Bloomfield Township-based Penske Automotive Completes Acquisition of U.K.-based CarShop
CarShop.com is the United Kingdom's leading used car retailer, known for their unique business model that emphasizes buyer flexibility and transparency.
Photo Courtesy: CarShop.com
Bloomfield Township-based Penske Automotive Group, an international transportation service provider and leading retailer of vehicles, today announced the completion of the acquisition of CarShop. As one of the U.K.’s leading retailers of used vehicles, CarShop sells high-quality used vehicles at fixed retail prices as part of a transparent customer buying experience.
Since it was established in 1999, CarShop has grown to include large-scale retail locations operating in Cardiff, Swindon, Northampton, Norwich, and Doncaster, in addition to a 15-acre vehicle preparation center in Leighton Buzzard. The company is expected to generate an estimated annualized revenue of approximately $340 million.
"The acquisition of CarShop complements our existing core auto retail business and furthers our diversification strategy within the transportation services industry,” says Roger S. Penske, chairman of PAG. "The CarShop acquisition along with the acquisition of CarSense in the United States strengthens our position in our core markets and provides scalable future growth opportunities."
PAG currently employs 24,000 people throughout the United States, western Europe, and Canada, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts worldwide.