BLOOMFIELD HILLS, Mich.--(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
USADistributor 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.
Contact:
Penske Automotive Group
Bob O’Shaughnessy
Executive Vice
President – Finance
248-648-2800
boshaughnessy@penskeautomotive.com
or
Anthony
R. Pordon
Senior Vice President
248-648-2540
tpordon@penskeautomotive.com