BLOOMFIELD HILLS, Mich., March 7, 2017 /PRNewswire/ -- Penske Automotive Group (NYSE: PAG), an international transportation services provider, announced today that it has expanded its presence in the United States with the acquisition of the Jaguar and Land Rover dealerships in Paramus, New Jersey from the Prestige Family of Fine Cars. The acquisition is expected to generate estimated annual revenue of approximately $215 million.
Commenting on the acquisition, Company President Robert H. Kurnick, Jr., said, "We are pleased with the opportunity to add the Jaguar and Land Rover dealerships in Paramus to the Penske Automotive footprint. These new dealerships enhance the company's existing portfolio and bring additional scale in the New Jersey/New York metropolitan area to our business. We welcome the employees to the Penske Automotive Group team and look forward to working with them to grow the Jaguar and Land Rover businesses in this important market area."
The company now operates five Jaguar/Land Rover 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 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: 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, 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 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.
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SOURCE Penske Automotive Group