Penske Automotive Group Expands BMW Presence
Penske Automotive Group (NYSE: PAG) has acquired Erhard BMW of Bloomfield, enhancing its BMW dealership network to 48 locations globally. Located in Bloomfield Hills, Michigan, this dealership has a strong 50-year history in the Detroit market and is the largest BMW dealership in Michigan. The acquisition is projected to generate approximately $100 million in annual revenue. Year-to-date, PAG has added about $1.2 billion in expected annualized revenue through various dealership acquisitions.
- Acquisition of Erhard BMW expected to generate approximately $100 million in annual revenue.
- Penske Automotive Group has added approximately $1.2 billion in expected annualized revenue year-to-date through acquisitions.
- None.
BLOOMFIELD HILLS, Mich., Dec. 14, 2021 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that it has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan, representing the Company's 48th BMW dealership world-wide. Commenting on the acquisition, President Rob Kurnick said, "This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years. We are thrilled to expand our presence and relationship with the BMW brand and welcome Erhard BMW of Bloomfield, the largest BMW dealership in Michigan, to the Penske Automotive Group team."
The acquired dealership is expected to generate approximately
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy, and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems and related parts and services principally in Australia and New Zealand. Additionally, PAG owns
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 expected revenue. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: the duration, severity and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, natural disasters, recall 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 Group's business, markets, conditions, and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2020, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Inquiries should contact:
Shelley Hulgrave | Anthony R. Pordon |
Executive Vice President and | Executive Vice President Investor Relations |
Chief Financial Officer | and Corporate Development |
Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
248-648-2812 | 248-648-2540 |
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SOURCE Penske Automotive Group, Inc.
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