$275 Million in Estimated Annual Revenue
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
About Penske Automotive
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
Executive Vice President and
Chief Financial Officer
Penske Automotive Group, Inc.
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development
Penske Automotive Group, Inc.