BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), today announced the
acquisition of Audi and Volkswagen dealerships located in Santa Ana,
California.
Operating in the heart of Orange County, Commonwealth
Audi and Commonwealth
Volkswagen are co-located in the Santa Ana Auto Mall and will
complement the company's existing dealership footprint in southern
California. Combined, these dealerships are expected to generate
approximately $80 million in revenue on an annualized basis. With the
completion of this acquisition, Penske Automotive Group now operates
nine Audi and two Volkswagen dealerships in the United States.
George Brochick, Executive Vice President for Penske Automotive Group's
Western Region said, "We are pleased to increase our presence in the
southern California market with these outstanding brands, and we welcome
the employees to the PAG team. These dealerships offer outstanding
product portfolios in the volume and luxury segments and represent a
tremendous opportunity for Penske Automotive Group to grow its business
in this key geographic market."
Terms of the transaction were not disclosed.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 310 retail automotive franchises, representing 40 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 160 franchises in 17 states and Puerto Rico
and 150 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 77 smart retail centers in the United States. Penske Automotive
is a member of the Fortune 500 and Russell 1000 and has approximately
14,000 employees. smart and fortwo are registered trademarks of Daimler
AG.
Source: Penske Automotive Group, Inc.
Contact: Inquiries should contact:
Bob O'Shaughnessy
Executive Vice President - Finance
Penske Automotive Group
248-648-2800
boshaughnessy@penskeautomotive.com
or
Anthony R. Pordon
Senior Vice President
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com