PENSKE AUTOMOTIVE GROUP EXPANDS PRESENCE IN INDIANAPOLIS
Penske Automotive Group (NYSE: PAG) has acquired Terry Lee Hyundai and Genesis in Noblesville, Indiana, enhancing its Indianapolis market presence.
The acquisition is expected to generate annualized revenue of $80 million and brings the total expected acquired annualized revenue for 2022 to approximately $745 million. CEO Roger Penske expressed optimism about expanding the company's dealership footprint and strengthening the legacy of these brands in the area.
- Acquisition expected to generate annualized revenue of $80 million.
- Total expected acquired annualized revenue for 2022 now approximately $745 million.
- None.
Acquires Hyundai and Genesis Brands
BLOOMFIELD HILLS, Mich., May 3, 2022 /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 Terry Lee Hyundai and Genesis of Noblesville, Indiana, increasing the Company's presence in the Indianapolis metropolitan market. Terry Lee Hyundai was recognized by Automotive News as a Best Dealership to Work for in 2020 and was named as a 2020 Top Work Places by The Indianapolis Star. The acquisition is expected to generate annualized revenue of
Commenting on the acquisition, Chair and CEO Roger Penske, said, "We are pleased to add the Hyundai and Genesis brands to our existing Honda and Chevrolet footprint in the Indianapolis metropolitan market, and welcome their employees to our team. We look to enhance the strong legacy of these dealerships while building additional scale in this important market for Penske Automotive Group."
The addition of the Hyundai and Genesis dealerships brings total expected acquired annualized revenue in 2022 to approximately
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 the largest retailer 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
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, acquisitions, and growth plans. 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 and geo-political conditions generally, conditions in the credit markets, inflation, changes in interest rates and foreign currency exchange rates, changes in tariff rates, changes in the distribution model in our international operations via agency or other means, 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 war in the Ukraine, 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, 2021, 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:
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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.
FAQ
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