BLOOMFIELD HILLS, Mich., Dec 21, 2010 (BUSINESS WIRE) -- Penske Automotive Group, Inc., (NYSE: PAG), an international automotive retailer, today announced that it has completed the acquisition of the Fred Baker Porsche and Audi franchises in Bedford, Ohio, which is in the Cleveland metropolitan area. The franchises will be renamed Porsche of Bedford and Audi Bedford.
The acquisition complements the company's existing dealership operations in the Cleveland metropolitan area, which currently includes six dealerships and a regional collision repair center. The acquired franchises are expected to generate an estimated $40 million in annualized revenue.
Whit Ramonat, Executive Vice President of Penske Automotive Group's Central Region said, "We are excited to expand our product offering in the Cleveland market to include the Porsche and Audi brands. We believe these brands are well positioned for growth and look forward to providing the Porsche and Audi customers an enhanced ownership experience."
The company now operates 23 Audi and 13 Porsche dealerships worldwide. On a combined basis, the Porsche and Audi brands represent approximately 15% of Penske Automotive Group's consolidated worldwide revenue. Other terms of the transactions are not being disclosed.
ABOUT PENSKE AUTOMOTIVE GROUP
Penske Automotive Group, Inc.(NYSE: PAG), headquartered in Bloomfield Hills, Michigan, operates 323 retail automotive franchises, representing 39 different brands and 25 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 151 franchises located outside the United States, primarily in the United Kingdom.
Penske Automotive, through its wholly-owned subsidiary smart USA Distributor LLC, is the exclusive distributor of the smart fortwo vehicle and related parts in the United States. smart USA supports more than 75 smart retail centers in the United States.
Penske Automotive is a member of the Fortune 500 and Russell 1000 and has approximately 14,500 employees. smart and fortwo are registered trademarks of Daimler AG.
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 revenues. Actual results may vary materially because of risks and uncertainties, including external factors such as consumer credit conditions, adverse conditions affecting a particular manufacturer, macro-economic factors, 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. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2009, 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.
For additional information, visit PenskeAutomotive.com
SOURCE: Penske Automotive Group, Inc.
Penske Automotive Group
Executive Vice President - Finance
Anthony R. Pordon
Senior Vice President