BLOOMFIELD HILLS, Mich.,
Jan. 11, 2017 /PRNewswire/
-- Penske Automotive Group (NYSE:PAG), an international
transportation services provider, announced today that it has
completed the acquisition of CarSense, a stand-alone specialty
retailer of used vehicles in the United States.
CarSense has five locations operating in the Philadelphia and Pittsburgh, Pennsylvania, market areas,
including southern New Jersey, and
is dedicated to reconditioning and retailing high-quality,
late-model used vehicles at no-haggle prices through a friendly,
comfortable and transparent buying experience. Penske
Automotive Group Executive Vice President Whit Ramonat said, "We are pleased to welcome
the CarSense team to Penske Automotive Group, and we look forward
to combining our resources as we expand our share of the highly
fragmented used vehicle marketplace."
The acquisition is expected to generate estimated annual revenue
of approximately $350 million with
accretion estimated to be $0.07 to
$0.09 per share on an annualized basis.
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 and earnings 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, Western Europe and Canada, 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.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive:
http://www.penskesocial.com
Like Penske Automotive on Facebook:
https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter:
https://twitter.com/Penskecarscorp
Visit Penske Automotive on YouTube:
http://www.youtube.com/penskecars
Inquiries should contact:
J. D. Carlson
Executive Vice President and
Chief Financial
Officer
Penske Automotive
Group, Inc.
248-648-2810
jcarlson@penskeautomotive.com
|
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive
Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/penske-automotive-completes-acquisition-of-carsense-300388658.html
SOURCE Penske Automotive Group, Inc.