BLOOMFIELD HILLS, Mich., Mar 20, 2012 –Joint Venture Acquires BMW/MINI Dealership in Monza, Italy
Penske Automotive Group, Inc., an international automotive retailer, has formed a joint venture with Andrea Mantellini (and family), operator of a BMW/MINI dealer group located in Bologna, Italy. The newly formed joint venture intends to acquire and operate dealerships in northern Italy. Mantellini will manage day-to-day operations of the business, bringing his local expertise and successful business acumen. “I am very happy to partner with Penske Automotive Group as we look to expand the existing business in a market with many growth opportunities,” said Mantellini.
The joint venture has acquired the Mariani BMW/MINI dealership in Monza, Italy, a suburb of Milan. The Mariani acquisition provides an ideal opportunity for Penske Automotive Group to enter the Milan market. The greater Milan area is among the world’s top 20 and Europe’s top 10 business and financial centers with the highest average income rates in Italy.
“The joint venture signed by Penske Automotive Group with Andrea Mantellini and his family represents a milestone in our dealer development strategy. In a difficult market and economic situation, this agreement is a clear sign of BMW Group Italia’s intention to keep investing in the future to be a leader both in terms of customer satisfaction and in the premium segment market. We are happy that an important partner like Penske Automotive Group decided to invest in our country for the first time in its history, choosing BMW and MINI brands,” said Franz Jung, President and CEO of BMW Italia S.p.A.
Penske Automotive Group President Rob Kurnick said, “Creating a joint venture to acquire and operate dealerships with a strong local partner, such as Mantellini, is an attractive way for our Company to expand its presence into the Italian market. Mantellini is an innovative retailer and will help us identify potential opportunities to expand and grow our joint venture. We are thrilled with the opportunity to represent the BMW and MINI brands in the greater Milan area.”
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 335 retail automotive franchises, representing 42 different brands and 29 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 169 franchises in 17 states and Puerto Rico and 166 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 16,000 employees.
Caution Concerning Forward Looking Statements
Statements in this press release 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 such as the earthquake and tsunami that struck Japan in March 2011; 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, 2011, 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.