Penske Automotive Group Inc., a diversified international transportation services company and automotive and commercial truck retailer in Bloomfield Township, today announced it has acquired McCoy Freightliner.
The terms of the transaction were not disclosed. The deal is expected to generate approximately $200 million in annual revenue.
McCoy is a retailer of medium- and heavy-duty commercial trucks based in Portland, Ore. It adds two full-service dealerships and a remarketing center to wholly owned Penske subsidiary Premier Truck Group’s (PTG) existing operations.
“We are thrilled to welcome McCoy Freightliner to Premier Truck Group,” says Richard Shearing, president of PTG. “McCoy expands our reach to the Pacific Northwest, servicing the Interstate 5 and 84 corridors, and is within 600 miles of our existing Idaho locations, providing us with the opportunity to improve customer service while further scaling our operations.”
PTG now operates 37 North American commercial truck locations in Texas, Oklahoma, Oregon, Tennessee, Georgia, Utah, Idaho, and Ontario, Canada. It expects to generate $2.5 billion in annual revenue.
Year-to-date, Penske Automotive Group has added approximately $1.1 billion in expected annual revenue through the completion of retail automotive and commercial truck dealerships. PAG operates dealerships primarily is the U.S., U.K., Germany, Italy, and Japan.
One such dealership Penske debuted this year is a fully automated technology platform to enable the online retail sale of used vehicles. The automated online buying platform allows consumers to select from high-quality, preowned vehicles through PAG’s U.S. CarShop used vehicle SuperCenters and franchised dealerships.