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8-K - LIVE FILING - PENSKE AUTOMOTIVE GROUP, INC. | htm_48952.htm |
FOR IMMEDIATE RELEASE
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PENSKE AUTOMOTIVE EXPANDS PRESENCE IN TEXAS
Acquires Toyota and Hyundai Dealerships
BLOOMFIELD HILLS, MI, December 11, 2013 Penske Automotive Group, Inc. (NYSE:PAG), an
international transportation services company, has acquired the Frank
Smith Toyota-Scion and Hyundai dealerships in Pharr, Texas. These dealerships operate in the Rio
Grande Valley area and serve the greater metropolitan area of McAllen, Texas, representing a new
market area for the company. The acquired dealerships complement the companys existing operations
in Austin, Houston, and Round Rock, Texas, and are expected to generate approximately $200 million
in annualized revenue.
The dealerships are located on an 18-acre site which includes a 28,000-square-foot, 38- service bay collision repair center and an 8,500-square-foot delivery/detail center allowing the company to operate the dealerships in a campus-style environment. All dealership facilities are compliant with the individual brands current image program.
Penske Automotive Group President Rob Kurnick said, We are thrilled to expand our affiliation with the Toyota and Hyundai brands. These new dealerships will allow us the opportunity to further scale operations within the companys existing Texas footprint and provide a growth opportunity in a new and dynamic market area.
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 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 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 Automotives business, markets, conditions and
other uncertainties, which could affect Penske Automotives future performance. These risks and
uncertainties are addressed in Penske Automotives Form 10-K for the year ended December 31, 2012,
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, operating retail automotive dealerships, Hertz
car rental franchises and commercial vehicle distribution. The company currently operates
principally in the United States, Western Europe, Australia and New Zealand, employs approximately
17,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional
information, visit the companys website at www.penskeautomotive.com.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
Contacts: | David K. Jones Executive Vice President and Chief Financial Officer 248-648-2800 dave.jones@penskeautomotive.com |
Anthony R. Pordon Executive Vice President Investor Relations and Corporate Development 248-648-2540 tpordon@penskeautomotive.com |
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