Bloomfield Township-based Penske Automotive Group, an international transportation services provider, has signed an agreement to acquire CarSense, a stand-alone specialty retailer of used vehicles in the United States. Terms of the deal, which is expected to generate estimated annual revenue of $350 million, were not disclosed.
CarSense, founded in 1997, reconditions and retails high-quality, late-model used vehicles. The company has five locations in the Philadelphia and Pittsburgh market areas, as well as southern New Jersey.
“The acquisition of CarSense, a proven high-quality and trusted brand with attractive customer demographics and strong repeat business, continues to diversify our business, and provides Penske Automotive Group with an opportunity to grow its customer base while capitalizing on the highly fragmented used automotive retail segment,” says Roger S. Penske, chairman of Penske Automotive.
The completion of the transaction is subject to customary conditions and is expected to close in the first quarter of 2017.
Penske Automotive operates more than 325 automotive and commercial truck dealerships in the United States, Canada, the United Kingdom, and eight other countries. The company also distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services in Australia and New Zealand. The company employs more than 23,000 people worldwide.