Penske Automotive Group, Inc, a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and eight countries, has completed the acquisition of a Ferrari dealership in Modena, Italy.  Located in Emilia Romagna, the heart of the Italian Motor Valley, this Ferrari dealership expands the Company's existing luxury presence in Italy to 29 automotive retail locations.  Penske Automotive Group now represents nine Ferrari locations worldwide, including Maranello Classic Parts, the only official Ferrari classic parts distributor in the world.  The expected estimated annualized revenue of the Modena location is $40 million.

Commenting on the acquisition, Penske Automotive Group Head of International Operations Randall Seymore said, "We are honored to represent the Ferrari brand at such an iconic location in Italy.  Our luxury brand presence in northern Italy, strong reputation and experienced leadership team will help us provide exceptional service to Ferrari customers.  We welcome the Ferrari brand in Italy, its customers and its existing employees to our team."

 

Source: prnewswire.com

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