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Penske Automotive closes on The Car People deal

|About: Penske Automotive Group, ... (PAG)|By:, SA News Editor

Penske Automotive Group (NYSE:PAG) announces it has completed the acquisition of The Car People.

The Car People sells approximately 18K vehicles annually and is expected to generate estimated annualized revenue of approximately $300M. On a combined basis, Penske's used car supermarket business in the U.K. is expected to sell more than 55K vehicles annually.

Penske expects accretion of $0.05 to $0.07 per share on an annualized basis as a result of the deal.

"The acquisition of The Car People accelerates the company's expansion of its Used Car Supermarket business and reinforces our commitment to grow the used car business while strengthening the company's market position in the U.K., our second largest market," says Chairman Roger Penske.

Source: Press Release

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