penske cars

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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Inquiries should contact:

J.D. Carlson

Executive Vice President and

Chief Financial Officer

Penske Automotive Group, Inc.

248-648-2810

[email protected]

 

Anthony R. Pordon

Executive Vice President Investor Relations

and Corporate Development

Penske Automotive Group, Inc.

248-648-2540

[email protected]

 

With the launch of the new A-Class, Mercedes-Benz is getting serious about the premium hatchback segment – much more than it was with the previous A-Class, B-Class and the old, C-Class Sport Coupe. And with the premium hatchback territory comes the high-end hot hatch market. Audi is already playing that game with the RS3 and BMW is heading in with the new M135i, so Mercedes is going to need an entry of its own. And this is the latest on its development.

According to British weekly Autocar, Benz is preparing to launch a new A45 AMG early next year with a transverse 2.0-liter turbo four producing as much as 330 horsepower and over 300 pound-feet of torque. That’s about par with the competition, but produced from less displacement thanks to input from AMG High-Performance Engines that provides the power for the company’s Formula One racing team (not to mentionMcLaren and Force India).

The power is tipped to be put down to all four wheels by a seven-speed dual-clutch gearbox, tuned to mimic rear-drive handling characteristics. Suspension and rolling stock are anticipated to be greatly enhanced, as will the aero kit over the A250 Sport “engineered by AMG” pictured above. Stop/start and regenerative braking will reportedly help make the A45 AMG more economical than its rivals while matching their five-second 0-60 times.

(Source: Autoblog.com)