Penske Automotive Group (NYSE: PAG) announced today that it has expanded its presence in the United States with the acquisition of the Jaguar and Land Rover dealerships in Paramus, New Jersey from the Prestige Family of Fine Cars.
The acquisition is expected to generate estimated annual revenue of approximately $215 million for the dealership group.
“We are pleased with the opportunity to add the Jaguar and Land Rover dealerships in Paramus to the Penske Automotive footprint,” said Company President Robert H. Kurnick, Jr. “These new dealerships enhance the company’s existing portfolio and bring additional scale in the New Jersey/New York metropolitan area to our business.”
A previous acquisition of a Cadillac dealership in Manhattan failed because Penske couldn’t get experienced managers to move to New York. The company now operates five Jaguar/Land Rover dealerships in the United States.