BLOOMFIELD HILLS, Mich.,
April 10, 2017 /PRNewswire/
-- Penske Automotive Group (NYSE: PAG), an international
transportation services provider, announced today that it has
acquired Schumacher European, LTD., a Mercedes-Benz and Sprinter
dealership in Phoenix,
Arizona. This new dealership is located contiguous to the
company's Scottsdale 101 Auto
Collection which currently represents fifteen franchises.
"Schumacher European is a well-respected and top performing
Mercedes-Benz dealership," said Penske Automotive Group Chairman
Roger S. Penske. "This new
dealership expands and enhances our premium/luxury footprint in the
Phoenix metropolitan market and
further strengthens the company's overall automotive retail
portfolio. We welcome the Schumacher European employees to the
Penske Automotive Group team and look forward to working with them
to grow the Mercedes-Benz business in this important market
area."
The acquisition is expected to generate estimated annual revenue
of approximately $250 million.
The company now operates nine Mercedes-Benz dealerships in the
United States.
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: fulfillment of closing
conditions, 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,
2016, 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 24,000 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/penskesocial
Follow Penske Automotive on Instagram:
https://www.instagram.com/penskecars/
Visit Penske Automotive on YouTube:
http://www.youtube.com/penskecars
Inquiries should contact:
Contacts:
|
J.D.
Carlson
Executive Vice
President and
Chief Financial
Officer
248-648-2810
jcarlson@penskeautomotive.com
|
Anthony R. Pordon
Executive Vice President – Investor Relations and Corporate
Development
248-648-2540
tpordon@penskeautomotive.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/penske-automotive-acquires-mercedes-benz-dealership-in-phoenix-arizona-300437534.html
SOURCE Penske Automotive Group