-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PbBBJN+sXCtHYIcQqErcbh3L/4L8/+xPqWA90JL43Nmf4ZaXoZ1pGPIQAt1jA7TU CL7BRbA+6O02cm+FGACE5g== 0000000000-05-040214.txt : 20061027 0000000000-05-040214.hdr.sgml : 20061027 20050804135219 ACCESSION NUMBER: 0000000000-05-040214 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050804 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: UNITED AUTO GROUP INC CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 BUSINESS PHONE: 248-648-2500 MAIL ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 LETTER 1 filename1.txt Mail Stop 3561 August 4, 2005 By Facsimile and U.S. Mail Mr. James Davidson Chief Financial Officer United Auto Group, Inc. One Harmon Plaza, 9th Floor Secaucus, NJ 07094 Re: United Auto Group, Inc. Form 10-K for the year ended December 31, 2004 Filed March 15, 2005 File No. 1-12297 Dear Mr. Davidson: We have reviewed your response dated July 25, 2005 to our comment letter dated July 5, 2005 and have the following additional comment. Form 10-K for the year ended December 31, 2004 1. We note you include the changes in your floor plan notes payable as an operating activity on the statements of cash flows. Please tell us how this operating activities classification is consistent with paragraphs 21-24 of SFAS 95 and why financing activities classification is not more appropriate. Borrowings and repayments on floor plan notes payable for new and used vehicle inventory should be classified in financing activities when inventory is purchased from a manufacturer unaffiliated with the lender, similar to obtaining external financing through a line of credit or other borrowing facility. When the lender is affiliated with the manufacturer, those borrowing and repayments should be included in operating activities similar to accounts payable treatment. See paragraph 23a of SFAS no. 95. Also, note that Rule 5-02(19)(a) of Regulation S-X requires separate and clear balance sheet display of amounts payable to trade creditors and amounts payable for borrowings. Mr. James R. Davidson United Auto Group, Inc. August 4, 2005 Page 2 Please respond to this comment within 10 business days or tell us when you will provide us with a response. Please understand that we may have additional comments after reviewing your response. If you have any questions regarding this comment, please direct them to Robert Babula at (202) 551-3339 or, in his absence, to Donna Di Silvio at (202) 551-3202 or the undersigned at (202) 551-3841. Sincerely, Michael Moran Branch Chief ?? ?? ?? ?? -----END PRIVACY-ENHANCED MESSAGE-----