BLOOMFIELD HILLS, Mich. — 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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