Penske Automotive Group Acquires Bmw And Porsche Dealerships In Wilmington, North Carolina
14 August 2023
Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company recognized as one of the world's premier automotive and commercial truck retailers, has made public its acquisition of BMW of Wilmington and Porsche Wilmington. These two dealerships have earned esteemed accolades from their respective brands, with BMW of Wilmington holding the title of BMW Center of Excellence and Porsche Wilmington being designated as a Porsche Premier Dealer.
Chair and CEO of Penske Automotive Group, Roger Penske, remarked on the acquisitions, expressing satisfaction in broadening their collaboration with these renowned brands. He emphasized the intention to enhance the premium automotive retail brand portfolio in the southeastern United States. The greater Wilmington, North Carolina region, being an expanding market, is anticipated to continue the exceptional performance legacy of these dealerships under the guidance of The Baker Motor Company. He warmly welcomed the associates of these dealerships into the Penske Automotive Group team.
The acquisitions are projected to yield an annualized revenue of approximately $140 million.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, stands as a diversified international transportation services company renowned for its status as a premier automotive and commercial truck retailer. Operating dealerships across the United States, the United Kingdom, Canada, Germany, Italy, and Japan, PAG is a key retailer of commercial trucks in North America for Freightliner. The company also engages in the distribution and retail of commercial vehicles, diesel and gas engines, power systems, and related parts and services, primarily in Australia and New Zealand. PAG boasts a global workforce of over 27,000 individuals. Furthermore, PAG possesses a 28.9% ownership stake in Penske Transportation Solutions ("PTS"), a business with a workforce exceeding 43,000 worldwide. PTS manages one of the largest and most advanced trucking fleets in North America, comprising over 431,000 trucks, tractors, and trailers under lease, rental, and maintenance agreements. PTS offers innovative transportation, supply chain, and technology solutions. PAG holds a position in the S&P 400 Mid Cap Index, Fortune 500, and Russell 1000 and Russell 3000 indexes. For more information, including the Company's 2022 ESG Report highlighting its ESG strategies and metrics, visit the official website at www.penskeautomotive.com.
Caution Concerning Forward-Looking Statements
This press release may involve forward-looking statements, including future revenue projections and plans of Penske Automotive Group, Inc. Actual results may differ due to unpredictable risks and uncertainties. These factors include macro-economic and geo-political conditions, new and used vehicle sales, availability of consumer credit, changes in consumer demand and confidence, fuel prices, discretionary spending levels, interest rates, unemployment rates, supply chain disruptions, changes in the retail model, pandemic-related effects, inflation rates, interest rates, foreign currency exchange rates, acquisitions, financial health of customers, labor strikes, regulatory changes, natural disasters, recalls, legal matters, and other factors beyond management's control. These forward-looking statements should be evaluated alongside additional information about Penske Automotive Group's business, markets, conditions, risks, and uncertainties. Further risks and uncertainties are addressed in Penske Automotive Group's filings with the Securities and Exchange Commission. The information in this press release is current as of its date, and Penske Automotive Group disclaims any obligation to update the information provided.