Penske Automotive Acquires BMW/MINI Dealerships
Expands Presence in Orange County, California
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- Penske Automotive Group, Inc. (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 PAGs 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 PAGs business, markets, conditions and other uncertainties, which could affect PAGs future performance, which are contained in the Companys 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.
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development
Penske Automotive Group, Inc.
Source: Penske Automotive Group, Inc.Copyright Business Wire 2012