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|Penske Automotive Acquires Crevier BMW and MINI|
BLOOMFIELD HILLS, Mich., Jul 12, 2011 (BUSINESS WIRE) --
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today announced the acquisition of the Crevier BMW and MINI franchises in Santa Ana, California.
These franchises complement the Company's existing operations in this market. Crevier BMW and MINI are situated within the Santa Ana auto mall, which also includes the Company's Audi and Volkswagen brands. The Crevier franchises operate on over 12 acres, with nearly 100,000 square feet of facilities, 62 service bays and a five-story, 195,000-square-foot parking structure. Based on 2010 unit sales, Crevier BMW was ranked as the fifth largest new-unit BMW dealership in the United States and the largest Certified BMW pre-owned dealership in the western region. Crevier MINI was ranked as the seventh largest MINI dealership in the United States based on new vehicle sales in 2010.
"These franchises represent an outstanding opportunity to grow our footprint in Orange County, California," said Penske Automotive Group West Region Executive Vice President George W. Brochick. "For approximately forty years, the Crevier family has grown this business by focusing on customer commitment, service, loyalty and dedication to the community. We look forward to continuing these traditions while enhancing the customer experience and increasing the presence of the BMW and MINI brands in the Santa Ana location."
Crevier BMW is a six-time winner of BMW's Center of Excellence award, most recently in 2010. The Crevier franchises represent approximately $275 million in estimated annual revenue. The transaction was financed using cash flow from operations and availability under the Company's U.S. revolving credit facility.
Crevier was represented by The Presidio Group LLC in the transaction with Penske.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 324 retail automotive franchises, representing 40 different brands and 26 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 170 franchises in 17 states and Puerto Rico and 154 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 14,500 employees.
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc. future sales potential. Actual results may vary materially because of risks and uncertainties, including satisfaction of closing conditions and external factors such as interest rate fluctuations, changes in consumer spending and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance, which are contained in Penske Automotive's Form 10-K for the year ended December 31, 2010, and its other filings with the Securities and Exchange Commission and which are incorporated into this press release by reference. This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
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SOURCE: Penske Automotive Group, Inc.
David K. Jones