Penske Automotive

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.

Story Credits:
Video: The Automotive Hall of Fame | Article: Penske Truck Leasing | Quote: Detroit Free Press

For more information, please visit: http://www.penskeautomotive.com.

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Penske Automotive Group, Inc. announced today the acquisition of a Land Rover dealership in Darien, Connecticut. The company estimates the dealership will generate approximately $50 million of revenue annually.

Penske Automotive Group President Robert H. Kurnick, Jr., said, “We are pleased to add the Land Rover brand to our existing automotive dealership operations in Connecticut. For almost 30 years, this dealership has been serving customers in Darien, Greenwich, Westport and Stamford with a dedication to customer service. This brand complements our existing presence with Audi, BMW, Honda, Mercedes-Benz, and Porsche in the Connecticut market and connects our business from Fairfield, through Darien and into Greenwich, allowing us to continue scaling our operations.”

[Source: PenskeAutomotive.com]

Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today announced that it has acquired the assets and franchise rights to become the operator of Hertz rental car locations in certain markets throughout Indiana. The Company will now operate more than twenty on and off-airport locations, including the Ft. Wayne, South Bend, and Indianapolis on-airport locations. Hertz will provide the Company with a full array of services to help expand the market presence of the Hertz brand in Indiana while ensuring all products and services provided meet Hertz’s high-standards of customer service.

“We are thrilled with the opportunity to expand our relationship with Hertz to the Indianamarket,” said Bud Denker, President of the Penske Car Rental operations. “With our purchase of the Hertz-Memphis, Tennessee market in October, 2012, this acquisition is a logical progression in our relationship. With the lasting heritage of the Penske name in motorsports, particularly in Indianapolis, combined with the strong legacy of the Hertz brand, I am confident in our ability to bring a high level of customer service and satisfaction to these locations throughout Indiana. Our expansion will allow us to begin scaling our operations, and will help Hertz accelerate its growth in a key market.”

“Hertz’s partnership with Penske Automotive in the Memphis market has proven successful and extending our relationship to Indiana was the logical next step,” commented Mark P. Frissora, Chairman and Chief Executive Officer for The Hertz Corporation. “The Penske team is creating the most valued car rental experience in the Memphis market and we’re confident they will bring the same commitment to the Indiana car rental business. With this expanded partnership, we’re confident we’ll be able to accelerate our growth throughout the region and continue our expansion into the neighborhood market.”

[Source: PenskeAutomotive.com]

Penske Automotive Group, Inc. an international automotive retailer, today announced that the Company has acquired Savage BMW/MINI of Ontario, located in Ontario, California. SavageBMW/MINI of Ontario is ranked in the top twenty-five percent of BMW dealerships in the United States according to new unit volume. The acquired dealerships are expected to contribute approximately $125 million in annualized revenue.

Savage BMW has been named a BMW Center of Excellence and has built a solid reputation for customer service and satisfaction within the marketplace. Penske Automotive Group President Robert H. Kurnick, Jr. said, “The acquisition of these premierBMW/MINI dealerships expands and complements our presence in Orange County, California, and provides us with an opportunity to build further scale and leverage best practices as we look to grow our operations in this important market.”

The Savage dealerships are located in the Ontario Auto Mall in Ontario, California, and operate on six acres with 48,000 square feet of facilities, 49 service bays and over 500 spaces for customer and inventory parking.

Terms of the transaction were not announced.

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 341 retail automotive franchises, representing 40 different brands and 30 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 171 franchises in 17 states and Puerto Rico and 170 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.

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding PAG’s revenues. Actual results may vary materially because of risks and uncertainties as well as external factors such as consumer credit conditions, macro-economic factors; interest rate fluctuations; changes in consumer spending; and other factors over which management has no control. These forward-looking statements should be evaluated together with additional information about PAG’s business, markets, conditions and other uncertainties, which could affect PAG’s future performance, which are contained in the Company’s Form 10-K for the year endedDecember 31, 2011, and its other filings with the Securities and Exchange Commissionand which are incorporated into this press release by reference. This press release speaks only as of its date, and Penske Automotive Group, Inc. disclaims any duty to update the information herein.

(Source: Penskeautomotive.com)

 

Californian startup Fisker Automotive, the company behind the stunning Karma range-extended electric sedan and the upcoming Atlantic, has achieved a major coup by signing up with dealer group Penske Automotive to help sell its cars.

Penske will initially sell Fisker cars in Arizona and the surrounding region as an operator of Fisker of Scottsdale dealership.

Penske is one of the biggest dealer groups in the country, managing a total of 336 retail automotive franchises representing 42 different brands and 29 collision repair centers.

The launch of Fisker of Scottsdale also sees the number of locations where Fisker carsare sold rise to 80.

These locations are spread out over the U.S., Canada and Europe currently and soon more will be added in China and the Middle East.

Penske does have some experience with building up new brands, having been the original distributor for the Smart brand in the U.S. However, sales of Smart cars like the ForTwo never really took off and in 2011 Penske sold the rights for the U.S. sale of Smarts back to Smart’s parent company Mercedes-Benz. During that four-year ownership period, Penske was responsible for over 45,000 Smart ForTwo sales.

Fisker, whose main rival Tesla officially starts sales of its Model S electric sedan this month, has managed to make a name for itself with its impressive Karma. Despite a few bumps along the way, the company has brought to market one of the most technologically advanced vehicles on sale today.

As well as having 403 horsepower and nearly 1,000 pound-feet of torque from its range-extended electric drivetrain, the Karma sedan also gets more than twice the economy (54 MPGe) and creates about half the emissions (169g CO2/mi) of competitive luxury cars. In case you’re interested in one, pricing starts at $103,000, not including a $7,500 federal income tax credit and other local incentives.

(Source: motorauthority.com)

Santa Ana, California, 15 May, 2012 – Commonwealth Audi will be celebrating the opening of their all-new world-class facility located in Santa Ana, California in June.  Invited guests will be treated to entertainment, refreshments, and speaking guests include Senior Executives from Audi of America and Penske Automotive including Roger Penske.

“We are very excited to present our all-new dealership to the Audi fans of Orange County,” says Commonwealth Audi General Manager Matt Crandall.  “This has been a great collaboration for both Audi of America and Penske Automotive, and everyone at Commonwealth Audi is proud to be able to provide an even better car buying and Audi service experience to southern California.”

The cocktail event will be held the first week of June.  Guests will be invited to participate in an all-access tour of the new dealership and can enjoy regional cuisine and live music throughout the night.  A ribbon cutting ceremony will take place with Senior Executives from Audi of America and comments will be made from Penske Automotive Owner Roger Penske.

Since 1989 the Commonwealth Audi family has provided Orange County with a friendly and familiar car buying experience that resonates far beyond the dealership.  In January of 2010 Roger Penske and the Penske Automotive Group acquired Commonwealth Audi coupling the two in a partnership that dominates the automotive industry with happy Audi customers.

“Our staff of automotive professionals takes pride in representing the Audibrand and is well versed in the innovative design, advanced technology, and superior performance that the brand represents,” says Crandall.  “We are thrilled to be able to bring a higher level of service to Orange County.”

About Commonwealth Audi

 Commonwealth Audi of Santa Ana has been serving Orange County for over twenty years, offering a friendly and familiar car buying experience.  Commonwealth Audi of Santa Ana is a proud member of the Penske Automotive Group and is dedicated to providing experienced, friendly, personal sales and service assistance. As the premier Audi dealership in Orange County, California, Commonwealth Audi makes purchasing a car fun and easy.

[Source: Sys-con.com]

Penske Auto Group  traded at a new 52-week high today of $27.58. So far today approximately 87,000 shares have been exchanged, as compared to an average 30-day volume of 485,000 shares.

Penske Automotive Group, Inc. operates franchised automobile dealerships. The Company’s franchises are located throughout the United States, Puerto Rico and the United Kingdom. Penske Automotive sells new and used vehicles as well as offers maintenance and repair services on all brands it represents.

In the past 52 weeks, shares of Penske Auto Group have traded between a low of $14.87 and a high of $27.58 and are now at $27.07, which is 82% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.4%.

Potential upside of 13.3% exists for Penske Auto Group, based on a current level of $27.07 and analysts’ average consensus price target of $30.67. The stock should discover initial support at its 50-day moving average (MA) of $24.76 and subsequent support at its 200-day MA of $21.04.

SmarTrend recommended that subscribers consider buying shares of Penske Auto Group on January 17th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.09. Since that recommendation, shares of Penske Auto Group have risen 27.4%. We continue to monitor PAG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

[Source: MySmartTrend.com]