Acquires Lexus and Toyota Dealerships
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced that it has acquired two dealerships, Jon
Lancaster Toyota Scion and Lexus of Madison. The acquired dealerships
are expected to contribute annualized revenues of approximately $130
million.
Central Region Executive Vice President Whit Ramonat said, “Entering the
Madison, Wisconsin, market is an important step in our effort to build
scale in the upper Midwest. Coupled with our existing BMW and MINI
franchises in Minneapolis, the Toyota and Lexus dealerships in Madison
provide an outstanding footprint to leverage our operations and grow our
business. We are excited with the opportunity to represent these
world-class brands in the Madison market.”
The Toyota dealership is located in east Madison and operates on ten
acres with approximately 70,000 square feet of facilities for sales and
service, including a Toyota express service center specializing in oil
changes and brake repairs. Lexus of Madison is an Elite of Lexus
dealership located in west Madison, and operates on nine acres with
nearly 45,000 square feet of facilities dedicated to sales and service.
Each facility is fully compliant with current OEM corporate identity
standards.
Other terms of the transaction were not announced.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 344 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 174 franchises in 18 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.
Caution Concerning Forward Looking Statements
Statements in this press release 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 that are difficult to predict. These risks and
uncertainties include, among others: economic conditions generally,
conditions in the credit markets and changes in interest rates, adverse
conditions affecting a particular manufacturer, including the adverse
impact to the vehicle and parts supply chain due to natural disasters or
other disruptions that interrupt the supply of vehicles or parts to us;
changes in consumer credit availability, the outcome of legal and
administrative matters, and other factors over which management has
limited 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, 2011, 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.
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Inquiries should contact:
Penske Automotive Group, Inc.
David
K. Jones, 248-648-2800
Executive Vice President and
Chief
Financial Officer
dave.jones@penskeautomotive.com
or
Penske
Automotive Group, Inc.
Anthony R. Pordon, 248-648-2540
Executive
Vice President Investor Relations
and Corporate Development
tpordon@penskeautomotive.com
Source: Penske Automotive Group, Inc.