Penske Automotive Expands Presence in Italy
Penske Automotive Expands Presence in Italy
Acquires Porsche, Audi, Land Rover and Volvo Franchises
PR Newswire
BLOOMFIELD HILLS, Mich., Oct. 3, 2016
BLOOMFIELD HILLS, Mich., Oct. 3, 2016 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced that it has expanded its presence in northern Italy with the acquisition of six franchises (Porsche [3], Audi, Land Rover and Volvo). The franchises are located in the strategic northern Italian market area of Bologna.
The acquired dealerships are expected to generate approximately $200 million in revenue on an annualized basis and provide PAG with the opportunity to be the largest dealer for the BMW, Audi and Porsche brands in Italy. Commenting on the acquisition, Penske Automotive Group President Robert H. Kurnick, Jr. said, "The addition of these franchises doubles the size of our business in Italy while providing the opportunity to significantly leverage our scale in the northern Italian marketplace."
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 sales potential. 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 and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recalls 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, 2015, 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.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 23,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.
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Inquiries should contact:
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J. D. Carlson Chief Financial Officer Penske Automotive Group, Inc. |
Anthony R. Pordon Penske Automotive Group, Inc. |
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SOURCE Penske Automotive Group, Inc.
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