Expands Presence in Orange County, California
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced that the Company has acquired Savage BMW/MINI
of Ontario, located in Ontario, California. Savage BMW/MINI of Ontario
is ranked in the top twenty-five percent of BMW dealerships in the
United States according to new unit volume. The acquired dealerships are
expected to contribute approximately $125 million in annualized revenue.
Savage BMW has been named a BMW Center of Excellence and has built a
solid reputation for customer service and satisfaction within the
marketplace. Penske Automotive Group President Robert H. Kurnick, Jr.
said, “The acquisition of these premier BMW/MINI dealerships expands and
complements our presence in Orange County, California, and provides us
with an opportunity to build further scale and leverage best practices
as we look to grow our operations in this important market.”
The Savage dealerships are located in the Ontario Auto Mall in Ontario,
California, and operate on six acres with 48,000 square feet of
facilities, 49 service bays and over 500 spaces for customer and
inventory parking.
Terms of the transaction were not announced.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 341 retail automotive franchises, representing 40 different
brands and 30 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 171 franchises in 17 states and Puerto Rico
and 170 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 16,000 employees.
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding PAG’s revenues. Actual
results may vary materially because of risks and uncertainties as well
as external factors such as consumer credit conditions, 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 PAG’s business, markets, conditions and other
uncertainties, which could affect PAG’s future performance, which are
contained in the Company’s Form 10-K for the year ended December 31,
2011, 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 Group,
Inc. disclaims any duty to update the information herein.
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Inquiries should contact:
David K. Jones
Executive Vice
President and
Chief Financial Officer
Penske Automotive Group,
Inc.
248-648-2800
dave.jones@penskeautomotive.com
or
Anthony
R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
Source: Penske Automotive Group, Inc.