Penske Automotive Acquires BMW Of Greenwich Expands Presence in Key Strategic Market Area in the Northeast U.S.
BLOOMFIELD HILLS, Mich., March 13, 2014 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today that it has acquired BMW of Greenwich located in Greenwich, Connecticut. The company estimates the new BMW dealership will generate approximately $190 million in revenue on an annualized basis.
Penske Automotive Group President Robert H. Kurnick said, "The addition of the BMW brand to our existing automotive dealership operations in Connecticut is a key strategic investment for our company. BMW of Greenwich complements our existing presence with Mercedes-Benz, Audi, Porsche and Honda in the Connecticut market, allowing us to continue scaling our operations."
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Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential and outlook. 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, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters 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, 2013, 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, operating automotive dealerships, commercial vehicle distribution and car rental franchises principally in the United States, Western Europe, Australia and New Zealand, employs approximately 18,000 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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