BLOOMFIELD HILLS, Mich., Feb. 28, 2014 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, has signed a letter of intent with Porsche Cars North America to construct a new Porsche dealership in Broward County. This new dealership will represent the company's seventh (7th) Porsche dealership in the United States and fifteenth (15th) worldwide.
The company intends to build a new, state-of-the-art, world-class dealership to represent the Porsche brand on over 7 acres of property ideally located along Interstate 75 in Davie, Florida. The dealership is expected to be completed in the second quarter of 2015 and will be named Porsche of West Broward (PorscheWestBroward.com). The company estimates the new Porsche dealership will generate approximately $125 million in annualized revenue.
Penske Automotive Group Central Region Executive Vice President Whitfield Ramonat said, "We are thrilled to expand our affiliation with Porsche and expect this new dealership to be a flagship property for the Porsche brand. The new dealership will afford us the opportunity to scale operations within our existing Florida footprint, and it provides an outstanding growth opportunity for our company."
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 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, 2012, 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.
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:
David K. Jones
Executive Vice President and
Chief Financial Officer
Anthony R. Pordon
SOURCE Penske Automotive Group, Inc.