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|Penske Automotive Acquires Mercedes-Benz of Greenwich|
BLOOMFIELD HILLS, Mich., Jul 18, 2011 (BUSINESS WIRE) --
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today announced the acquisition of Mercedes-Benz of Greenwich, located in Greenwich, Connecticut. This franchise complements the Company's existing operations in the Connecticut market, which include Audi, Mercedes-Benz and Porsche in Fairfield and Honda in Danbury.
"I'm pleased to expand our presence in Connecticut with the Mercedes-Benz brand," said East Region Executive Vice President Bernie Wolfe. "For over fifty years, Mercedes-Benz of Greenwich has been serving customers in Greenwich, Stamford and Norwalk with a dedication to customer service and satisfaction. We look forward to implementing the Mercedes-Benz Autohaus facility program in this important market and to growing the overall business to this market's full potential."
Mercedes-Benz of Greenwich represents approximately $150 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.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 326 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 172 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 15,000 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.
Penske Automotive Group, Inc.