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PENSKE AUTOMOTIVE ACQUIRES FOUR FRANCHISES
WITH APPROXIMATELY $175 MILLION IN ANNUALIZED REVENUE
Acquires Audi, Porsche, Jaguar and Land Rover in New Jersey
BLOOMFIELD HILLS, MI, November 17, 2015 – Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company, announced today that it has acquired Audi Eatontown, Porsche Monmouth, Jaguar Monmouth and Land Rover Monmouth located in Monmouth County, New Jersey, one of the wealthiest counties in the United States. These franchises were acquired from the Schneider Nelson Auto Group and are expected to sell approximately 2,400 new and used vehicles annually, while generating revenue of approximately $175 million on an annualized basis.
Commenting on the acquisition, Penske Automotive Group Chairman Roger S. Penske said, “We are pleased to welcome these four new dealerships to the Penske family. The strong reputation and commitment to serving the customers of the New Jersey/Greater New York area for decades complement the company’s existing footprint in the northeastern United States, while enhancing our premium/luxury brand mix.”
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 and earnings potential. 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 and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recall 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, 2014, 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 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 23,000 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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Penske Automotive Group, Inc.(NYSE: PAG), an international transportation services company, announced today that fifteen of its dealerships have been named by Automotive News as among the Best 100 Dealerships to Work For in the United States. The award winning dealerships are:
Commenting on the announcement, Penske Automotive Group Chairman Roger Penskesaid, “Being recognized by Automotive News as one of the Best Dealerships to Work For is a significant and worthwhile achievement. I am extremely proud to have fifteen of our company’s dealerships included on the 2015 list, and I congratulate each team’s management and employees for their efforts in working together to be one of the very best.”
Roger Penske, Founder and Chairman of Penske Corporation, was recently inducted into The Automotive Hall of Fame along with automaker Elwood Haynes, former Ferrari Chairman Luca di Montezemolo, and industrialist Ratan N. Tata.
“To me, it’s a real honor (to be inducted),” Mr. Penske told Mike Brudenell from The Detroit Free Press. … “But, most of all, it’s about the people who have supported me — my family, my business partners and all my employees. I think that is the most important thing.”
Mr. Penske was inducted for his accomplishments in building a leading international transportation services organization that includes: Penske Automotive Group, Penske Truck Leasing, Penske Logistics, and Team Penske, one of the most successful automotive sports teams in history.
Video: The Automotive Hall of Fame | Article: Penske Truck Leasing | Quote: Detroit Free Press
Audi recently premiered two new model variants at the 2014 New York International Auto Show.
The Audi A3 TDI Sportback, an enthusiast favorite, and the exclusive RS 7 dynamic edition, which showcases the German automaker’s personalization program, were on display at the Jacob K. Javits Convention Center from April 18-27, 2014. The Penske Automotive Group social team was also there to capture the event as the public laid eyes on the two new model variants for the first time.
The decision to bring the Audi A3 TDI Sportback clean diesel to the U.S. market came thanks to the support of many car enthusiasts. The fuel-efficient compact hatchback will arrive in the U.S. in summer 2015 for the 2016 model year and join Audi’s push to expand the compact luxury segment and its TDI models.
The A3 TDI Sportback will be powered by a 150-horsepower 2.0 TDI clean diesel engine mated to the standard six-speed S tronic transmission. The TDI Sportback will feature the advanced technology of the recently launched A3 and is a variant of A3 family that is being introduced over the next 18 months: the Audi A3 Sedan, Audi A3 Cabriolet, A3 TDI Clean Diesel Sedan, the high-performance S3 Sedan and the A3 Sportback e-tron gasoline electric hybrid (PHEV). It will also join the five 2014 TDI models available, including the A6, A7, A8 L, Q5 and Q7.
The Audi exclusive RS 7 dynamic edition will arrive at dealerships in early summer. In addition to the 560-horsepower engine found in the RS 7, the dynamic edition will include elements of an exclusive customization program: tornado red brake calipers with the RS 7 logo, 21-inch gloss black wheels, a carbon fiber splitter, diffuser, and a carbon fiber engine cover.
The interior of the RS 7 dynamic edition will feature black valcona leather seats with the RS-specific honeycomb stitch in crimson red that is also on the dashboard, gear shifter boot, center and door armrests, and along the center console. The safety belts match the crimson red accents, which are combined with the carbon fiber inlays.
Under the hood of the five-door coupe, the 560-horsepower comes from a twin-turbo 4.0-liter turbo fuel stratified injection (TFSI) V8 engine that allows the RS 7 to go from 0 to 60 mph in just 3.7 seconds. The vehicle’s cylinder-on-demand technology allows the RS 7 to deactivate four cylinders at low engine speeds to improve fuel economy by 15 percent.
Stay tuned to PenskeSocial.com for more photos, video and information about the Audi A3 TDI Sportback and the RS 7 dynamic edition.
[Source: Audi of America]
Snow, sleet, ice and slush make the roads a mess during the winter months. When a winter drive is necessary, here are some tips to stay safe.
Prepare Your Car
There are several ways to prepare a vehicle for winter driving. Installing snow tires provides a car with extra traction on messy roads. Snow tires have deep treads that can grab snow and slush and provide a vehicle with greater stability. Putting chains on standard tires can work as well.
In addition to specialized tires, windshield washer fluid designed for winter precipitation can help improve visibility while driving. Winter washer fluid can break through the slush and ice that builds up on a windshield, allowing drivers to see the road ahead.
Knowing how to drive in inclement conditions is another key to staying safe on winter roads. Icy conditions mean that a car likely needs more time to come to a stop. Slamming on the brakes on an ice-covered road will make a car skid. In bumper-to-bumper traffic, leaving extra space between vehicles provides the car with the additional room it needs to come to a complete stop. Driving more slowly allows drivers the chance to brake gently, which decreases the risk of skidding out on slick roads.
Know How to Adjust
If a skid occurs, it is important to know how to handle it. In a rear skid, which is often called “fish tailing,” a driver should take his foot off the accelerator and steer in the direction of the rear skid. If the car starts to skid the other direction, turn the wheel gently to match the move. If the vehicle has anti-lock brakes (ABS), apply steady pressure to slow the vehicles. With standard breaks, pump the breaks to slow the car.
In a front-end skid, a driver should remove her foot from the accelerator and switch the car into neutral. Let the car skid; the car will achieve traction, at which time a driver can steer. Put the car in drive and proceed slowly.
Two vehicles staffed with people and the resources to help downtown Detroit’s homeless residents will be able to continue to cruise city streets because of the creation of the $4 million Roger Penske Detroit Fund.
The program, called 2-1-1 On the Go!, is operated jointly by the Downtown Detroit Partnership, the United Way of Southeast Michigan, Strategic Staffing Solutions Inc. and Roger Penske.
DDP Chair Cynthia Pasky, founder, president and CEO of Strategic Staffing Solutions, said the endowment initially was funded by $2 million from a charitable foundation attached to the now-defunct Collins & Aikman Corp.
That amount will now be matched by $2 million in private contributions. The source of funding was not disclosed.
The fund will be administered by the Community Foundation of Southeast Michigan.
Two 2-1-1 On the Go! teams patrol downtown streets looking to help homeless individuals. The vehicles, donated by Penske, are equipped with wireless Internet access that allows them to provide eligible homeless Detroiters with tools to overcome the barriers to employment and permanent housing.
The services are part of the United Way’s existing 2-1-1 program that connects people with job training, substance-abuse treatment, assistance with heating, food, housing, utilities and mental health counseling.
Penske serves on the DDP board as vice chair, but stepped down as chair earlier this fall after almost five years. The 2-1-1 program was created three years ago during his chairmanship.
During those three years, 2-1-1 On the Go! served more than 1,600 homeless people and enrolled nearly 250 of them in a program to help them. More than 100 homeless found full-time jobs and 75 are in permanent housing.
Pasky said the new fund is a perfect way to honor Penske’s contributions to Detroit.
“For all the things that he does — the billion dollar companies, the racing victories and all of his other accomplishments — I think the most important thing he has done is allow something to happen that has probably saved the lives of at least 100 people in the last three years,” she said in a press release.
Correction: An earlier version of this story omitted the names of two of the supporters of the 2-1-1 On the Go! program. This version adds those names.
For more than 20 years, most of the Indy race cars fielded by Roger Penske and his formidable team were painted Day-Glo orange and white and carried the Marlboro logo, a brand made by the team’s primary sponsor, Phillip Morris USA. The cars were one of the most easily recognizable in motorsports, in part because Team Penske drivers won the Indianapolis 500 several times in Marlboro colors.
But Phillip Morris dropped its sponsorship at the beginning of last season, and, like other teams, Penske has needed to piece together sponsorships to keep fielding a full three-car team. Within the last week, Penske has announced three deals that, along with Verizon’s continuing primary sponsorship of Will Power, the up-and-coming Australian driver, could benefit his team enormously.
Team Penske said Monday that Izod, which is also the title sponsor of the IndyCar series, would be the primary sponsor of the car driven by Ryan Briscoe in several races in 2011, including the Indy 500. The car driven by Helio Castroneves at Indy and in other races will be sponsored by Shell, Penske said Friday. Meijer, a retail chain in the Midwest, will be an associate sponsor of all three cars.
Izod had been the sponsor of the Andretti Autosport car driven by Ryan Hunter-Reay, another rising star. Tony Kanaan, another longtime driver on the team owned by Michael Andretti, lost 7-Eleven as his sponsor and his ride with Andretti at the end of the season. Meijer had been an associate sponsor for Marco Andretti, Michael’s son.
Sponsorship dollars, which are even more vital to success in auto racing than horsepower, have moved decidedly in Team Penske’s direction. Further, there is the strong possibility that Sam Hornish Jr., the 2006 Indy 500 champion, who has not had much success racing stock cars in the last three years, could race in the 2011 Indy 500 for Penske.
“He’s always had an open invitation to run the Indy 500 with us. Nothing’s changed,” Tim Cindric, the president of Penske Racing, said in a teleconference on Monday.
Referring to Hornish’s status as a Sprint Cup driver, Cindric added, “I think what’s changed is the fact we haven’t been able to secure a full‑time Cup ride for him. And that makes things a bit more obvious. But he’s always had an open invitation with us to run Indy.”
Although the series has been energized by signing on at least three manufacturers for a new car program for the 2012 season, the imbalance in sponsorship dollars could be seen as a step back for parity in the series. The top five in last year’s standings drove either for Chip Ganassi or Penske. (Dario Franchitti, the series champion, drove for Ganassi.)
Danica Patrick finished 10th in the standings last year driving a car for Michael Andretti. Kanaan was sixth, Hunter-Reay was seventh and Marco Andretti was eighth. Mike Kelly, executive vice president of marketing for Izod’s parent company, Phillips-VanHeusen, said his company simply thought sponsoring Penske’s team was a better business opportunity.
“There’s no question he’s a contender out on the track,” Kelly said of Hunter-Reay.
[Source: The New York Times]