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|Penske Automotive Acquires Two Dealerships in Southern California|
BLOOMFIELD HILLS, Mich., Jan 15, 2010 (BUSINESS WIRE) -- Penske Automotive Group, Inc. (NYSE:PAG), today announced the acquisition of Audi and Volkswagen dealerships located in Santa Ana, California.
Operating in the heart of Orange County, Commonwealth Audi and Commonwealth Volkswagen are co-located in the Santa Ana Auto Mall and will complement the company's existing dealership footprint in southern California. Combined, these dealerships are expected to generate approximately $80 million in revenue on an annualized basis. With the completion of this acquisition, Penske Automotive Group now operates nine Audi and two Volkswagen dealerships in the United States.
George Brochick, Executive Vice President for Penske Automotive Group's Western Region said, "We are pleased to increase our presence in the southern California market with these outstanding brands, and we welcome the employees to the PAG team. These dealerships offer outstanding product portfolios in the volume and luxury segments and represent a tremendous opportunity for Penske Automotive Group to grow its business in this key geographic market."
Terms of the transaction were not disclosed.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 310 retail automotive franchises, representing 40 different brands and 25 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 160 franchises in 17 states and Puerto Rico and 150 franchises located outside the United States, primarily in the United Kingdom.
Penske Automotive, through its wholly-owned subsidiary smart USA Distributor LLC, is the exclusive distributor of the smart fortwo vehicle and related parts in the United States. smart USA supports 77 smart retail centers in the United States. Penske Automotive is a member of the Fortune 500 and Russell 1000 and has approximately 14,000 employees. smart and fortwo are registered trademarks of Daimler AG.
SOURCE: Penske Automotive Group, Inc.
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