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                                                                 EXHIBIT 10.31.2

                     ASSIGNMENT OF LIMITED LIABILITY COMPANY
                              MEMBERSHIP INTERESTS

This Assignment of Limited Liability Company Membership Interests ("Assignment")
is made effective this 1st day of March 2001 by and between UAG Connecticut, LLC
("Assignor") and The Miller Continental Group LLC (Assignee").

                                    RECITALS

1. Assignor owns One Hundred Percent (100%) of the limited liability company
membership interests (the "Membership Interests") in UAG Connecticut I, LLC
f/k/a UAG Connecticut Realty I, LLC (the "Company); and

2. As part of a transaction described in various documents dated March 1, 2001
by and between all or some of Assignee, Assignor, Automotive Group Realty, LLC
("AGR") and UAG Realty, LLC, Assignor wishes to assign Twenty Percent (20%) of
the Membership Interests in the Company to Assignee and Assignee wishes to
accept such assignment on the terms set forth herein.

         NOW THEREFORE, in consideration of the premises hereof, and for other
good and valuable considerations, the parties hereby agree as follows:

                                    AGREEMENT

1. Assignment. Subject to the terms of the Transaction Documents, including,
without limitation, the Pledge Agreement dated March 1, 2001 between Assignor,
Assignee and AGR, Assignor hereby assigns, transfers and conveys to Assignee and
Assignee hereby accepts such assignment, transfer and conveyance of the Twenty
Percent (20%) of Membership Interests in the Company.

IN WITNESS WHEREOF, the parties have signed this Assignment effective the day
and year first above written.

ASSIGNOR                                             ASSIGNEE
UAG CONNECTICUT, LLC                                 THE MILLER CONTINENTAL
                                                     GROUP LLC

/s/ Robert H. Kurnick, Jr.                           /s/ Richard S. Koppelman
--------------------------                           ------------------------
By:      Robert H. Kurnick, Jr.                      By:    Richard S. Koppelman
Its:     Assistant Secretary                         Its:   Manager<PAGE>   1
                                                                 EXHIBIT 10.31.3

                                PLEDGE AGREEMENT

         THIS PLEDGE AGREEMENT, effective March 1, 2001 (the "Pledge
Agreement"), is given by THE MILLER CONTINENTAL GROUP LLC, ("Miller"), in favor
of UAG Connecticut, LLC ("UAG") and Automotive Group Realty, LLC ("AGR").

     A.  Miller and UAG have entered into an Operating Agreement effective March
         1, 2001, (the "Operating Agreement") pursuant to which Miller has
         acquired from UAG a Membership Interest in UAG Connecticut I, LLC (the
         "Miller Membership Interest"), upon the terms and conditions therein;

     B.  As consideration for its purchase of the Miller Membership Interest,
         Miller has, among other things, executed a Promissory Note dated March
         1, 2001 in favor of UAG (the "Promissory Note");

     C.  Miller, UAG Connecticut I, LLC ("Company"), AGR, UAG and UAG Realty,
         LLC have entered into a Letter Agreement effective March 1, 2001 (the
         "Real Property Agreement"), pursuant to which Miller has acquired a
         twenty percent (20%) share of any appreciation in certain real property
         located in Fairfield, Connecticut (the "Real Property") owned by AGR
         and used in connection with the Company's operations and as
         consideration thereof has agreed to guarantee twenty percent (20%) of
         the lease payments due to AGR concerning the Real Property under a
         certain Lease Agreement dated September 29, 2000; and

     D.  As security for its obligations under the Operating Agreement, Real
         Property Agreement and the Note, Miller has agreed to pledge and grant
         a priority security interest to UAG and AGR in and to the Miller
         Membership Interest on the terms and conditions set forth herein.

NOW THEREFORE, the parties agree as follows:

     1.  Miller hereby grants to UAG and AGR a priority lien in, security
         interest in, and pledge of the Miller Membership Interest to be held
         for the benefit of UAG and AGR to secure all of Miller's obligations
         under the Operating Agreement, the Real Property Agreement and the
         Promissory Note (collectively, the "Obligations") in accordance with
         the terms and conditions of this Pledge Agreement.

     2.  Miller represents and warrants that it is the owner of the Miller
         Membership Interest free from all liens, encumbrances, or security
         interests, that it has complete authority to pledge the Miller
         Membership Interest as provided herein, and that the execution and
         delivery of this Pledge Agreement by it will not constitute a breach or
         default, or an event which, with the giving of notice or passage of
         time or both, would constitute a breach or default, under any

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         agreement or restriction to which it is a party or by which it is
         bound.

     3.  Subsequent to an Event of Default (as herein defined) Miller will pay
         all expenses and, upon request, take any action reasonably deemed
         advisable by UAG or AGR to preserve the Miller Membership Interest or
         to establish, determine priority of, perfect, continue to perfect or
         enforce UAG's and AGR's interest therein or rights under this Pledge
         Agreement.

     4.  None of the following will affect the liabilities of Miller under this
         Pledge Agreement, the Obligations, or the rights of UAG or AGR with
         respect to the Miller Membership Interest: (a) acceptance or retention
         by UAG or AGR of other property or interests as security for
         Obligations; (b) the release of all or any of the Miller Membership
         Interest or other security for any of the Obligations; (c) any release,
         extension, renewal, modification or compromise of any of the
         Obligations or the liability of any obligor thereon; (d) failure by UAG
         or AGR to resort to other security or any person liable for any of the
         Obligations before resorting to the Miller Membership Interest; (e) any
         increase in the amount of the Obligations secured hereunder, for any
         reason whatsoever; and (f) any exercise of, or failure to exercise, any
         remedy.

     5.  The occurrence of any one or more of the following will be deemed
         Events of Default:

               a. If Miller fails to make any payment required by or fails to
                  perform any provision of either: (a) this Pledge Agreement;
                  (ii) the Operating Agreement; (iii) the Real Property
                  Agreement; or (iv) the Promissory Note, and such failure or
                  breach is not cured by Miller within 30 days after written
                  notice with respect thereto or sooner if so dictated by the
                  Operating Agreement, Promissory Note or Real Property
                  Agreement;

               b. If Miller becomes the subject of bankruptcy proceedings or any
                  proceedings for the reorganization or rehabilitation of
                  debtors.

     6.  Upon the occurrence of an Event of Default, UAG and AGR will have all
         rights and remedies for default provided by the Connecticut Uniform
         Commercial Code, as well as any other applicable law and any evidence
         of or document or agreement relating to the Obligations. With respect
         to such rights and remedies:

               a. Written notice sent to Miller as provided in Section 10 at
                  least 20 calendar days (counting the day of sending) before
                  the date of a proposed disposition of the Miller Membership
                  Interest is reasonable notice to Miller.

               b. On demand by UAG or AGR, Miller will reimburse UAG and AGR for
                  any expense incurred by them in protecting or enforcing their
                  rights under this Pledge Agreement, including, without
                  limitation, reasonable fees and charges of counsel and court
                  costs, and all expenses of the preparing for

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                  disposition and disposing of the Miller Membership Interest.
                  After deduction of all expenses not reimbursed by Miller, UAG
                  or AGR shall apply the proceeds of disposition to the
                  Obligations in such order as set forth in the Collateral
                  Agency Agreement.

               c. UAG or AGR may permit Miller or any endorser, guarantor or
                  surety upon the Obligations to remedy any default without
                  waiving the default so remedied, and UAG or AGR may waive any
                  default as it applies to it without waiving any other
                  subsequent or prior default by Miller or any other person.

               d. Unless and until there is an event of default that has not
                  been cured within any applicable grace period, Miller shall be
                  entitled to receive and enjoy all of the benefits and rights
                  of ownership of the Miller Membership Interest.

     7.  Whenever UAG or AGR or Miller would have the right under this Pledge
         Agreement to sell any Miller Membership Interest which is in the form
         of investment securities, the parties agree that if, in the opinion of
         UAG or AGR or their legal counsel, sales of such securities by UAG or
         AGR or Miller without registration of the securities under the
         Securities Act of 1922 (the "Act") or any similar state statute might,
         unless accomplished by one or more of the methods described in
         subsections a, b, or c below, be unlawful or constitute either UAG or
         AGR or Miller an "underwriter," as that term is defined in section
         2(11) of the Act or such similar state statute, it will be commercially
         reasonable for UAG or AGR or both without registration to:

               a. sell all or part of the securities in compliance with Rule
                  144, Rule 237 or Regulation A under the Act as then in effect,
                  or pursuant to any other rules or regulations under the Act
                  then in effect, compliance with which would make applicable to
                  the sale of the exemptions provided pursuant to sections 3(b)
                  or 4(1) of the Act; or

               b. sell all or part of the securities in an intrastate public
                  offering within the meaning of section 3(a)(11) of the Act; or

               c. sell all or part of the securities in one or more private
                  transactions not involving any public offering in order to
                  secure the exemption provided in section 4(2) of the Act, if:

                           (i)      the securities are sold for cash to the
                                    highest bidder after offers to purchase have
                                    been received from at least two offerors;

                           (ii)     UAG or AGR have reasonable grounds to
                                    believe and do believe that each such
                                    offeror has sufficient financial resources
                                    to enable him to purchase the securities

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                                    offered and that the offer was made in good
                                    faith;

                           (iii)    each such offeror was informed, prior to the
                                    time he or she made his or her offer to
                                    purchase, that offers to purchase the
                                    securities were also being solicited from
                                    others; and

                           (iv)     UAG or AGR have, for at least 30 days prior
                                    to the sale, solicited offers to purchase
                                    the securities within the restrictions
                                    imposed by federal or state securities laws.

             Nothing in this paragraph will prevent UAG or AGR from making any
other commercially reasonable disposition of the Miller Membership Interest, and
no sale of such Miller Membership Interest will be commercially unreasonable
solely because it was not made in compliance with this section.

     8.  In addition to UAG's and AGR's other rights, Miller irrevocably
         appoints AGR as proxy, with full power of substitution and revocation,
         upon the occurrence and during the continuance of any Event of Default,
         to exercise Miller's rights to attend meetings, vote, consent to and/or
         take any action respecting the Miller Membership Interest or the
         Company as fully as it might do. This proxy is coupled with an interest
         and will be irrevocable, so long as any of the Obligations are unpaid.

     9.  UAG and AGR acknowledge that Miller has delivered certificates
         representing the Miller Membership Interest to UAG in order to perfect
         UAG's and AGR's security interests therein. This Agreement is subject
         to the terms and conditions of the Collateral Agency Agreement dated
         effective March 1, 2001 among UAG, the Company and AGR which, among
         other things, sets forth the manner in which the proceeds from the
         disposition of the Miller Membership Interest shall be shared by UAG
         and AGR. Upon the occurrence of an Event of Default, UAG or AGR, as the
         case may be, shall send written notice to the other party.

     10. Any request, notice, direction or other service required or permitted
         to be made or given by any party hereto including without limitation
         any service of process in connection with any action brought to
         enforce, or in connection with this Agreement will be in writing and
         will be deemed sufficiently given or served for all purposes if (i)
         delivered in person, or (ii) sent by recognized overnight courier, with
         all charges prepaid, or (iii) mailed by first class mail, registered or
         certified, with return receipt requested and postage prepaid to the
         party entitled thereto; and if sent by courier or mail, addressed to
         UAG at: UAG Connecticut LLC, c/o United Auto Group, Inc., 13400 Outer
         Drive West, B-36, Detroit, MI 48239, Attention: General Counsel; or
         addressed to Miller at: Miller Continental Group LLC, c/o Richard F.
         Koppelman, 342 West Putnam Avenue, Greenwich, CT 07840; or if addressed
         to AGR: Automotive Group Realty, LLC, c/o Penske Corporation, 13400
         Outer Drive West, B-36, Detroit, MI 48239, Attention:

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         General Counsel; or such other address as may have been previously
         specified by notice given to the other parties hereto as specified in
         this paragraph.

     11. This Pledge Agreement may not be modified except by a writing signed by
         the party against who such modification is sought to be enforced.

     12. If any provision of this Pledge Agreement is determined to be illegal,
         invalid or otherwise unenforceable, such illegality, invalidity or
         unenforceability will have no effect on any of the other provisions
         hereof, and all such other provisions will remain valid, operative and
         enforceable.

     13. This Pledge Agreement is made under, and will be governed by the laws
         of the State of Connecticut excluding any such laws which require the
         application of the law of any other jurisdiction.

     14. When this Pledge Agreement refers to any action to be taken or consent
         to be given by UAG, action or consent of the members of UAG holding a
         majority of the membership interests of UAG held by all of UAG's will
         be sufficient for all purposes.

     15. If a party breaches this Pledge Agreement and if counsel is employed to
         enforce this Agreement, then the successful party will be entitled to
         its legal costs and reasonable fees and charges of counsel for the
         enforcement of this Pledge Agreement.

     16. This Pledge Agreement will be binding on the parties hereto and their
         respective successors and assigns.

     17. This Pledge Agreement may be executed in counterparts and by facsimile
         signatures.

                            [SIGNATURES ON NEXT PAGE]

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                                        THE MILLER CONTINENTAL GROUP LLC

                                        /s/ Richard S. Koppelman
                                        ------------------------
                                        By:    Richard S. Koppelman
                                        Its:   Manager

                                        UAG CONNECTICUT, LLC

                                        /s/ Robert H. Kurnick, Jr.
                                        --------------------------
                                        By:  Robert H. Kurnick, Jr.
                                        Its: Assistant Secretary

                                        AUTOMOTIVE GROUP REALTY, LLC

                                        /s/ Peter E. Mogk
                                        -----------------
                                        By:  Peter E. Mogk
                                        Its: Treasurer

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