Penske Automotive Completes Australian Commercial Vehicle Group Acquisition

 Penske Automotive Completes Australian Commercial Vehicle Group Acquisition

  PR Newswire

  BLOOMFIELD HILLS, Michigan, Aug. 30, 2013

BLOOMFIELD HILLS, Michigan, Aug. 30, 2013 /PRNewswire/ -- Penske Automotive
Group, Inc. (NYSE:PAG), an international automotive retailer, today announced
that it has completed the acquisition of Western Star Trucks Australia Pty
Ltd., a distributor of commercial vehicles, related spare parts and
aftermarket support across Australia and New Zealand and portions of Southeast
Asia from Transpacific Industries Group Limited. The business will continue to
be managed by the existing management team.

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The purchase price of approximately $200 million includes target working
capital of approximately $67 million inclusive of vehicle inventory, parts,
and other assets, and is subject to a closing adjustment that is expected to
be finalized in the third quarter. The purchase price was financed using
available cash flow from operations and availability under the company's
credit and floorplan financing facilities. The Commercial Vehicle Group is
expected to generate approximately $420-$460 million in estimated annual
revenues for Penske Automotive Group. Penske Automotive expects to incur
approximately $0.02 per share in acquisition-related costs in its third
quarter 2013 results. On a proforma basis, the acquisition is expected to be
$0.10 to $0.14 accretive per fully diluted share on an annualized basis,
excluding acquisition-related costs.

The Commercial Vehicle Group primarily distributes heavy and medium-duty
trucks for Western Star, MAN Truck and Bus and Dennis Eagle through a network
of over 80 independent dealers while serving customers across a number of
industries, including on-highway, logistics, construction, mining,
manufacturing, agricultural and waste/refuse collection. The Western Star
truck brand, an affiliate of Daimler Trucks North America, is a top-three
Australian heavy-duty truck brand and holds a leading position in key market
segments. The MAN Truck and Bus brand is majority-owned by Volkswagen AG and
is within the top six suppliers to the Australian bus market, and Dennis Eagle
is a growing brand within the specialist refuse collection vehicle market.

Penske Automotive Group Chairman Roger S. Penske said, "We are extremely
pleased to complete this acquisition in such an efficient time frame. We
believe that our existing relationships with heavy and medium-duty truck
manufacturers, our experience in operating distribution and dealership-related
businesses, strong market dynamics and multiple growth options augment this
business opportunity. Further, The Commercial Vehicle Group provides us with
an attractive gateway to enhance our global business profile while potentially
providing a stepping-stone to Southeast Asian markets for other parts of our

About Penske Automotive Penske Automotive Group, Inc ., headquartered in
Bloomfield Hills, Michigan, operates 323 retail automotive franchises,
representing 39 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 171 franchises in 17 states and
Puerto Rico and 152 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 17,000 employees.

Caution Concerning Forward Looking Statements Statements in this press release
may involve forward-looking statements, including forward-looking statements
regarding Penske Automotive Group, Inc.'s future outlook, sales potential, and
potential earnings. 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,
2012, 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:

David K. Jones Executive Vice President Anthony R. Pordon Executive Vice
and                                     President Investor Relations and
                                        Corporate Development
Chief Financial Officer
                                        Penske Automotive Group, Inc.
Penske Automotive Group, Inc.           248-648-2540

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