BLOOMFIELD HILLS, Mich., April 10, 2017 /PRNewswire/ -- Penske Automotive Group (NYSE: PAG), an international transportation services provider, announced today that it has acquired Schumacher European, LTD., a Mercedes-Benz and Sprinter dealership in Phoenix, Arizona. This new dealership is located contiguous to the company's Scottsdale 101 Auto Collection which currently represents fifteen franchises.
"Schumacher European is a well-respected and top performing Mercedes-Benz dealership," said Penske Automotive Group Chairman Roger S. Penske. "This new dealership expands and enhances our premium/luxury footprint in the Phoenix metropolitan market and further strengthens the company's overall automotive retail portfolio. We welcome the Schumacher European employees to the Penske Automotive Group team and look forward to working with them to grow the Mercedes-Benz business in this important market area."
The acquisition is expected to generate estimated annual revenue of approximately $250 million. The company now operates nine Mercedes-Benz dealerships in the United States.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: fulfillment of closing conditions, economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recalls or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited 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. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2016, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 24,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information visit the company's website at www.penskeautomotive.com.
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SOURCE Penske Automotive Group