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Adds 15 premium dealerships with an annualized estimate of $1 billion.
BLOOMFIELD HILLS, Mich. , Jan. 8, 2024 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE: PAG), a diversified foreign transportation company and one of the world’s leading advertising car and truck stores, today announced that it has completed the acquisition of Rybrook Group Limited, comprising 15 premium dealerships in the United Kingdom, adding 4 BMW dealerships, 4 MINI dealerships, 4 Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of BMW’s locations also sell BMW Motorrad motorcycles. The concessions constitute annualized revenues estimated at $1 billion.
Darren Edwards, chief executive of the company’s Sytner Group subsidiary in the UK, said: “We are pleased to expand our logo footprint and increase our scale. Rybrook distributors are exceptional logos with a strong commitment to providing exceptional service to visitors. We look forward to continuing this legacy and welcoming Rybrook affiliates to our team. “
About Penske Automotive
Penske Automotive Group, Inc. (NYSE: PAG), headquartered in Bloomfield Hills, Michigan, is a diversified foreign transportation company and one of the world’s leading advertising car and truck stores. PAG operates dealerships in the U. S. , U. K. , Canada, Germany, Italy and Japan and is one of the largest advertising truck stores in North America for Freightliner. PAG also distributes and sells advertising vehicles, diesel and fuel engines, electrical systems and related components and Array primarily in Australia and New Zealand. PAG employs more than 28,000 foreigners. In addition, PAG owns 28. 9% of Penske Transportation Solutions (“PTS”), a company that employs more than 44,000 foreign people and operates one of the largest, most comprehensive and comprehensive truck fleets. North America, with more than 442,000 trucks, tractors and trailers under lease, lease and/or maintenance and provides its consumers with state-of-the-art generation, supply chain and transportation solutions. PAG is a member of the Fortune 500, Russell 1000, Russell 3000, and S indices
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release may include forward-looking statements, including forward-looking statements regarding acquisitions and expansion plans of Penske Automotive Group, Inc. Actual effects would likely vary materially due to dangers and uncertainties that are difficult to predict. wait. These risks and uncertainties include, among others, our ability to successfully integrate acquired concessions into our existing operations and to achieve certain anticipated synergies, risks and uncertainties related to macroeconomic, geopolitical and industrial situations and developments, as well as their effect on vehicle sales. new and used, availability of customer credit, adjustments in customer demand, customer confidence levels, fuel prices, non-public discretionary trim levels, interest rates and unemployment rates; our ability to unload vehicles and components of our brands, i. e. in the event of supply chain disruptions due to natural disasters, shortages of automotive components, the war in Ukraine, labor supply difficulties, moving stoppages or jobs or other interruptions; adjustments in the retail sales model, whether through direct sales from manufacturers, a shift towards a firm sales model, online sales from competitors or the expansion of the electric car; the effects of a pandemic on the global economy, including our ability to respond well to changing business situations in the face of any pandemic; the inflation rate, and its effect on the ability to purchase vehicles; adjustments in interest rates and foreign currency exchange rates; with respect to PTS, adjustments in the financial solvency of its customers, stoppages of moving or painting by its employees, relief in the utilization rates of PTS assets, continued availability by truck brands and automotive suppliers and spare parts for its fleet, possible declines in the resale price of used cars, which could affect PTS’s ability to sell its used cars after the expiration of its customers’ leases or at the end of its holding period. rental cars, which could affect PTS’s ability to profit and the relevant regulatory risks and compliance costs; our ability to realize returns on our significant capital investments in new and improved dealer facilities; our ability to navigate a rapidly changing automobile and truck landscape; our ability to respond to new or enhanced regulations in our domestic and foreign markets related to automobile and truck dealership advertising and vehicle sales, adding those similar to sales procedure or emissions standards, as well as adjustments to customer sentiment related to sales of advertising trucks. that possibly hinders our or PTS’s ability to service, acquire, sell or operate trucks; the good fortune of our distribution of advertising automobiles, engines and power systems; herbal disasters; withdraw projects or other interruptions that disrupt the supply of automobiles or parts to us; the final results of legal and administrative issues and other points over which control has limited control. These forward-looking statements deserve to be evaluated with further information about Penske Automotive Group’s business, markets, situations, hazards and other uncertainties, which could potentially affect Penske Automotive Group’s long-term performance. The risks and uncertainties discussed above are not exhaustive and further risks and uncertainties are discussed in Penske Automotive Group’s Form 10-K for the year ended December 31, 2022, its Form 10-Q for quarterly periods ended March 31 2023 and June 30. . Array 2023, September 30, 2023 and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date and Penske Automotive Group assumes no legal responsibility to update the data contained herein.
Inquiries should contact:
Shelley Hulgrave
Antonio Pordón
Executive Vice President and
Executive Vice President Investor Relations
CFO
& Development
Penske Automotive Group, Inc.
Penske Automotive Group, Inc.
248-648-2812
248-648-2540
shulgrave@penskeautomotive. com
tpordon@penskeautomotive. com
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SOURCE Penske Automotive Group, Inc.