Penske Automotive Group in Bloomfield Township has acquired a Ferrari dealership in Emilia Romagna, Modena, Italy, considered the heart of the Italian Motor Valley. Terms of the transaction were not disclosed.
The addition of the dealership expands Penske’s existing luxury presence in Italy to 29 automotive retail locations. Penske Automotive Group now represents nine Ferrari locations worldwide, including Maranello Classic Parts, the only official Ferrari classic parts distributor in the world. The expected estimated annualized revenue of the Modena location is $40 million.
“We are honored to represent the Ferrari brand at such an iconic location in Italy,” says
Randall Seymore, head of International Operations for Penske Automotive Group. “Our luxury brand presence in northern Italy, strong reputation, and experienced leadership team will help us provide exceptional service to Ferrari customers. We welcome the Ferrari brand in Italy, its customers, and its existing employees to our team.”
Penske Automotive Group, which employs more than 28,700 people worldwide, is a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. It operates dealerships in the U.S., the U.K., Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner.
PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts, and services principally in Australia and New Zealand.
For more information, visit penskeautomotive.com.
