$150 Million in Estimated Annual Revenue
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
About Penske Automotive
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.
David K. Jones
Executive Vice President and
Chief Financial Officer
Penske Automotive Group, Inc.
Anthony R. Pordon
Executive Vice President Investor Relations
and Corporate Development