PENSKE AUTOMOTIVE GROUP EXPANDS PRESENCE IN SOUTHERN CALIFORNIA
Penske Automotive Group (NYSE: PAG) has acquired BMW/MINI of Escondido and a collision center, enhancing its presence in the Escondido Auto Mall, California. This acquisition is projected to bring in an annualized revenue of approximately $115 million. Year-to-date 2022, Penske has added $665 million in annualized revenue through acquisitions. CEO Roger Penske expressed enthusiasm about welcoming the 72 employees from the acquired dealership, indicating growth and strengthening relationships with BMW and MINI brands.
- Acquisition expected to generate annualized revenue of $115 million.
- Strengthens brand presence in Escondido Auto Mall.
- Year-to-date revenue growth from acquisitions of $665 million.
- None.
Acquires BMW/MINI of Escondido and a Collision Center
BLOOMFIELD HILLS, Mich., April 12, 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 BMW/MINI of Escondido, along with a collision center, located in Escondido, California. The acquired dealership and collision center are located in the Escondido Auto Mall, where the company currently operates dealerships featuring the Acura, Audi, Honda, and Mazda brands. The acquisition is expected to generate annualized revenue of approximately
Commenting on the acquisition, Chair and CEO Roger Penske, said, "We are thrilled to have completed the acquisition of the well-respected BMW/MINI brands in Escondido. The acquisition strengthens the scale of our offerings in the Escondido Auto Mall and adds additional depth to our relationship with the BMW and MINI brands. I would like to welcome the 72 BMW/MINI of Escondido employees, including 22 technicians, to the Penske Automotive Group team."
Year-to-date 2022, Penske Automotive Group has added 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, 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 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.
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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.
FAQ
What is the significance of Penske Automotive Group's acquisition of BMW/MINI of Escondido?
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Where is the newly acquired BMW/MINI of Escondido located?
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