Penske Automotive Group Inc. in Bloomfield Township today announced it has acquired BMW of Wilmington and Porsche Wilmington in North Carolina. Terms of the deal were not disclosed.
Both dealerships have earned their respective brand’s highest honor, with BMW of Wilmington designated as a BMW Center of Excellence and Porsche Wilmington designated as a Porsche Premier Dealer.
“We are pleased to expand our relationship with these world class brands and further enhance our premium retail automotive brand mix in the southeastern United States,” says Roger Penske, chair and CEO of Penske Automotive Group.
“The greater Wilmington, North Carolina area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of The Baker Motor Co. We welcome the associates of these two dealerships to the Penske Automotive Group team.”
The acquisitions are expected to generate annualized revenue of approximately $140 million.
Penske Automotive Group is a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is one of the largest retailers of commercial trucks in North America for Freightliner.
The company also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand.
PAG employs more than 27,000 people worldwide. Additionally, PAG owns 28.9 percent of Penske Transportation Solutions, a business that employs 43,000-plus people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 431,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers.
For more information, visit penskeautomotive.com.
