Penske Automotive Group, an international transportation services company in Bloomfield Hills, has acquired the Frank Smith Toyota-Scion and Hyundai dealerships in Pharr, Texas, in the Rio Grande Valley area.
The dealerships — which represent a new market area for the company — complement the company’s existing operations in Austin, Houston, and Round Rock, Texas, and are expected to generate approximately $200 million in annualized revenue.
The 18-acre site includes a 28,000-square-foot show floor, a 38-service bay collision repair center, and an 8,500-square-foot delivery/detail center. The dealerships are designed in a campus-style environment.
“We are thrilled to expand our affiliation with the Toyota and Hyundai brands,” says Rob Kurnick, president of Penske Automotive Group. “These new dealerships will allow us the opportunity to further scale operations within the company’s existing Texas footprint and provide a growth opportunity in a new and dynamic market area.”
In October, Penske, a Fortune 500 company, released its third quarter earnings, citing a 14.6 percent year-over-year increase in revenue to $3.8 billion.