Penske Automotive Group, Inc. (NYSE:PAG) has announced that it will acquire two dealership locations in Santa Ana, California. The company will acquire the Audi and Volkswagon dealerships. Commonwealth Audo, and Commonwealth Volkswagen are located in the Santa Ana Auto Mall in Orange County. The dealerships are expected to compliment Penske’s southern California dealership exposure and generate $80 million in revenue. Including the two Santa Ana dealerships, Penske has nine Audi dealerships and two Volkswagon dealerships in the United States.
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Penske Automotive Group, Inc. is an automotive retailer headquartered in the United States. As of February 1, 2009, the Company owned and operated 156 franchises in the United States and 148 franchises outside of the United States, primarily in the United Kingdom. The Company offers a range of vehicle brands, with 96% of its total revenue, during the year ended December 31, 2008 generated from brands of non-United States-based manufacturers, including sales relating to brands, such as Audi, BMW, Cadillac and Porsche, which represented 65% of its total revenue. In June 2008, it acquired a 9% limited partnership interest in Penske Truck Leasing Co., L.P. (PTL) from GE Capital. PTL is a global transportation services provider, which operates and maintains more than 200,000 vehicles and services customers in North America, South America, Europe and Asia.
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