Acquires Hyundai and Genesis Brand names
BLOOMFIELD HILLS, Mich., Might 3, 2022 /PRNewswire/ — Penske Automotive Team, Inc. (NYSE: PAG), a diversified intercontinental transportation services business and just one of the world’s leading automotive and industrial truck vendors, now declared that it has obtained Terry Lee Hyundai and Genesis of Noblesville, Indiana, escalating the Company’s presence in the Indianapolis metropolitan sector. Terry Lee Hyundai was identified by Automotive News as a Most effective Dealership to Function for in 2020 and was named as a 2020 Prime Perform Spots by The Indianapolis Star. The acquisition is anticipated to crank out annualized income of $80 million.
Commenting on the acquisition, Chair and CEO Roger Penske, claimed, “We are pleased to include the Hyundai and Genesis models to our existing Honda and Chevrolet footprint in the Indianapolis metropolitan market, and welcome their staff members to our group. We appear to enrich the powerful legacy of these dealerships though building extra scale in this vital current market for Penske Automotive Group.”
The addition of the Hyundai and Genesis dealerships brings full anticipated obtained annualized profits in 2022 to approximately $745 million.
About Penske Automotive
Penske Automotive Team, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified worldwide transportation providers enterprise and a single of the world’s leading automotive and industrial truck retailers. PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy, and Japan and is the premier retailer of business vans in North America for Freightliner. PAG also distributes and retails industrial vehicles, diesel and gas engines, electricity systems and similar parts and expert services principally in Australia and New Zealand. Furthermore, PAG owns 28.9% of Penske Transportation Solutions, a organization that manages a fleet of in excess of 373,000 vehicles furnishing progressive transportation, source chain and know-how methods to North American fleets. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is rated among the the World’s Most Admired Organizations by Fortune Magazine. For further data, take a look at the firm’s site at www.penskeautomotive.com.
Caution Relating to Forward Looking Statements
Statements in this push release might require ahead-on the lookout statements, including ahead-seeking statements regarding Penske Automotive Group, Inc.’s money performance, acquisitions, and expansion strategies. True results may perhaps fluctuate materially simply because of challenges and uncertainties that are hard to predict. These risks and uncertainties include, amongst other folks, the period, severity, and resolution of the COVID-19 pandemic, federal government mandated limitations on our organization in light of COVID-19 or or else, financial and geo-political problems usually, situations in the credit history markets, inflation, changes in desire charges and foreign currency exchange fees, alterations in tariff premiums, modifications in the distribution model in our worldwide operations by using company or other suggests, adverse ailments impacting a specific producer, which include the adverse influence to the automobile and pieces offer chain due to confined vehicle availability because of to the COVID-19 pandemic, the war in the Ukraine, the scarcity of automotive semiconductor chips or other parts, purely natural disasters, remember or other disruptions that interrupt the supply of cars or parts to us, modifications in consumer credit score availability, the final result of legal and administrative matters, and other elements more than which administration has confined control. These forward-hunting statements need to be evaluated together with further details about Penske Automotive Group’s company, markets, disorders, and other uncertainties, which could impact Penske Automotive Group’s upcoming performance. These hazards and uncertainties are tackled in Penske Automotive Group’s Kind 10-K for the calendar year ended December 31, 2021, and its other filings with the Securities and Exchange Fee (“SEC”). This push launch speaks only as of its date, and Penske Automotive Team disclaims any responsibility to update the info herein.
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