Penske Automotive Enters Madison, Wisconsin, Market
Acquires Lexus and Toyota Dealerships
BLOOMFIELD HILLS, Mich. -- November 13, 2012
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
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
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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Inquiries should contact:
Penske Automotive Group, Inc.
David K. Jones, 248-648-2800
Executive Vice President and
Chief Financial Officer
Penske Automotive Group, Inc.
Anthony R. Pordon, 248-648-2540
Executive Vice President Investor Relations
and Corporate Development
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