BLOOMFIELD HILLS, Mich., Feb. 2, 2015 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company, has completed the acquisition of Freightliner medium and heavy-duty commercial truck dealerships operating in the Chattanooga and Knoxville, Tennessee markets. These dealerships represent the full line of Freightliner commercial truck products under the brand names Freightliner, Western Star, Sprinter and Freightliner Custom Chassis. The dealerships also offer a full range of used trucks and service/parts/body shop departments to meet the needs of their customers.
Penske Automotive Group Chairman Roger S. Penske said, "We are pleased to expand our commercial truck dealership footprint into these new markets as we build scale within the highly-fragmented commercial truck dealership industry. The Chattanooga and Knoxville dealerships offer a strong legacy of providing outstanding new and used sales and service to local customers in addition to servicing fleet and owner-operators along the busy Interstate 24, 40 and 75 corridors providing us with an outstanding opportunity for future organic growth."
Commenting on the transaction, Freightliner of Knoxville and Chattanooga President Patrick T. Carroll said, "We are excited to join the growing family of commercial truck dealerships in Penske Automotive Group. For more than 20 years, we have built our business with a focus on having industry leading facilities, hiring the best human capital and fostering outstanding relationships with our customers. As a result of sharing a common business philosophy with Penske, we look forward to continuing these traditions while expanding our ability to serve customers provided by the size and scope of Penske Automotive Group."
The company estimates these dealerships will generate approximately $200 million in annualized revenue.
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, 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 that operates retail automotive and commercial truck dealerships principally in the United States 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 20,000 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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