.3.5 Company's rights under this provision shall survive the filing of any bankruptcy or insolvency
                                proceeding contemplated by section 12.5 hereof.

ASSIGNMENT                 8.4 This Agreement may be freely assigned by Company. This Agreement may not be assigned or
                           transferred in whole or in part by Dealer.

                           ARTICLE 9 - WARRANTY
                           ---------------------------------------------------------------------------------------------------------

COMPANY WARRANTY           9.1 The only warranty applicable to Land Rover Products will be the written Warranty as may be furnished
                           by Company. Except for the express liability undertaken under such written Warranty, Company neither
                           assumes nor authorizes any other person or party to assume any other obligation or liability in
                           connection with Land Rover Products.

PROVISION OF WARRANTY      9.2 Company will supply Dealer with a copy of such written Warranty and Dealer will supply a copy of such
                           Warranty to each customer of Land Rover Vehicles or Land Rover Parts and Accessories as applicable at the
                           time of sale. Dealer will also maintain a supply of Warranty booklets to provide to Customers at their
                           request. Dealer will make all sales in a manner so that Owner acquires all rights under the Warranty and
                           Dealer will incorporate the terms of the Warranty as part of each order form and other contract for sale
                           of Land Rover Products by Dealer.

DELIVERY TO CUSTOMER       9.3 Upon delivery to an Owner of a Land Rover Vehicle, Dealer will also deliver a completed Warranty
                           booklet, supplied by Company with each Land Rover Vehicle. Upon presentation of a Warranty booklet by an
                           Owner, Dealer will perform the required warranty services for the appropriate Warranty period and
                           properly document its performance in the Owner's Warranty booklet as well as in the Dealer's own record.

WARRANTY SERVICES          9.4 Dealer will perform repairs and service required by Company's Warranty on any and all Land Rover
                           Vehicles for which a Manufacturer's Certificate of Origin is issued by Company, whether such vehicle was
                           purchased from Dealer or another Company dealer. Dealer will perform all its Warranty obligations
                           hereunder in accordance with the Company's then current policy on Warranty and service procedures. Dealer
                           further agrees to perform any and all recall and product improvement services in compliance with
                           instructions and directions issued by Company on such vehicle.

PAYMENT FOR WARRANTY
SERVICES                   9.5 Company will compensate Dealer for the labor and parts used by Dealer in performing its Warranty
                           obligations and in connection with any recall, product improvement or product update campaign which
                           Company may require Dealer to perform. Such compensation shall be in reasonable amounts as published from
                           time to time by Company in accordance with industry practices and based on warranty labor rates and hours
                           and parts prices determined by Company to perform such work.

LIMITED WARRANTY           9.6 EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 9, COMPANY MAKES NO WARRANTIES WHATSOEVER, EXPRESS OR
                           IMPLIED, AS TO PERFORMANCE, CHARACTERISTICS, SPECIFICATIONS, OR CONDITION OF LAND ROVER PRODUCTS TO BE
                           SUPPLIED BY IT TO THE DEALER, INCLUDING BUT NOT LIMITED TO, THE MERCHANTABILITY OR FITNESS FOR ANY
                           PARTICULAR PURPOSE AND ASSUMES NO LIABILITY WHATSOEVER WHETHER FOR DIRECT, INDIRECT, OR CONSEQUENTIAL
                           DAMAGES, OR IN ANY OTHER WAY IN CONNECTION WITH SUCH PERFORMANCE, CHARACTERISTICS, SPECIFICATIONS OR
                           CONDITION AND COMPANY'S MAXIMUM LIABILITY IS TO REPAIR OR, AT COMPANY'S OPTION, REPLACE THE LAND ROVER
                           PRODUCT.
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                           ARTICLE 10 - INDEMNIFICATION
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INDEMNITY BY
COMPANY                    10.1 Company will indemnity and hold Dealer harmless against any judgment, which may be rendered against
                           Dealer, including court costs and reasonable attorney fees in any litigation commenced by third parties
                           seeking monetary damages naming Dealer as a defendant concerning,

                           (i) breach of any Company Warranty on any Land Rover Product;

                           (ii) bodily injury, death or property damage claimed to be caused by a defect in the design, manufacture
                           or assembly of a Land Rover Product prior to delivery thereof to Dealer (except a defect which could have
                           been detected by Dealer on a reasonable inspection);

                           (iii) a misrepresentation or misleading statement made by Company;

                           (iv) a failure by Company to comply in whole or in part with any obligation assumed by Company pursuant
                           to the Agreement.

                           10.2 Company will not be obligated to indemnity Dealer if the above conditions apply but in addition:

                           (i) Dealer error or omission in servicing (including but not limited to Dealer not having performed
                           recalls of which Dealer had notice) if the defect subject to the recall is alleged or contended to be a
                           contributing cause to the breach of warranty, injury, death or property damage which is the subject
                           matter of the litigation;

                           (ii) the subject Land Rover Product has been altered by or for Dealer in a manner using components not
                           approved by Company and the alteration, in whole or in part, contributes to the incident or injury that
                           results in the litigation; or

                           (iii) the alleged defect should have been detected by Dealer, either as a result of the Pre-Delivery
                           inspection called for under this Agreement, or upon a reasonable inspection.

                           10.3 Dealer will refund to Company any amount previously paid by Company for providing a defense, or any
                           indemnity payment, if after undertaking to provide a defense or indemnity, the facts described in 10.2
                           are disclosed.

NOTIFICATION OF CLAIM      10.4 Dealer will promptly notify Company of any claim within the provision of 10.1 above which Dealer
                           asserts Company must defend. Dealer will take steps necessary to protect its own interests until Company
                           assumes the defense of Dealer. Upon assuming the defense, Company will retain and direct counsel of its
                           own choosing and Dealer will cooperate in all matters during the course of the defense.

INDEMNITY BY DEALER        10.5 Dealer will indemnity and hold Company harmless against any judgment which may be rendered against
                           Company, including court cost and reasonable attorney fees, in any litigation commenced by third parties
                           seeking monetary damages, naming Company concerning:

                           (i) a failure by Dealer to comply in whole or in part with any obligation assumed by Dealer pursuant to
                           this Agreement;

                           (ii) Dealer's negligent or improper repair or service of a Land Rover Vehicle, including the use of non-
                           genuine Land Rover Products;

                           (iii) Dealer's breach of any agreement between Dealer and Dealer's Customer;

                           (iv) Dealer's misrepresentation or misleading statement to any Customer.

                           (v) the breach of any warranty, service, financing or other agreement provided by Dealer to an Owner and
                           to which Company is not a party or the provider.

                            ARTICLE 11 - COMMUNICATIONS AND DISPUTES
                            --------------------------------------------------------------------------------------------------------

COMMUNICATIONS              11.1 The parties agree that in order to perform at their utmost capability and to compete effectively
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                           in the marketplace with other manufacturers and dealers of motor vehicles and provide the level of
                           Customer satisfaction and Owner experience that is desired, it is imperative that Dealer and Company
                           maintain an open forum with respect to communications. Company agrees to keep Dealer advised of plans for
                           future product and development of the franchise on an ongoing basis and to address itself to Dealer
                           concerns. Dealer agrees to apprise Company of any concern Dealer has with respect to the ongoing business
                           and seek to resolve any concerns or issues by direct, open communication.

DISPUTE RESOLUTION         11.2 While the parties agree to seek to resolve any dispute that may arise between them at the
                           operational level, nonetheless the parties recognize that disputes may arise concerning compliance with
                           the Agreement and the rights and obligations of the parties under this Agreement. The parties agree to
                           attempt to resolve all such disputes and differences through good faith negotiation. However, in the
                           event the dispute cannot be resolved, the parties agree to submit such dispute to the Dispute Resolution
                           Process ("Process"). This will be an ongoing, developing Process prepared and revised jointly by Company
                           and Dealer on a continuing basis so as to provide an efficient method, both in terms of time and expense,
                           of resolving disputes. The Process will include the services of a third party facilitator and the parties
                           agree to share the costs of the facilitator and to share the expense of any non parties who agree to
                           assist in mediating the dispute, including other dealers and employees of Company. The parties agree that
                           referral of any dispute to the Dispute Resolution Process is mandatory. However, the outcome of the
                           Process is not binding except that the parties may agree to accept all or part of the results of the
                           Process as a settlement at any time during the course of the Process.

                           ARTICLE 12 - TERMINATION
                           ---------------------------------------------------------------------------------------------------------

BY AGREEMENT               12.1 This Agreement may be terminated at any time by the mutual agreement of the parties.

BY DEALER                  12.2 Dealer may terminate this Agreement by giving to the Company prior written notice specifying the
                           effective date of termination, provided that the effective date of such termination shall not be earlier
                           than thirty (30) days after such notice of termination has been received.

BY COMPANY ON FIFTEEN
(15) DAYS NOTICE           12.3 Company may terminate this Agreement on fifteen (15) days written notice to Dealer upon the
                           occurrence of any of the following events:

                               12.3.1 Dealer's relocation of the Dealer Premises without the prior written approval of Company.

                               12.3.2 Dealer's attempted assignment or transfer of the Agreement in violation of Article 8.1.

                               12.3.3 The purported transfer of any ownership interest in violation of Article 8.4.

                               12.3.4 Cancellation, suspension or revocation of any license, permit, etc., necessary for the
                               operation of Dealer's business at the Dealer Premises or Dealer's failure to secure or renew such
                               license, permit, etc., within the above period of time.

                               12.3.5 Failure of the Dealer Premises to operate as a going concern during the normal business hours
                               customary for automobile dealerships in the Primary Area of Responsibility for a period of seven (7)
                               consecutive business days, so long as such failure is not due to causes enumerated in Article 14.8.

                               12.3.6 The making of any material misrepresentation in Dealer's application for the right to sell
                               Land Rover Products or relating to ownership of Dealer.

                               12.3.7 The submission to Company of any false or misleading financial statement, sales report,
                               Warranty claim, sales incentive or promotion payments or other request for reimbursement or payment
                               or any other form or status report required by Company's business practices.

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                               12.3.8 Conviction of Dealer or any of the individuals named in the Dealer Ownership and Management
                               Exhibit of any criminal offense which, in the sole opinion of Company, harms the business image of
                               Land Rover Products, or adversely affects Dealer operations.

                               12.3.9 Cancellation, without concurrent replacement, of any credit line, floor plan financing or
                               other financing facility.

BY COMPANY ON NINETY
(90) DAYS NOTICE           12.4 Company may terminate this Agreement upon ninety (90) days written notice if, after receipt of
                           such notice, Dealer has not corrected the failure(s) stated in such notice within the ninety (90) day
                           period or, if not capable of correction within such period, commenced and diligently prosecuted a
                           remedy to correct such failure satisfactory to the Company for any of the following events:

                               12.4.1 The failure by Dealer to provide the level of representation, promotion, sales or service of
                               Land Rover Products required under the terms of this Agreement.

                               12.4.2 Dealer's use of deceptive or misleading practices in the sale of Land Rover Products as the
                               supply of service to customers.

                               12.4.3 The failure to maintain and/or to improve the Dealer Premises as reasonably required by
                               Company to enhance the sales and/or service capability of Dealer for Land Rover Products or Dealers
                               reducing the space in the Dealer Premises from that described in the Dealer Facilities and Location
                               Exhibit without Company's prior written agreement.

                               12.4.4 The failure to maintain or restore working capital or other financial criteria to amounts and
                               ratios required by Company.

                               12.4.5 Use of unauthorized advertising as prohibited herein.

                               12.4.6 Late or incorrect submission of reports required herein.

                               12.4.7 Excessive turnover of personnel in any department in Dealer's operations for Land Rover
                               Products resulting in, or likely to result in, deterioration of Customer relations or service.

                               12.4.8 The existence of any dispute amongst Dealer's owners and/or management personnel which, in
                               Company's sole opinion, could impair, or has impaired, the operations of Dealer with consequent
                               adverse effect on relations with Customers of or for Land Rover Products.

                               12.4.9 The failure of Dealer to adhere to the legal requirements called for in Article 6.11 hereof.

                               12.4.10 The importation, distribution or sale of Land Rover Vehicles not originally manufactured or
                               designed for use in the United States.

                               12.4.11 Any breach of another material obligation of this Agreement.

                               12.4.12 Termination of Company's distributorship agreement with Manufacturer, or Company's decision
                               to cease distribution of Land Rover Products.

                               12.4.13 Withdrawal of Company from the market area designated as Dealer's Primary Area of
                               Responsibility.

IMMEDIATE TERMINATION      12.5 Company may terminate this agreement automatically and without notice upon any act acknowledging the
                           insolvency or bankruptcy of the Dealer, or any assignment for the benefit of creditors or the filing of
                           any bankruptcy, reorganization or insolvency proceedings, either voluntarily or involuntarily, or the
                           appointment of a receiver of Dealer or the Dealer Premises which is not removed within thirty (30) days
                           of such filing or appointment.

DEATH OF DEALER PRINCIPAL  12.6 Death of the Dealer Principal named in the Dealer Ownership and Management Exhibit will result in
                           the immediate termination of this agreement unless the provisions of Article 8.2 apply.
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                           ARTICLE 13 - EFFECTS OF TERMINATION
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CESSATION                  13.1 Upon receipt of Company's notice of termination, or the mailing of Dealer's notice of termination
                           to Company, or upon expiration of the term of this Agreement without renewal, Dealer will immediately
                           cease to be, or act as an authorized dealer of Land Rover Products, will no longer make use of any Land
                           Rover trademark and will immediately remove all signs, displays, etc., advertising itself as such.

NON-USE OF LAND ROVER
IDENTIFICATION             13.2 Dealer will inventory, package and ship all Land Rover books, manuals, etc., to Company at Dealer's
                           expense and will destroy any and all Dealer letterhead, business cards, business forms, etc., indicating
                           Dealer's previous status as a Dealer of Land Rover Products.

OUTSTANDING ORDERS         13.3 The Company may cancel any unfilled orders for Land Rover Products upon its receipt of Dealer's
                           notice of termination even if previously accepted by Company. The Company may, at its sole option, accept
                           orders or conduct business with Dealer after the effective date of termination. All such orders or
                           business operations will be under the same terms and conditions as this Agreement. The conduct of any
                           business after termination or expiration shall not serve as a waiver or modification of the termination,
                           or serve to extend the term of this Agreement.

REPURCHASE                 13.4 Company, subject to Dealer fulfilling its obligations under this Article 13, will repurchase from
                           Dealer: (a) all current model, new, unused, undamaged Land Rover Vehicles at the net cost of that vehicle
                           to the Dealer less the cost of freight, insurance, etc., or transfer the subject vehicle(s) to Company or
                           another dealer; (b) all current, new, properly packaged and itemized Land Rover Parts and Accessories at
                           Dealer's net cost of the item(s), less freight, insurance, etc., to Company's warehouse and less a
                           restocking charge of twenty percent (20%); (c) special tools, equipment and signs for Land Rover Products
                           properly maintained in good working order and repair, less than five (5) years old at Dealer's cost less
                           straight line depreciation of five (5) years useful life.

TRANSFER OF TITLE          13.5 Dealer is to take all such action as may be necessary to: (a) convey good and marketable title to
                           all such property to the Company, (b) comply with the requirements of any applicable state law relating
                           to bulk sales or transfers and (c) satisfy and discharge any liens or encumbrances on the property prior
                           to delivery to Company.

INVENTORY                  13.6 Within fifteen (15) days of the receipt by Dealer of the notice of termination by Company, or
                           Dealer's issuance of a notice of termination to Company, or the expiration of this Agreement, Dealer will
                           deliver to Company a complete inventory of all the above items, or reimburse Company for the cost of
                           Company preparing such an inventory.

RECONCILIATION             13.7 As a condition of repurchase, payments will first be applied against any money owed by Dealer to
                           Company. All payment due from Company to Dealer pursuant to any provisions of this Agreement or in
                           connection with the termination of this Agreement will be made by Company after receipt of the goods to
                           be repurchased and after all debits and credits have been ascertained and applied to Dealer's account and
                           Dealer has delivered to Company the Manufacturer's Certificate of Origin or other document of title for
                           repurchase. In the event it is found that a balance is due from Dealer to Company, Dealer will pay such
                           sum within ten (10) days of written notice of such balance.

                           ARTICLE 14 - MISCELLANEOUS
                           ---------------------------------------------------------------------------------------------------------

INDEPENDENT
CONTRACTOR                 14.1 Dealer, for all purposes of this Agreement, is an independent contractor and Dealer is not the agent
                           or representative of Company or its affiliates for any purpose. No other contractual relationship exists
                           between Dealer and Company and Dealer have no contractual relationship with Manufacturer. Dealer is not
                           granted any express or implied right or authority to assume or create any obligation on behalf of or in
                           the name of Company or to bind Company in any manner whatsoever.

APPLICABLE LAW             14.2 This Agreement shall be deemed to be executed by the parties in the state where the Dealer
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                           Premises is located and the rules of law of that state govern all questions regarding its construction
                           and interpretation except to the extent that stated public policy of the state where the Dealer Premises
                           is located shall prohibit any particular provisions, in which event Article 14.3 shall apply.

SEVERABILITY               14.3 In the event any provision of this Agreement is declared unenforceable under laws of any state, or
                           federal law enforceable at the time of the execution of this Agreement, or requires a longer notice
                           period than called for herein, the offending provision shall be reformed in a manner consistent with such
                           law to the minimum extent required while continuing to reflect the allocation of risks and obligations of
                           the parties hereto. Such declaration shall not impair or affect the validity of any other provision in
                           this Agreement and all such other provisions shall remain valid and in full force and effect.

ENTIRE AGREEMENT           14.4 This Agreement contains the entire agreement between Dealer and Company and Dealer acknowledges that
                           no representation or statement has been made by Company, or anyone acting or purporting to act for
                           Company that in any way modifies or changes any terms of this Agreement and acknowledges that there is no
                           other agreement or understanding between the parties, except as stated herein. This Agreement cancels,
                           supersedes and annuls any prior contract, agreement or understanding between Company and Dealer.

MODIFICATION               14.5 No provision of this Agreement may be changed, amended or deleted except by the written agreement of
                           authorized officers of the parties hereto. Without limiting the foregoing, no course of dealing will
                           alter the terms of this Agreement.

WAIVERS                    14.6 The waiver by either party of any breach of this Agreement, or the failure of either party to
                           require performance by the other party of any provision herein shall not affect the rights of either
                           party to require performance at any time thereafter, nor be deemed a waiver of a subsequent breach of the
                           same or another provision.

NOTICES                    14.7 Any notice, notification, etc., made pursuant to this Agreement shall be directed to the address of
                           the principal place of business of the respective parties of this Agreement. All notices required will be
                           sent certified mail, return receipt requested, to the address reflected in the Agreement for each party.

FORCE MAJEURE              14.8 Performance by each party of their respective obligations under this Agreement is subject to those
                           contingencies which are beyond the reasonable control of the parties, including labor disputes or work
                           stoppage, product delivery delays, governmental action or inaction, acts of God and events of force
                           majeure. The obligations of the party prevented from performing by virtue of the above shall be suspended
                           during such contingency without liability to the other for any direct or indirect damage and without
                           extending the term of this Agreement.

CONTINUITY  OF SUPPLY      14.9 Nothing in this Agreement shall give Dealer the right to continue to be supplied with Land Rover
                           Products, which may at any time be withdrawn or suspended from importation and sale into the United
                           States without any obligation or liability on the part of Company by reason thereof. Nothing in this
                           Agreement gives Dealer the right to sell any products other than Land Rover Products.

ADDITIONAL DEALERS         14.10 Subject to the provisions of Article 4 hereof, Company reserves the right to appoint additional
                           dealers upon making a survey of marketing factors in the area of a potential new dealer location. The
                           final decision whether to establish an additional dealer shall be made solely by Company pursuant to its
                           own business judgment, and nothing in this Agreement shall be construed to require Dealer's consent to
                           the establishment of an additional dealer.

TITLES                     14.11 Titles and headings appearing in this Agreement are for convenience only and shall not affect the
                           construction or interpretation of any provisions of this Agreement.
</TABLE>

                                       14

[LAND ROVER LOGO]
<PAGE>

                                [GRAPHIC OMITTED]

LAND ROVER NORTH AMERICA, INC., 4390 PARLIAMENT PLACE, PO BOX 1503, LANHAM,
MARYLAND 20706<PAGE>
                                                                 EXHIBIT 10.27.2

================================================================================

                           SECOND AMENDED AND RESTATED

                             STOCKHOLDERS AGREEMENT

                                  BY AND AMONG

                           AENEAS VENTURE CORPORATION,

                    INTERNATIONAL MOTOR CARS GROUP I, L.L.C.,

                   INTERNATIONAL MOTOR CARS GROUP II, L.L.C.,

                       J.P. MORGAN PARTNERS (BHCA), L.P.,

                               MITSUI & CO., LTD.,

                          MITSUI & CO. (U.S.A.), INC.,

                               PENSKE CORPORATION,

                        PENSKE CAPITAL PARTNERS, L.L.C.,

                        PENSKE AUTOMOTIVE HOLDINGS CORP.,

                          VIRGINIA SURETY COMPANY, INC.

                                       AND

                             UNITED AUTO GROUP, INC.

                          Dated as of February 22, 2002

================================================================================

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>                                                                                                            <C>

ARTICLE I DEFINITIONS.............................................................................................2

   1.1    DEFINITIONS.............................................................................................2
   1.2    RULES OF CONSTRUCTION...................................................................................5

ARTICLE II BOARD COMPOSITION AND VOTING AGREEMENTS................................................................5

   2.1    BOARD COMPOSITION.......................................................................................5
   2.2    COMPOSITION OF COMMITTEES OF THE BOARD OF DIRECTORS.....................................................5
   2.3    VOTING AGREEMENT........................................................................................6
   2.4    REDUCTION IN RIGHT OF PCP ENTITIES TO DESIGNATE DIRECTORS...............................................6
   2.5    SUSPENSION OF RIGHT TO DESIGNATE DIRECTORS..............................................................6
   2.6    REPLACEMENT DIRECTORS...................................................................................6
   2.7    TERMINATION OF ARTICLE II...............................................................................7
   2.8    QUORUM..................................................................................................7

ARTICLE III STANDSTILL PROVISIONS.................................................................................7

   3.1    STANDSTILL PROVISIONS...................................................................................7
   3.2    EXCEPTIONS TO THE STANDSTILL PROVISIONS.................................................................8
   3.3    STANDSTILL PROVISIONS APPLICABLE TO JPMP AND AON........................................................8
   3.4    EXCEPTIONS TO THE STANDSTILL APPLICABLE TO JPMP AND AON.................................................9
   3.5    PENSKE STANDSTILL WITH RESPECT TO COMPANY OFFERING......................................................9
   3.6    ACTION BY PCP ENTITIES.................................................................................10

ARTICLE IV TRANSFER RESTRICTIONS.................................................................................10

   4.1    RIGHT OF FIRST OFFER...................................................................................10
   4.2    TAG-ALONG RIGHTS.......................................................................................12
   4.3    TRANSFEREES; NONCOMPLYING TRANSFERS....................................................................12

ARTICLE V CERTAIN COVENANTS......................................................................................13

   5.1    LEGEND ON CERTIFICATES.................................................................................13
   5.2    ROGER PENSKE TO SERVE AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER..........................................14
   5.3    REGISTRATION RIGHTS AGREEMENT..........................................................................14
   5.4    REGULATORY MATTERS.....................................................................................15
   5.5    CONFIDENTIALITY OBLIGATION.............................................................................15
   5.6    FURTHER ASSURANCES.....................................................................................16

ARTICLE VI MUTUAL REPRESENTATIONS AND WARRANTIES.................................................................16

   6.1    ORGANIZATION...........................................................................................16
   6.2    AUTHORIZATION, VALIDITY AND ENFORCEABILITY.............................................................16
   6.3    NO VIOLATION OR BREACH.................................................................................16

ARTICLE VII TERM.................................................................................................17

   7.1    TERM...................................................................................................17
   7.2    EFFECTS OF TERMINATION.................................................................................17

ARTICLE VIII MISCELLANEOUS PROVISIONS............................................................................17

   8.1    SURVIVAL...............................................................................................17
   8.2    NOTICES................................................................................................17
   8.3    AMENDMENTS.............................................................................................19
   8.4    ASSIGNMENT AND PARTIES IN INTEREST.....................................................................19
   8.5    EXPENSES...............................................................................................20
   8.6    ENTIRE AGREEMENT.......................................................................................20
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                             <C>
   8.7    DESCRIPTIVE HEADINGS...................................................................................20
   8.8    COUNTERPARTS...........................................................................................20
   8.9    GOVERNING LAW; JURISDICTION............................................................................20
   8.10   SEVERABILITY...........................................................................................21
   8.11   SPECIFIC PERFORMANCE...................................................................................21
   8.12   TRANSFERS TO AFFILIATES................................................................................21
   8.13   PUBLIC FILINGS.........................................................................................22
</TABLE>

Exhibits

Exhibit A      -  Form of Registration Rights Agreement
Exhibit B      -  Form of Regulatory Sideletter

Schedules

Schedule 5.3 - Agreements granting registration rights

                                       ii

<PAGE>

                                                 THIS SECOND AMENDED AND
                                        RESTATED STOCKHOLDERS AGREEMENT (the
                                        "Agreement") dated as of February 22,
                                        2002 by and among AENEAS VENTURE
                                        CORPORATION, a Delaware corporation
                                        ("Harvard"), INTERNATIONAL MOTOR CARS
                                        GROUP I, L.L.C., a Delaware limited
                                        liability company ("PCP I"),
                                        INTERNATIONAL MOTOR CARS GROUP II,
                                        L.L.C., a Delaware limited liability
                                        company ("PCP II" and, together with PCP
                                        I, the "PCP Entities"), MITSUI & CO.,
                                        LTD., a Japanese company ("Mitsui
                                        Japan"), MITSUI & CO. (U.S.A.), INC., a
                                        New York corporation ("Mitsui USA" and
                                        together with Mitsui Japan, "Mitsui"),
                                        PENKSE CORPORATION, a Delaware
                                        corporation ("Penske Corporation"),
                                        PENSKE AUTOMOTIVE HOLDINGS CORP., a
                                        Delaware corporation ("Penske
                                        Holdings"), PENSKE CAPITAL PARTNERS,
                                        L.L.C., a Delaware limited liability
                                        company ("Penske Capital," and together
                                        with Penske Corporation and Penske
                                        Holdings, "Penske"), and UNITED AUTO
                                        GROUP, INC., a Delaware corporation (the
                                        "Company").

                  WHEREAS, Harvard, the PCP Entities, Penske Capital, Penske
Corporation, Mitsui and the Company are parties to a certain Amended and
Restated Stockholders Agreement dated as of February 28, 2001 (the "Existing
Agreement");

                  WHEREAS, the parties to the Existing Agreement wish to amend
and restate in its entirety the Existing Agreement to continue to provide for
certain matters relating to the ownership and transfer of the Common Stock, and
to bind new parties to such Existing Agreement, on the terms and conditions
provided in this Agreement.

                  NOW, THEREFORE, in consideration of the promises, the mutual
covenants and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

1.1      DEFINITIONS.

         Unless otherwise defined herein, capitalized terms used herein shall
have the meanings specified below:

                  "Adjusted Beneficial Ownership" has the meaning set forth in
Section 2.4.

                  "Affiliate" means "affiliate" as defined in Rule 405
promulgated under the Securities Act.

                  "AON" means Virginia Surety Company, Inc., an Illinois
corporation.

                  "AON Standstill Shares" has the meaning set forth in Section
3.3.

                  "Beneficial Ownership" means "beneficial ownership" as defined
in Rule 13d-3 promulgated under the Exchange Act. The term "Beneficial Owner"
shall have a correlative meaning.

                  "Business Day" means a calendar day, other than (a) a Saturday
or Sunday, and (b) a day on which commercial banks are required or permitted by
law or other governmental action to close in New York, New York, United States
of America and Tokyo, Japan.

                  "Common Stock" means the voting Common Stock, par value $.0001
per share, and non-voting Common Stock, par value $.0001 per share, of the
Company, and includes any securities issued with respect to such shares by way
of stock dividend or stock split or in connection with a combination of shares,
recapitalization, amalgamation, merger, consolidation or other reorganization or
otherwise.

                  "Company" has the meaning set forth in the recitals hereto.

                  "Direction Letters" means the each of (i) the direction letter
dated as of the date hereof among PCP I, JPMP, AON, Penske Capital and Penske
Corporation and (ii) the direction letter dated as of the date hereof among PCP
II, JPMP and Penske Capital.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                  "Harvard" has the meaning set forth in the preamble.

                  "Independent Directors" means persons nominated by the
immediately preceding directors who (i) were initially nominated by the audit
committee of the Company and (ii) are not Affiliates of either the PCP Entities
or their respective Affiliates (other than the Company).

                  "Indication of Intent" has the meaning set forth in Section
4.1.

                                       2
<PAGE>

                  "JPMP" means J.P. Morgan Partners (BHCA), L.P., a Delaware
limited partnership, and successor to Chase Equity Associates, L.P., a
California limited partnership.

                  "JPMP Standstill Shares" has the meaning set forth in Section
3.3.

                  "Limited Transfer Period" has the meaning set forth in Section
4.1.

                  "Mitsui" has the meaning set forth in the preamble.

                  "Operating Agreements" means each of (i) the Amended and
Restated Limited Liability Company Agreement for PCP I and (ii) the Amended and
Restated Limited Liability Company Agreement for PCP II, each dated as of the
date hereof, and each as amended from time to time.

                  "PCP Directors" has the meaning set forth in Section 2.1.

                  "PCP Entities" has the meaning set forth in the preamble.

                  "PCP I" has the meaning set forth in the preamble.

                  "PCP II" has the meaning set forth in the preamble.

                  "Penske" has the meaning set forth in the recitals hereto.

                  "Penske Capital" has the meaning set forth in the preamble.

                  "Penske Corporation" has the meaning set forth in the
preamble.

                  "Penske Holdings" has the meaning set forth in the preamble.

                  "Penske Offer" has the meaning set forth in Section 4.1.

                  "Penske Purchase Amount" has the meaning set forth in Section
4.1.

                  "Penske Rejection" has the meaning set forth in Section 4.1.

                  "Permitted Transferee" of a person means (a) a corporation,
partnership or other entity wholly owned by such person; provided, that such
corporation, partnership or other entity shall agree in writing that it shall
transfer to such person any Restricted Securities which it holds prior to such
time as it ceases to be wholly owned by such person, and (b) the equity owners
of such person to the extent such equity owners receive a pro rata distribution
of Restricted Securities.

                  "Registration Rights Agreement" means the Registration Rights
Agreement dated as of the date hereof, as amended, among JPMP, AON, the Company
and the other parties thereto.

                  "Regulatory Sideletter" has the meaning set forth in Section
5.4.

                                       3
<PAGE>

                  "Rejected Shares" has the meaning set forth in Section 4.1.

                  "Rejected Share Transfer Period" has the meaning set forth in
Section 4.1.

                  "Restricted Securities" means any Common Stock or other equity
security of the Company Beneficially Owned by a Restricted Stockholder and any
securities convertible, exercisable or exchangeable for Common Stock or such
other equity securities, including, without limitation, the Series A Preferred
Stock, the Series B Preferred Stock and the Warrants.

                  "Restricted Stockholder" means each of Harvard, Penske, the
PCP Entities and Mitsui.

                  "Section 3.3 Standstill Period" has the meaning set forth in
Section 3.3.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Series A Preferred Stock" means the Series A Convertible
Preferred Stock, par value $.000l per share, of the Company.

                  "Series B Preferred Stock" means the Series B Convertible
Preferred Stock, par value $.000l per share, of the Company.

                  "Standstill Shares" has the meaning set forth in Section 3.3.

                  "Tag-Along Notice" has the meaning set forth in Section 4.2.

                  "Tag-Along Stockholders" has the meaning set forth in Section
4.2.

                  "Transfer" means any direct or indirect transfer, sale,
assignment, gift, pledge, mortgage, hypothecation or other disposition of any
interest. The terms "Transferee," "Transferor," "Transferred," and
"Transferable" shall each have a correlative meaning.

                  "Transfer Amount" has the meaning set forth in Section 4.1.

                  "Transfer Notice" has the meaning set forth in Section 4.1.

                  "Transferring Party" has the meaning set forth in Section 4.1.

                  "Underwritten Offering" has the meaning set forth in Section
4.1.

                  "Underwritten Offer Period" has the meaning set forth in
Section 4.1.

                  "Underwritten Share Price" has the meaning set forth in
Section 4.1.

                  "Unlimited Share Transfer Period" has the meaning set forth in
Section 4.1.

                  "Warrants" means warrants exercisable for Common Stock.

                                       4
<PAGE>

         When reference is made herein to securities held by the PCP Entities
for the account of JPMP or AON (or similar references) such references shall be
to shares of capital stock of the Company contained in the JPMP Share Account or
the AON Share Account (as each such term is defined in the applicable Operating
Agreement(s)) held by the PCP Entities for the account of such Persons.

1.2      RULES OF CONSTRUCTION.

         Unless the context otherwise requires: (a) a term has the meaning
assigned to it by this Agreement; (b) an accounting term not otherwise defined
has the meaning assigned to it in accordance with generally accepted accounting
principles in effect in the United States of America; (c) "or" is not exclusive;
and (d) words in the singular include the plural, and in the plural include the
singular. The language used in this Agreement shall be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict
construction shall be applied against any party. Any references to any statute
or law shall also refer to all rules and regulations promulgated thereunder,
unless the context requires otherwise.

                                   ARTICLE II

                     BOARD COMPOSITION AND VOTING AGREEMENTS

2.1      BOARD COMPOSITION.

         The Restricted Stockholders will vote their shares of Common Stock to
elect the following directors:

                           (i) Roger Penske, and four (4) additional directors
         designated by the PCP Entities (the "PCP Directors").

                           (ii) One (1) director nominated by Mitsui.

                           (iii) Three (3) Independent Directors.

         If Mitsui elects not to designate a person for the position of director
of the Company, Mitsui shall have the right to nominate a non-voting observer to
the Board of Directors of the Company (the "Observer"). The Restricted
Stockholders shall cause their nominees on the Board of Directors of the Company
to permit the Observer to participate in all meetings of the Board of Directors
of the Company. The Observer shall be entitled to receive all materials and
information distributed to directors of the Company and shall have access to the
Company's management and records as if such Observer were a director.

2.2      COMPOSITION OF COMMITTEES OF THE BOARD OF DIRECTORS.

         The Restricted Stockholders shall use their reasonable best efforts to
have the Compensation and Stock Option Committee of the Board of Directors of
the Company consist of four persons as follows:

                           (i) Roger Penske and one (1) additional PCP Director.

                                       5
<PAGE>

                           (ii) Two (2) Independent Directors.

2.3      VOTING AGREEMENT.

         Each of the Restricted Stockholders agrees to vote all of the voting
securities of the Company Beneficially Owned by it in favor of the persons to be
nominated as directors pursuant to Section 2.1 and to take all other reasonable
action to cause such Persons to be elected as the only directors of the Company.

2.4      REDUCTION IN RIGHT OF PCP ENTITIES TO DESIGNATE DIRECTORS.

         Notwithstanding anything to the contrary contained in this Agreement,
at such time as the percentage Beneficial Ownership in the Company of the PCP
Entities together with the Beneficial Ownership in the Company of Penske, taken
together ("Adjusted Beneficial Ownership"), is reduced below 20% then the number
of PCP Directors shall be reduced to the applicable number in the chart below:

<TABLE>
<CAPTION>
           If such Adjusted Beneficial                                           No. of PCP Directors to be
      Ownership is equal to or greater than:          But less than:                designated thereafter
      --------------------------------------          --------------                ---------------------
<S>                                                   <C>                        <C>
                       17.5%                                20.0%                             4
                       15.0%                                17.5%                             3
                       12.5%                                15.0%                             2
                       10.0%                                12.5%                             1
</TABLE>

Any reduction resulting from application of this Section 2.4 shall take place on
the earlier to occur of (x) the first meeting of stockholders of the Company
following the determination of such reduction, and (y) the first vacancy on the
Board of Directors following the determination of such reduction.

2.5      SUSPENSION OF RIGHT TO DESIGNATE DIRECTORS.

         Notwithstanding anything to the contrary contained in this Agreement,
the right of the PCP Entities or Mitsui, as the case may be, to designate
directors of the Company shall be suspended as follows:

                  (a) with respect to the PCP Entities, their Adjusted
Beneficial Ownership combined with the Beneficial Ownership in the Company of
Penske is reduced below 10%; or

                  (b) with respect to Mitsui together with any of its
Affiliates, its Beneficial Ownership is reduced below 2.5%.

2.6      REPLACEMENT DIRECTORS.

         During such time as the right of either the PCP Entities or Mitsui to
nominate directors is reduced or suspended pursuant to Section 2.4 or 2.5, the
Restricted Stockholders shall use their reasonable best efforts to have the
successors to such directors both: (a) be selected by a majority

                                       6
<PAGE>

of the remaining Board of Directors, excluding the director whose position is no
longer entitled to be designated by Mitsui or the PCP Entities, and (b) not be
Affiliates of the PCP Entities and their Affiliates (other than the Company and
its subsidiaries).

2.7      TERMINATION OF ARTICLE II.

         The provisions contained in this Article II shall terminate and be of
no further effect from and after the third anniversary of this Agreement.

2.8      QUORUM.

         The presence of at least six Directors shall constitute a quorum for
the purpose of meetings of the Board of Directors of the Company.

                                  ARTICLE III

                              STANDSTILL PROVISIONS

3.1      STANDSTILL PROVISIONS.

         Subject to Section 3.2, at any time prior to December 14, 2003, each
Restricted Stockholder shall not, and shall cause its Affiliates not to, either
alone or as part of a "group" (as such term is used in Rule 13d-5 (as such rule
is currently in effect) of the Exchange Act), directly or indirectly:

                  (a) acquire or seek to acquire, by purchase or otherwise,
ownership (including, but not limited to, Beneficial Ownership) of (i) any
capital stock of the Company, or direct or indirect rights (including
convertible securities) or options to acquire such capital stock or (ii) any of
the assets or businesses of the Company, or direct or indirect rights or options
to acquire such assets or businesses;

                  (b) offer, seek or propose to enter into any transaction of
merger, consolidation, sale of substantial assets or any other business
combination involving the Company or any of its Affiliates, whether or not any
parties other than such Restricted Stockholder and its Affiliates are involved;

                  (c) make, or in any way participate, directly or indirectly,
in any "solicitation" of "proxies" (as such terms are defined or used in
Regulation 14A under the Exchange Act) or become a "participant" in any
"election contest" (as such terms are defined or used in Rule 14a-11 under the
Exchange Act) to vote, or seek to advise or influence any person or entity with
respect to the voting of, any voting securities of the Company of any of its
Affiliates, except as set forth in Article II of this Agreement;

                  (d) initiate or propose any stockholder proposals for
submission to a vote of stockholders, whether by action at a stockholder meeting
or by written consent, with respect to the Company or any of its Affiliates, or
except as provided in this Agreement propose any person for election to the
Board of Directors of the Company;

                                       7
<PAGE>

                  (e) disclose to any third party, or make any filing under the
Exchange Act, including, without limitation, under Section 13(d) thereof,
disclosing, any intention, plan or arrangement inconsistent with the foregoing;

                  (f) form, join or in any way participate in a group to take
any actions otherwise prohibited by the terms of this Agreement;

                  (g) enter into any discussions, negotiations, arrangements or
understandings with any third party with respect to any of the foregoing; or

                  (h) make any public announcement with respect to any of the
foregoing.

3.2      EXCEPTIONS TO THE STANDSTILL PROVISIONS.

         Notwithstanding the foregoing, the provisions of Section 3.1 shall not
prohibit:

                  (a) any transaction by a Restricted Stockholder approved by
either (i) a majority of the members of the Board of Directors who are neither
designated by such Restricted Stockholder nor otherwise affiliated with such
Restricted Stockholder, or (ii) a majority of the stockholders of the Company
other than such Restricted Stockholder and its Affiliates;

                  (b) (i) in the case of the PCP Entities, the acquisition of
securities or of Beneficial Ownership of securities if, after giving effect to
such acquisition, the Beneficial Ownership of the PCP Entities in the Company is
less than or equal to 65% and (ii) in the case of each of Harvard and Mitsui,
the acquisition of securities of the Company or of Beneficial Ownership of
securities of the Company if, after giving effect to such acquisition, the
Beneficial Ownership of each such Restricted Stockholder in the Company is less
than or equal to 49%;

                  (c) the granting by the Board of Directors of options to
Affiliates of Restricted Stockholders;

                  (d) the exercise of stock options; or

                  (e) any transaction contemplated by, or in furtherance of, the
Regulatory Sideletter, the Registration Rights Agreement or this Agreement.

3.3      STANDSTILL PROVISIONS APPLICABLE TO JPMP AND AON.

                  (a) From the date hereof through January 31, 2003 (the
"Section 3.3 Standstill Period"):

                           (i) JPMP, or the PCP Entities for the account of
         JPMP, shall hold shares of Series A Preferred Stock, Series B Preferred
         Stock or Common Stock representing at least 3,122,449 shares of Common
         Stock on an as-converted basis, in the aggregate (as adjusted for stock
         splits, reverse stock splits, combinations, reclassifications or
         similar events) (the "JPMP Standstill Shares"), and shall not Transfer
         such shares, except to a Permitted Transferee or Affiliate of JPMP;

                                       8
<PAGE>

                           (ii) AON, or the PCP Entities for the account of AON,
         shall hold shares of Series A Preferred Stock or Common Stock
         representing at least 1,377,551 shares of Common Stock on an
         as-converted basis, in the aggregate (as adjusted for stock splits and
         the like ) (the "AON Standstill Shares," and together with the JPMP
         Standstill Shares, the "Standstill Shares"), and shall not Transfer
         such shares, except to a Permitted Transferee or Affiliate of AON; and

                           (iii) in the event that Penske so requests, JPMP
         shall use all reasonable efforts to convert any of its Standstill
         Shares, whether held by JPMP or a PCP Entity for the account of JPMP,
         which represent non-voting capital stock of the Company into voting
         capital stock of the Company; provided, however, that JPMP shall have
         no obligation to effect such conversion if such conversion would cause
         or could reasonably be expected to cause (A) a Regulatory Problem (as
         defined in the Regulatory Sideletter), (B) a filing requirement
         pursuant to the Hart-Scott-Rodino Act of 1976, as amended, or (C) a
         violation of the applicable securities laws or any rule or regulation
         of any exchange on which any shares of capital stock of the Company are
         listed.

                  (b) From the date hereof through and including May 1, 2002,
other than as contemplated by Section 2.2 (c) of the Registration Rights
Agreement, neither JPMP nor AON shall direct the PCP Entities to Transfer any
shares of capital stock of the Company, except to the respective Permitted
Transferees or Affiliates of JPMP and AON; provided, however, that the foregoing
restrictions shall not prohibit JPMP or AON from directing the PCP Entities to
Transfer shares of capital stock of the Company in a private sale.

3.4      EXCEPTIONS TO THE STANDSTILL APPLICABLE TO JPMP AND AON.

         Notwithstanding the foregoing, in the event that during the Section 3.3
Standstill Period, Penske or any of its Affiliates Transfers Restricted
Securities (other than (i) with respect to Restricted Securities (A) to any
Affiliate of Penske or (B) a Transfer by a PCP Entity of securities held by such
PCP Entity for the account of either JPMP or AON at the direction of JPMP or
AON, or (ii) with respect only to those securities Transferred from Penske
Corporation's, JPMP's or AON's respective "Share Account" (as defined in the
Operating Agreement(s)) to the "Carry Account" (as defined in the Operating
Agreement(s)), a Transfer to Penske Capital or by Penske Capital to its members
or by such members to their members ad infinitum) in one transaction or a series
of related transactions that represent an amount in excess of five hundred
thousand (500,000) shares of Common Stock (determined on an as-converted basis)
in the aggregate, the provisions of Sections 3.3(a) and (b) shall terminate
immediately prior to such Transfer and be of no further force or effect.

3.5      PENSKE STANDSTILL WITH RESPECT TO COMPANY OFFERING.

         Penske and each of its Affiliates (other than the Company) shall not
Transfer (other than a Transfer by a PCP Entity of securities held by such PCP
Entity for the account of either JPMP or AON at the direction of JPMP or AON) or
dispose of any Restricted Securities (i) as part of, or in connection with the
first primary public offering of securities of the Company which includes a
secondary sale component to occur following the date hereof, provided such
offering

                                       9
<PAGE>

occurs on or before August 1, 2003, or (ii) pursuant to Rule 144 promulgated
under the Securities Act from the date hereof through and including May 1, 2002.

3.6      ACTION BY PCP ENTITIES.

         Notwithstanding anything contained herein to the contrary but subject
to the terms and provisions of the Direction Letters, the PCP Entities shall not
take any action for, or exercise any right on behalf of, JPMP or AON without the
prior direction or approval of JPMP or AON, as applicable, and the PCP Entities
agree to take all necessary actions to effectuate the terms of this Agreement on
behalf of JPMP and AON or otherwise.

                                   ARTICLE IV

                              TRANSFER RESTRICTIONS

4.1      RIGHT OF FIRST OFFER.

                  (a) At any time after February 1, 2003 but before February 1,
2005, if JPMP or AON, as the case may be (the "Transferring Party"), desires to
Transfer any Standstill Shares held by the PCP Entities for their respective
accounts (other than to a Permitted Transferee or an Affiliate), and directs the
PCP Entities to so Transfer any Standstill Shares, such Transferring Party
shall, before such Transfer, take the following actions:

                           (i) Inform Penske Corporation in writing (which shall
         include by facsimile) of its intent to Transfer such Standstill Shares
         (the "Transfer Notice") and shall include in such Transfer Notice, the
         number of Standstill Shares such Transferring Party intends to Transfer
         (the "Transfer Amount").

                           (ii) Upon receipt of a Transfer Notice, Penske
         Corporation shall have twenty-four (24) hours from the time of delivery
         of the Transfer Notice to inform the Transferring Party whether it
         desires to purchase any such Standstill Shares.

                           (iii) In the event that Penske Corporation informs
         the Transferring Party in writing that it does not intend to purchase
         any such Standstill Shares or provides no response prior to the
         expiration of such twenty-four (24) hour period (the "Penske
         Rejection"), such Transferring Party shall be entitled to Transfer such
         Standstill Shares, free and clear of the restrictions set forth in this
         Section 4.1 to any party for any consideration for ten (10) Business
         Days from the effective time of such Penske Rejection (the "Unlimited
         Transfer Period"). To the extent that the Transferring Party has not
         Transferred such Standstill Shares within the Unlimited Transfer
         Period, such Transferring Party shall again comply with the provisions
         of this Section 4.1 prior to Transferring such Standstill Shares which
         were not so Transferred.

                           (iv) In the event that Penske Corporation informs the
         Transferring Party in writing that it intends to purchase any such
         Standstill Shares (the "Penske Offer"), Penske Corporation shall
         indicate to the Transferring Party the per share price, in cash, it is
         willing to pay for such Standstill Shares to be purchased by it and the
         number of such

                                       10
<PAGE>

         Standstill Shares which Penske Corporation intends to purchase (the
         "Penske Purchase Amount") and such Penske Offer shall be irrevocable
         for twenty-four (24) hours.

                           (v) If the Transferring Party accepts the Penske
         Offer, the parties shall complete the Transfer of such Standstill
         Shares within five (5) Business Days from the date of delivery of such
         acceptance by the Transferring Party to Penske Corporation. In the
         event that the Penske Purchase Amount is less than the Transfer Amount,
         the Transferring Party shall be entitled to Transfer such remaining
         Standstill Shares (the "Rejected Shares"), free and clear of the
         restrictions set forth in this Section 4.1, for ten (10) Business Days
         from the time of the receipt by the Transferring Party of the Penske
         Offer to any party for any consideration (the "Rejected Share Transfer
         Period"). To the extent that the Transferring Party has not Transferred
         all of such Rejected Shares within the Rejected Share Transfer Period,
         such Transferring Party shall again comply with the provisions of this
         Section 4.1 prior to Transferring such Standstill Shares which were not
         so Transferred.

                           (vi) If the Transferring Party rejects the Penske
         Offer, for a period of five (5) Business Days from the date of delivery
         of such rejection by the Transferring Party to Penske Corporation (the
         "Limited Transfer Period"), such Transferring Party shall be able to
         Transfer such Standstill Shares, free and clear of the restrictions set
         forth in this Section 4.1, to any other party for a per share price, in
         cash, not less than the per share price set forth in the Penske Offer.
         To the extent that the Transferring Party has not Transferred all of
         such Standstill Shares within the Limited Transfer Period, such
         Transferring Party shall again comply with the provisions of this
         Section 4.1 prior to Transferring such Standstill Shares which were not
         so Transferred.

                  (b) In the event that a Transferring Party intends to Transfer
shares in an underwritten offering (the "Underwritten Offering") pursuant to
Section 2.1 of the Registration Rights Agreement, the Transferring Party shall
provide Penske Corporation with the Transfer Notice and the Transfer Amount
proposed to be sold in such Underwritten Offering. Penske Corporation, or its
Affiliates, shall have the right to purchase all or any portion of the
underwritten shares for a period of 30 days (the "Underwritten Offer Period")
following receipt of the Transfer Notice at a purchase price equal to the 20-day
trailing average closing price of the Common Stock as quoted on the New York
Stock Exchange Composite Index determined as of the date of delivery of the
Transfer Notice (the "Underwritten Share Price") and shall deliver a non-binding
indication of intention to purchase (an "Indication of Intent") such shares
within 15 days following receipt of the Transfer Notice. If Penske Corporation
or its Affiliates do not elect to purchase all of the underwritten shares within
such 30 day period or have not delivered an Indication of Intent within the
aforementioned 15 days, then the Transferring Party shall be free to sell the
portion of the underwritten shares not purchased by Penske Corporation or its
Affiliates in the Underwritten Offering pursuant to the Registration Rights
Agreement; provided, that if such Underwritten Offering is not completed within
120 days from the date of the Transfer Notice, then the underwritten shares will
again be offered to Penske Corporation pursuant to the terms of this Section
4.1(b). Any purchase of underwritten shares by Penske Corporation or its
Affiliates shall be completed within 15 days following the expiration of the
Underwritten Offer Period.

                                       11
<PAGE>

4.2      TAG-ALONG RIGHTS.

                  (a) In the event any of the PCP Entities or Penske desires to
Transfer any Restricted Securities to a third party (other than (i) with respect
to any Restricted Securities (A) to their respective Permitted Transferees or
Affiliates or (B) pursuant to the direction of JPMP or AON, as the case may be,
with respect to those securities of the Company held by the PCP Entities for
their respective accounts, or (ii) with respect only to those securities
Transferred from Penske Corporation's, JPMP's or AON's respective "Share
Account" (as defined in the Operating Agreement(s)) to the "Carry Account" (as
defined in the Operating Agreement(s)) and those securities held in Penske
Capital's "Share Account" (as defined in the Operating Agreement(s)) to Penske
Capital or by Penske Capital to its members or by such members to their members
ad infinitum (it being understood that in no event will this clause (ii) apply
to any Transfer by Penske Corporation)) at any time prior to February 1, 2005,
such PCP Entity or Penske, as the case may be, shall notify JPMP, AON, Mitsui
and Harvard (the "Tag-Along Stockholders") in writing, of such proposed Transfer
and its terms and conditions (the "Tag-Along Notice"); and

                  (b) Within ten (10) Business Days of the date of the Tag-Along
Notice, each Tag-Along Stockholder shall notify the PCP Entities or Penske, as
the case may be, if it elects to participate in such Transfer. Any such
Tag-Along Stockholder that fails to notify such PCP Entity or Penske, as the
case may be, within such ten (10) Business Day period shall be deemed to have
waived its rights to participate in such Transfer. Each such Tag-Along
Stockholder that so notifies the PCP Entities or Penske, as the case may be,
shall have the right to Transfer, at the same price per share of Common Stock
and on the same terms and conditions as the applicable PCP Entity or Penske, as
the case may be, an amount of shares of Common Stock or Common Stock equivalents
equal to the shares of Common Stock or Common Stock equivalents the Transferee
actually proposes to purchase multiplied by a fraction, the numerator of which
shall be the number of shares of Common Stock and Common Stock equivalents
issued and owned by such Tag-Along Stockholder (or held by a PCP Entity for such
Tag-Along Stockholder's account) and the denominator of which shall be the
aggregate number of shares of Common Stock and Common Stock equivalents issued
and owned by such PCP Entity (or both PCP Entities, if both are selling pursuant
to such transaction) (but excluding any such shares held by such PCP Entity for
the account of a Tag-Along Stockholder) and/or Penske (if Penske is selling
pursuant to such transaction) and each other Tag-Along Stockholder exercising
its rights under this Section (assuming for purposes of calculating such
fraction the conversion of all convertible securities and the exercise of all
options and warrants held by the PCP Entities, Penske and each Tag-Along
Stockholder exercising its rights under this Section).

4.3      TRANSFEREES; NONCOMPLYING TRANSFERS.

         In the event of any purported Transfer of any Restricted Securities in
violation of Article IV of this Agreement, such purported Transfer shall be void
and of no effect, and no dividend of any kind whatsoever nor any distribution
pursuant to liquidation or otherwise shall be paid by the Company to the
purported transferee in respect of such Restricted Securities (all such
dividends and distributions being deemed waived), and the voting rights of such
Restricted Securities, if any, on any matter whatsoever shall remain vested in
the Transferor, and the Transferor shall not be relieved of any of its
obligations hereunder as the holder of such Restricted Securities. In the

                                       12
<PAGE>

event of such a non-complying Transfer, the Company shall not Transfer any such
Restricted Securities on its books or recognize the purported Transferee as a
stockholder, for any purpose, until all applicable provisions of this Agreement
have been complied with.

                                   ARTICLE V

                                CERTAIN COVENANTS

5.1      LEGEND ON CERTIFICATES.

                  (a) Each certificate for capital stock of the Company held by
the Restricted Stockholders, JPMP or AON (or a PCP Entity for the account of
JPMP or AON), as the case may be, shall be stamped or otherwise imprinted with
the legends in substantially the following forms, until such time as any
Restricted Securities (i) are registered pursuant to the Securities Act or (ii)
are freely Transferable, in the opinion of counsel (such opinion to be
reasonably acceptable to the Company) to such Restricted Stockholder, JPMP or
AON, as the case may be, with respect to such Restricted Securities held by, or
attributable to, such counsel's client, pursuant to Rule 144(k) promulgated
under the Securities Act, at which time the Company shall cooperate with such
holder to ensure that such legends are removed as promptly as practicable:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
                  THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR
                  OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
                  REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE
                  SECURITIES LAWS OR AN APPLICABLE EXEMPTION TO THE REGISTRATION
                  REQUIREMENTS OF SUCH ACT OR SUCH LAWS.

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED
                  BY THAT CERTAIN SECOND AMENDED AND RESTATED STOCKHOLDERS
                  AGREEMENT, BY AND AMONG, AENEAS VENTURE CORPORATION,
                  INTERNATIONAL MOTOR CARS GROUP I, L.L.C., INTERNATIONAL MOTOR
                  CARS GROUP II, L.L.C., J.P. MORGAN PARTNERS (BHCA), L.P.,
                  MITSUI & CO., LTD., MITSUI & CO. (USA), INC., PENSKE
                  CORPORATION, PENSKE AUTOMOTIVE HOLDINGS CORP., PENSKE CAPITAL
                  PARTNERS, L.L.C., VIRGINIA SURETY COMPANY, INC., AND UNITED
                  AUTO GROUP, INC., A COUNTERPART OF WHICH SECOND AMENDED AND
                  RESTATED STOCKHOLDERS AGREEMENT HAS BEEN PLACED ON FILE BY THE
                  COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS AND ITS REGISTERED
                  OFFICE. A COPY OF SUCH SECOND AMENDED AND RESTATED
                  STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE
                  COMPANY TO THE RECORD

                                       13
<PAGE>

                  HOLDER HEREOF UPON WRITTEN REQUEST TO THE COMPANY AT THE
                  PRINCIPAL PLACE OF BUSINESS OF THE COMPANY."

5.2      ROGER PENSKE TO SERVE AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER.

                  (a) From and after the date hereof, the PCP Entities shall
cause Roger Penske:

                           (i) to serve as the Chairman of the Company until
         August 3, 2002 and as Chief Executive Officer of the Company until
         August 3, 2002; provided, however, such obligation shall cease if
         pursuant to Sections 2.4 or 2.5, PCP Directors shall no longer
         constitute a majority of the Company's Board of Directors.

5.3      REGISTRATION RIGHTS AGREEMENT.

                  (a) Registrations. The Company shall effect a total of two (2)
shelf registrations pursuant to Rule 415 of the Securities Act (or other
applicable rule) of the capital stock of the Company held by the PCP Entities
for the respective account of each of JPMP and AON, in accordance with the
provisions of the Registration Rights Agreement, a form of which is attached
hereto as Exhibit A.

                  (b) No conflicts. The Company shall not enter into any
agreement with respect to its securities which is inconsistent with the rights
granted to the PCP Entities, JPMP and AON in the Registration Rights Agreement,
or otherwise conflicts with the provisions thereof. In the event that the
Company enters into any such agreement that grants rights to any party that are
senior to or otherwise superior to those granted to each of IMCG (with respect
to securities held for the accounts of JPMP and AON), JPMP or AON thereunder,
with regard to priority or "cut-backs" in any registration under the Securities
Act, the Company shall also grant such senior or superior rights to each of IMCG
(with respect to securities held for the accounts of JPMP and AON), JPMP and
AON. In the event that the Company enters into any agreement with respect to its
securities that grants rights to any party that are senior to or otherwise
superior to those granted to Mitsui in the registration rights agreement between
Mitsui and the Company referred to in Schedule 5.3 hereto, with regard to
priority or "cut-backs" in any registration under the Securities Act, the
Company shall also grant such senior or superior rights to Mitsui. In the event
that the Company enters into any agreement with respect to its securities that
grants rights to any party that are senior to or otherwise superior to those
granted to Harvard in the registration rights agreement between Harvard and the
Company referred to in Schedule 5.3 hereto, with regard to priority or
"cut-backs" in any registration under the Securities Act, the Company shall also
grant such senior or superior rights to Harvard. Each of the parties hereto
represents and warrants to each of IMCG (with respect to securities held for the
accounts of JPMP and AON), Mitsui, JPMP and AON that it has not previously
entered into any agreement with respect to its securities granting any
registration rights to any party except as set forth on Schedule 5.3 hereto. The
parties hereto acknowledge that in the event of a conflict or inconsistency
between the Registration Rights Agreement and any other agreement regarding the
registration rights of capital stock of the Company (including, but not limited
to, those agreements set forth on Schedule 5.3 hereto), the provisions of the
Registration Rights Agreement shall control, and each party hereto acknowledges
the rights of JPMP and AON under Section 2.2 thereof.

                                       14
<PAGE>

5.4      REGULATORY MATTERS.

                  (a) Cooperation of Other Stockholders. Each Restricted
Stockholder and AON agrees to cooperate with the Company in all reasonable
respects in complying with the terms and provisions of the letter agreement
between the Company, the PCP Entities and JPMP, a copy of which is attached
hereto as Exhibit B, regarding regulatory matters (the "Regulatory Sideletter"),
including without limitation, voting to approve amending the Company's
certificate of incorporation, the Company's by-laws or this Agreement in a
manner reasonably acceptable to the Restricted Stockholders, AON and JPMP or any
Affiliate of JPMP entitled to make such request pursuant to the Regulatory
Sideletter in order to remedy a Regulatory Problem (as defined in the Regulatory
Sideletter). Anything contained in this Section 5.4 to the contrary
notwithstanding, no Restricted Stockholder or AON shall be required under this
Section 5.4 to take any action that would adversely affect in any material
respect its rights under this Agreement or as a stockholder of the Company.

                  (b) Covenant Not to Amend. The Company, each Restricted
Stockholder and AON agree not to take any action to amend or waive the voting or
other provisions of the Company's certificate of incorporation, the Company's
by-laws or this Agreement if such amendment or waiver would cause JPMP or any
its Affiliates to have a Regulatory Problem (as defined in the Regulatory
Sideletter). JPMP agrees to notify the Company as to whether or not it would
have a Regulatory Problem (as defined in the Regulatory Sideletter) promptly
after JPMP has notice of such amendment or waiver.

5.5      CONFIDENTIALITY OBLIGATION.

                  (a) Mitsui shall treat as secret and confidential any and all
confidential information communicated by the Company to the member of the Board
of Directors designated by Mitsui or the Observer and shall therefore not
disclose or communicate such confidential information to any person or entity,
except to those employees and persons within Mitsui and/or its affiliates who
need to have access to such information for the purpose of monitoring Mitsui's
investment in the Company. Any such employee or person shall be bound by this
confidentiality obligation and shall be informed of the confidential nature of
the information.

                  (b) The obligations imposed above shall not apply to
information.

                           (i) which becomes publicly available;

                           (ii) which Mitsui can establish was already in its
         possession at the time such information was communicated to it;

                           (iii) which is received from a third party without
         restriction and without breach of this Agreement;

                           (iv) which Mitsui can establish has been
         independently developed by it; or

                           (v) which is required to be disclosed by applicable
         law, legal process or, in connection with any judicial process,
         arbitration or other proceeding.

                                       15
<PAGE>

5.6      FURTHER ASSURANCES.

         Each of the parties hereto shall use commercially reasonable efforts to
do such additional things and execute such documents as are reasonably necessary
or proper to carry out and effectuate the intent of this Agreement or any part
hereof.

                                   ARTICLE VI

                      MUTUAL REPRESENTATIONS AND WARRANTIES

         Each of the parties hereto represents and warrants to the others as
follows:

6.1      ORGANIZATION.

         It is duly organized, validly existing and in good standing under the
laws of its jurisdiction of formation.

6.2      AUTHORIZATION, VALIDITY AND ENFORCEABILITY.

         It has full power and authority to execute, deliver and perform its
obligations under this Agreement. The execution, delivery and performance by it
of this Agreement and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary corporate action, its board of
directors or other governing body, as applicable, and no other proceedings on
its part are necessary to authorize this Agreement or the transactions
contemplated hereby. This Agreement has been duly executed and delivered by it,
and constitutes the legal, valid and binding obligation of it, enforceable
against it in accordance with the terms hereof, except as such enforcement may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting rights of creditors generally and by general
principles of equity (regardless of whether enforcement is sought in a
proceeding at law or in equity).

6.3      NO VIOLATION OR BREACH.

         The execution, delivery and performance by it of this Agreement and the
consummation of the transactions contemplated hereby, do not and will not
conflict with, result in a violation or breach of, constitute a default (or an
event which with the giving of notice or the lapse of time or both would
constitute a default) or give rise to any right of termination or acceleration
of any right or obligation of it under, or result in the creation or imposition
of any lien, mortgage, pledge, security interest, claim, right of first refusal
or other limitation on transfer or other encumbrance upon any of its Restricted
Securities or shares of Common Stock of the Company, as the case may be, by
reason of the terms of, (a) its memorandum of association, certificate of
incorporation, by-laws or other charter or organizational document, (b) any
contract, agreement, lease, license, mortgage, note, bond, debenture, indenture
or other instrument or obligation to which it is a party or by or to which it or
its assets or properties may be bound or subject, (c) any order, writ, judgment,
injunction, award, decree, law, statute, rule or regulation applicable to it or
(d) any license, permit, order, consent, approval, registration, authorization
or qualification with or under any governmental agency, other than in the case
of clauses (b), (c) or (d) above any conflict, violation, breach or default
which would not, individually or in the aggregate together

                                       16
<PAGE>

with all other such conflicts, violations, breaches or defaults, have a material
adverse effect on it or have a material adverse effect on its ability to perform
its obligations, or consummate the transactions contemplated, hereunder.

                                  ARTICLE VII

                                      TERM

7.1      TERM.

         This Agreement shall commence on the date hereof, and shall terminate
on December 31, 2009. This Agreement shall terminate with respect to a
Restricted Stockholder, JPMP or AON at such time as such entity ceases to
Beneficially Own any Restricted Securities or any shares of Common Stock of the
Company, as the case may be.

7.2      EFFECTS OF TERMINATION.

         Upon termination of this Agreement, this Agreement (other than Section
8.9) shall thereafter become void and have no effect, and no party hereto shall
have any liability or obligation to any other party hereto in respect of this
Agreement, except for any liability resulting from such party's breach of this
Agreement.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

8.1      SURVIVAL.

         All of the representations, warranties, covenants, and agreements of
the parties contained in this Agreement shall survive until this Agreement is
terminated.

8.2      NOTICES.

         All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and
shall be deemed to have been given (a) when delivered personally to the
recipient, (b) two Business Days after the date when sent to the recipient by
reputable express courier service (charges prepaid), or (c) seven Business Days
after the date when mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid. Such notices, demands and other
communications shall be sent to the parties at the addresses indicated below:

<TABLE>
<S>                                    <C>
         If to Harvard                 Aeneas Venture Corporation
                                       c/o Charlesbank Capital Partners, LLC
                                       600 Atlantic Avenue, 26th Floor
                                       Boston, MA 02210
                                       Attention: Tami Nason

         With a copy to: (which        Ropes & Gray
</TABLE>

                                       17
<PAGE>

<TABLE>
<S>                                    <C>
         shall not constitute notice)  One International Place
                                       Boston, MA 02110
                                       Attention: Larry Jordan Rowe
                                       Telecopy: (617) 951-7050

         If to Penske:                 c/o Penske Corporation
                                       13400 Outer Drive West
                                       Detroit, Michigan 48239
                                       Attention: General Counsel
                                       Telecopy: 313-592-7124

         If to either PCP Entity:      c/o Penske Corporation
                                       13400 Outer Drive West
                                       Detroit, Michigan 48239
                                       Attention: General Counsel
                                       Telecopy: 313-592-7124

         If to JPMP:                   c/o J.P. Morgan Partners, L.L.C.
                                       1221 Avenue of the Americas
                                       New York, New York 10020
                                       Attention:  Mr. Donald J. Hofmann
                                       Telecopy: (212) 899-3401

         With a copy to: (which        O'Sullivan LLP
         shall not constitute notice)  30 Rockefeller Plaza
                                       New York, New York 10112
                                       Attention:  Christopher P. Giordano, Esq.
                                       Telecopy: (212) 408-2420

         If to Mitsui Japan:           Mitsui & Co., Ltd.
                                       First Motor Vehicles Div.
                                       2-1, Ohtemachi, 1-Chome, Chiyoda-Ku
                                       Tokyo, Japan
                                       Attention: General Manager of First Motor Vehicles Division

         If to Mitsui USA:             Mitsui & Co. (U.S.A.), Inc.
                                       200 Park Avenue
                                       New York, New York  10166
                                       Attention:   General Manager,
                                                    Detroit Machinery and Automotive
                                                    Department, Second Machinery Division

         With a copy to: (which        Debevoise & Plimpton
         shall not constitute notice)  919 Third Avenue
                                       New York, NY 10022
                                       Attention: Christopher Smeall, Esq.
</TABLE>

                                       18
<PAGE>

<TABLE>
<S>                                    <C>
                                       Telecopy: (212) 909-6836

         If to AON:                    Virginia Surety Company, Inc.
                                       c/o Aon Advisers, Inc.
                                       200 East Randolph Drive
                                       Chicago, Illinois  60606
                                       Attention:  Andrew Ward
                                       Telecopy: (312) 701-3900

         With a copy to: (which        Sidley Austin Brown & Wood LLP
         shall not constitute notice)  Bank One Plaza
                                       10 South Dearborn Street
                                       Chicago, Illinois 60603
                                       Attention:  Andrew Shaw, Esq.
                                       Telecopy: (312) 853-7036

         If to the Company:            United Auto Group, Inc.
                                       c/o Penske Corporation
                                       13400 Outer Drive West, Suite B36
                                       Detroit, Michigan 48239
                                       Attn:  General Counsel
                                       Telecopy: (313) 592-7124
</TABLE>

or to such other address as any party hereto may, from time to time, designate
in writing delivered pursuant to the terms of this Section 8.2.

8.3      AMENDMENTS.

         The terms, provisions and conditions of this Agreement may not be
changed, modified or amended in any manner except by an instrument in writing
duly executed by all of the parties hereto; provided, however, that the terms,
provisions and conditions of Sections 3.3, 3.4, 3.5, 4.1, and 5.3 may be amended
by an instrument in writing duly executed by each of Penske, JPMP and AON,
provided that any such amendment shall not adversely affect any Restricted
Stockholder.

8.4      ASSIGNMENT AND PARTIES IN INTEREST.

                  (a) Neither this Agreement nor any of the rights, duties, or
obligations of any party hereunder may be assigned or delegated (by operation of
law or otherwise) by any party hereto, other than to an Affiliate of such party,
without the prior written consent of the other parties hereto.

                  (b) Other than as set forth below, this Agreement shall not
confer any rights or remedies upon any person or entity other than the parties
hereto and their respective permitted successors and assigns; provided, however,
that (i) the rights set forth in Article II hereof shall not inure to the
benefit of any Transferee (other than a Permitted Transferee) without the prior
written consent of each Restricted Stockholder (other than the Transferor), (ii)
the provisions of

                                       19
<PAGE>

this Agreement shall not be binding on any Transferee other than a Permitted
Transferee of Restricted Securities or shares of Common Stock of the Company, as
the case may be, and (iii) JPMP and AON are intended third party beneficiaries
of Sections 3.2, 3.5 and Article VI.

8.5      EXPENSES.

         On the date hereof or as promptly as practicable thereafter, the
Company shall reimburse JPMP and AON for all legal, accounting, investment
banking, and other expenses incurred by them in connection with the transactions
contemplated by this Agreement, the Registration Rights Agreement, the Operating
Agreements, and any and all documents related thereto (including the reasonable
fees and reasonable expenses of O'Sullivan LLP, counsel to JPMP and Sidley
Austin Brown & Wood LLP, counsel to AON).

8.6      ENTIRE AGREEMENT.

         This Agreement and the other documents executed on the date hereof
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and supersede and are in full substitution for any and all
prior agreements and understandings among them relating to such subject matter,
and no party shall be liable or bound to the other party hereto in any manner
with respect to such subject matter by any warranties, representations,
indemnities, covenants, or agreements except as specifically set forth herein or
in the other documents executed on the date hereof.

8.7      DESCRIPTIVE HEADINGS.

         The descriptive headings of the several sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

8.8      COUNTERPARTS.

         For the convenience of the parties, any number of counterparts of this
Agreement may be executed by any one or more parties hereto, and each such
executed counterpart shall be, and shall be deemed to be, an original, but all
of which shall constitute, and shall be deemed to constitute, in the aggregate
but one and the same instrument.

8.9      GOVERNING LAW; JURISDICTION.

                  (a) This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to the
conflicts of law principles thereof which might result in the application of the
laws of any other jurisdiction.

                  (b) Each of the parties hereto hereby irrevocably and
unconditionally consents to submit to the jurisdiction of the courts of the
State of New York and the United States of America located in the County of New
York solely in respect of the interpretation and enforcement of the provisions
of this Agreement, and in respect of the transactions contemplated hereby, and
further agrees that service of any process, summons, notice or document to its
respective address set forth in Section 8.2 shall be effective service of
process for any action or

                                       20
<PAGE>

proceeding brought against it in any such court. Each of the parties hereto
hereby irrevocably and unconditionally waives any objection to the laying of
venue of any action or proceeding arising out of this Agreement or the
transactions contemplated hereby in the courts of the State of New York or the
United States of America located in the County of New York, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action or proceeding brought in any such court has been
brought in an inconvenient forum.

8.10     SEVERABILITY.

         In the event that any one or more of the provisions contained in this
Agreement or in any other instrument referred to herein, shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect, then to the
maximum extent permitted by law, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement or any other such
instrument. Furthermore, in lieu of any such invalid or unenforceable term or
provision, the parties hereto intend that there shall be added as a part of this
Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

8.11     SPECIFIC PERFORMANCE.

                  (a) The parties hereto acknowledge and agree that irreparable
damage would occur in the event that any provision of this Agreement was not
performed in accordance with its specific terms or was otherwise breached, and
further acknowledge and agree that money damages are an inadequate remedy for
the breach of this Agreement because of the difficulty of ascertaining the
amount of damage that would be suffered in the event of such breach. The parties
hereto accordingly agree that they each shall be entitled to obtain specific
performance of any provision of this Agreement and injunctive or other equitable
relief to prevent or cure breaches of any provision of this Agreement, this
being in addition to any other remedy to which they may be entitled by law or
equity.

                  (b) The parties hereto further agree that they shall not be
permitted or have the right to terminate or suspend performance of any provision
of this Agreement, it being agreed that all provisions of this Agreement shall
continue and be specifically enforceable in all events and under all
circumstances until terminated pursuant to the terms of this Agreement,
regardless of any events, occurrences, actions or omissions before or after the
date hereof. In furtherance of the foregoing, the parties hereto agree that they
shall not be permitted to, and shall not, bring any claim seeking to terminate
or suspend performance of any provision of this Agreement or seeking any
determination that any provision of this Agreement (including, without
limitation, this Section 8.11) is invalid, inapplicable or unenforceable.

8.12     TRANSFERS TO AFFILIATES.

         In the event of any Transfer of capital stock of the Company by any
party hereto to an Affiliate of such party (other than with respect only to
those securities Transferred from Penske Corporation's, JPMP's or AON's
respective "Share Accounts" (as defined in the Operating

                                       21
<PAGE>

Agreement(s)) to the Carry Account (as defined in the Operating Agreement(s))
and those securities held in Penske Capital's "Share Account" (as defined in the
Operating Agreement(s)) to Penske Capital or by Penske Capital to its members of
by such member to their members ad infinitum (it being understood that in no
event with this exception apply to any Transfer by Penske Corporation)), prior
to the effectiveness of such Transfer, such Transferee shall execute a joinder
to this Agreement and shall otherwise agree to be bound by the provisions of
this Agreement in the same manner as the Transferor.

8.13     PUBLIC FILINGS.

         Prior to making any filings required by Sections 13 or 16 of the
Securities Exchange Act of 1934, as amended, each of the PCP Entities, JPMP and
AON shall provide such other parties with a reasonable opportunity to review
such filings and comment thereon.

                                       22
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

                                    AENEAS VENTURE CORPORATION

                                    By:   /s/ Michael R. Eisenson
                                          --------------------------------------
                                          Name: Michael R. Eisenson
                                          Title: Authorized Signatory

                                    INTERNATIONAL MOTOR CARS GROUP I, L.L.C.

                                    By:   Penske Capital Partners, L.L.C.,
                                          as Managing Member

                                    By:   /s/ James A. Hislop
                                          --------------------------------------
                                          Name: James A. Hislop
                                          Title: President and Chief Executive
                                                 Officer

                                    INTERNATIONAL MOTOR CARS GROUP II, L.L.C.

                                    By:   Penske Capital Partners, L.L.C.,
                                          as Managing Member

                                    By:   /s/ James A. Hislop
                                          --------------------------------------
                                          Name: James A. Hislop
                                          Title: President and Chief Executive
                                                 Officer

<PAGE>

                                    MITSUI & CO., LTD.

                                    By:   /s/ Motokazu Yoshida
                                          --------------------------------------
                                          Name:  Motokazu Yoshida
                                          Title: Director and Chief Operating
                                                 Officer, Motor Vehicles, Marine
                                                 and Aerospace Group

                                    MITSUI & CO. (U.S.A.), INC.

                                    By:   /s/ Shozaburo Maruyama
                                          --------------------------------------
                                          Name: Shozaburo Maruyama
                                          Title: Senior Vice President and
                                                 General Manager

                                    PENSKE CAPITAL PARTNERS, L.L.C.

                                    By:   /s/ James A. Hislop
                                          --------------------------------------
                                          Name: James A. Hislop
                                          Title: President and Chief Executive
                                                 Officer

                                    PENSKE CORPORATION

                                    By:   /s/ Walter P. Czarnecki
                                          -------------------------------------
                                          Name:  Walter P. Czarnecki
                                          Title: Executive Vice President

                                    PENSKE AUTOMOTIVE HOLDINGS CORP.

                                    By:   /s/ Walter P. Czarnecki
                                          -------------------------------------
                                          Name:  Walter P. Czarnecki
                                          Title: Executive Vice President

<PAGE>

                                    UNITED AUTO GROUP, INC.

                                    By:   /s/ Robert H. Kurnick, Jr.
                                          -------------------------------------
                                          Name: Robert H. Kurnick, Jr.
                                          Title: Executive Vice President

                                    FOR PURPOSES OF SECTIONS
                                    3.3, 3.4, 4.1, 4.2, 5.1,
                                    5.3, 5.4, 7.1, AND ARTICLE
                                    VIII ONLY:

                                    J.P. MORGAN PARTNERS (BHCA), L.P.

                                    By:   JPMP Master Fund Manager, L.P.,
                                          its General Partner

                                    By:   JPMP Capital Corp.,
                                          its General Partner

                                    By:   /s/ Donald J. Hofmann, Jr.
                                          -------------------------------------
                                          Name: Donald J. Hofmann, Jr.
                                          Title: Managing Partner

                                    VIRGINIA SURETY COMPANY, INC.

                                    By:   /s/ Michael A. Conway
                                          -------------------------------------
                                          Name: Michael A. Conway
                                          Title: Senior Vice President

<PAGE>

                                                                       EXHIBIT A

                      Form of Registration Rights Agreement

<PAGE>

                                                                       EXHIBIT B

                          Form of Regulatory Sideletter

<PAGE>

                                  Schedule 5.3

Registration Rights Agreement among EMCO Motor Holdings, Inc., Aeneas Venture
Corporation, and the other parties thereto dated as of October 15, 1993, as
amended on July 31, 1996.

Registration Rights Agreement among United Auto Group, Inc., International Motor
Cars Group I, L.L.C. and International Motor Cars Group II, L.L.C. dated as of
April 12, 1999.

Registration Rights Agreement among United Auto Group, Inc. and Penske
Automotive Holding Corp. dated as of December 22, 2000.

Registration Rights Agreement among United Auto Group, Inc., Mitsui & Co., Ltd.,
and Mitsui & Co. (USA), Inc., dated as of February 28, 2001, as amended.

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