BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Mercedes-Benz USA LLC and Penske Automotive Group (NYSE:PAG) today
announced they have started discussions to transition the distribution
rights, management, sales and marketing activities of smart USA from
Penske Automotive Group to Mercedes-Benz USA. The transition is expected
to occur by the end of the second quarter of 2011.
The proposed change marks a further step in implementing the future
growth strategy of the smart brand. It also reflects last year’s
reorganization at smart headquarters in Germany, where smart is now
managed as an independent brand, but is fully integrated into
Mercedes-Benz Cars business unit of Daimler AG.
“We are very excited about working toward integration of smart into the
MBUSA organization, and look forward to working with our dealer partners
to exceed customer expectations for this unique vehicle,” said
Mercedes-Benz President and CEO, Ernst Lieb. “The addition of smart,
combined with our Autohaus dealer initiative, will help us build upon
the tremendous momentum the Mercedes-Benz brand had achieved here in the
U.S.”
“Introducing the smart brand to the U.S. has been a unique opportunity
for us,” said Penske Automotive Group Chairman Roger Penske. “Over the
last three years I’ve experienced the passion consumers express for the
brand as we delivered over 45,000 vehicles. Aligning smart distribution
with Daimler, as it is worldwide, is the logical next step for the smart
brand in the U.S. This alignment will enable the smart brand to grow
through the Mercedes-Benz dealership network and lead the way in
conservation and meeting future fuel economy standards.”
The addition of the fuel efficient smart fortwo and smart fortwo
electric vehicles to the Mercedes-Benz USA’s product portfolio
underscore the luxury brand’s commitment to meet even more stringent
fuel economy standards in the future. The smart fortwo achieves EPA
estimated 41 mpg in highway driving. Manufactured by Daimler AG, smart
is currently sold in more than 40 countries, and more than 1.2 million
smart fortwo’s have been sold worldwide since 1998. Since then, smart
has established itself as the think tank for urban and electric mobility
for Daimler AG and plays an important role in the Corporation’s plans to
make innovative future mobility concepts such as car2go available in
Europe and the United States.
About Mercedes-Benz USA
Mercedes-Benz USA (MBUSA), headquartered in Montvale, New Jersey, is
responsible for the distribution, marketing and customer service for all
Mercedes-Benz and Maybach products in the United States. MBUSA offers
drivers the most diverse line-up in the luxury segment with 12 model
lines ranging from the sporty C-Class to the flagship S-Class sedans and
the SLS AMG supercar.
MBUSA is also responsible for the distribution, marketing, and customer
service of Mercedes-Benz Sprinter Vans in the U.S. More information on
MBUSA and its products can be found at www.mbusa.com
and www.mbsprinterusa.com.
About Penske Automotive Group
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 325 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 172 franchises in 17 states and Puerto Rico
and 153 franchises located outside the United States, primarily in the
United Kingdom. Penske Automotive is a member of the Fortune 500 and
Russell 1000 and has approximately 14,800 employees.
Caution Concerning Forward Looking Statements
Statements in this press release involve forward-looking statements,
including forward-looking statements regarding the parties ability to
complete the transaction noted above. Actual results may vary materially
because of risks and uncertainties, including completion of binding
documentation, regulatory approvals, and other conditions many of which
may be outside of our 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 the parties disclaim any duty to update the information
herein.
Source: Penske Automotive Group, Inc.
Contact:
Mercedes-Benz USA
Geoff Day, 201-573-2270
Director
of Communications
Geoff.day@mbusa.com
or
Penske
Automotive Group
Anthony R. Pordon, 248-648-2540
Senior
Vice President
tpordon@penskeautomotive.com