Establishes Joint Venture with Dealer Group in Bologna, Italy
Joint Venture Acquires BMW/MINI Dealership in Monza, Italy
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, has formed a joint venture with Andrea Mantellini (and
family), operator of a BMW/MINI dealer group located in Bologna, Italy.
The newly formed joint venture intends to acquire and operate
dealerships in northern Italy. Mantellini will manage day-to-day
operations of the business, bringing his local expertise and successful
business acumen. “I am very happy to partner with Penske Automotive
Group as we look to expand the existing business in a market with many
growth opportunities,” said Mantellini.
The joint venture has acquired the Mariani BMW/MINI dealership in Monza,
Italy, a suburb of Milan. The Mariani acquisition provides an ideal
opportunity for Penske Automotive Group to enter the Milan market. The
greater Milan area is among the world's top 20 and Europe's top 10
business and financial centers with the highest average income rates in
Italy.
"The joint venture signed by Penske Automotive Group with Andrea
Mantellini and his family represents a milestone in our dealer
development strategy. In a difficult market and economic situation, this
agreement is a clear sign of BMW Group Italia’s intention to keep
investing in the future to be a leader both in terms of customer
satisfaction and in the premium segment market. We are happy that an
important partner like Penske Automotive Group decided to invest in our
country for the first time in its history, choosing BMW and MINI
brands," said Franz Jung, President and CEO of BMW Italia S.p.A.
Penske Automotive Group President Rob Kurnick said, “Creating a joint
venture to acquire and operate dealerships with a strong local partner,
such as Mantellini, is an attractive way for our Company to expand its
presence into the Italian market. Mantellini is an innovative retailer
and will help us identify potential opportunities to expand and grow our
joint venture. We are thrilled with the opportunity to represent the BMW
and MINI brands in the greater Milan area.”
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 335 retail automotive franchises, representing 42 different
brands and 29 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 169 franchises in 17 states and Puerto Rico
and 166 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 future sales potential and outlook. 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 such as the earthquake and tsunami that struck
Japan in March 2011; 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:
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
or
Local
Market Contact:
Elena Alberti
Chief Financial Officer
Penske
Automotive Group Europe
49 160/ 74 24 584
ealberti@penskeautomotive.com
Source: Penske Automotive Group, Inc.