Penske Automotive Group Inc. in Bloomfield Township has signed an agreement to acquire Porsche Centre Melbourne, located in Melbourne, Australia, from Porsche Retail Group Australia Pty Ltd. Terms of the deal were not disclosed.
Upon completion of the acquisition, Porsche Centre Melbourne will expand Penske’s partnership with Porsche in Melbourne to provide customer services.
The acquisition is expected to add $130 million in estimated annualized revenue, bringing the estimated annualized revenue for the three Porsche Dealerships in Melbourne to $260 million.
The acquisition is subject to customary conditions, and is expected to close by the end of this year.
“We are thrilled to extend our relationship with Porsche in Melbourne and are committed to providing exceptional service and innovative retail experiences that exceed our customers’ expectations,” says Randall Seymore, head of international operations for Penske Automotive Group.
Penske Automotive Group (PAG) is a diversified international transportation services company, and one of the world’s largest automotive and commercial truck retailers with operations across four continents and nine countries.
The company operates dealerships in the United States, the United Kingdom, 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. Overall, the company employs approximately 28,850 people worldwide.
Additionally, PAG owns 28.9 percent of Penske Transportation Solutions, a business that employs more than 44,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with 442,000-plus 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.
