We are half kidding as we think PAG exists to support Roger’s love and participation in racing.
Penske Automotive Group* (NYSE: PAG) today announced that it has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan This is the Group’s 48th BMW dealership world-wide. The acquired dealership is expected to generate approximately $100 million in annualized revenue.
Year-to-date, Penske Automotive Group has added ~$1.2 billion in expected annualized revenue through retail automotive and commercial truck dealership acquisitions. It also a way of adding automotive talent in a tight labor market. Whether PAG can retain that talent remains to be demonstrated.
“This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years. We are thrilled to expand our presence and relationship with the BMW brand and welcome Erhard BMW of Bloomfield, the largest BMW dealership in Michigan, to the Penske Automotive Group team,” said President Rob Kurnick.
AutoInformed.com on:
- Penske Automotive Posts Record Q2 Results
- Penske Automotive Posts All Time Record Q1 Results
- Penske Automotive Group Increases Dividend
- Penske’s Newgarden, Pagenaud One-Two in 2019 IndyCar
- Penske’s Will Power Wins Pocono Demolition Derby
- Penske Automotive Group Q2 Sales Down as Economy Slows
- Penske Automotive Increases Dividend to $0.40 Per Share
- Pagenaud Driving a Chevrolet for Penske Wins Indy 500
- First Fully-Electric Freightliner eM2 to Penske Truck Leasing
- Penske Buys more Jaguar and Land Rover Dealerships
- Penske Truck Rental now Providing Collision Avoidance
- Pagenaud and Penske Take 2016 Indy Car Title
- Penske’s and Chevrolet’s Indy Car Year?
- Roger Penske to Pace the Indianapolis 500 in a Camaro SS
- Penske Buys Texas Toyota and Hyundai Dealerships
- Hertz and Penske Debut Special Edition Mustang GT
- Penske Automotive Adds a Fisker Dealership in Arizona
- Penske Automotive Group Expands to Northern Italy
- Mercedes-Benz Wants Smart Distribution Back from Penske
- Palou Driving a Honda is 2021 IndyCar Series Champion
- Helio Castroneves Sets Record-Tying Fourth Win at Indy 500
*Penske Automotive Group headquartered in Bloomfield Hills, Michigan, is a “diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers. PAG operates dealerships principally in the United States, the United Kingdom, Germany, Italy, and Japan 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.” PAG owns 28.9% of Penske Transportation Solutions, a business that manages a fleet of more than 350,000 vehicles “providing innovative transportation, supply chain and technology solutions to North American fleets.”
Penske Automotive Group, Inc. (NYSE: PAG) today 26 Jan 2022 announced that its Board of Directors has increased the Company’s dividend by 2.2%, or $0.01 per share, to $0.47 per share. “The increase in the dividend reflects our Board of Directors’ confidence in the Company’s strong cash flow and the continued strength of our diversified business model,” said Penske Automotive Group President, Robert H. Kurnick, Jr. The dividend is payable March 1, 2022, to shareholders of record on February 10, 2022.
Penske Automotive Group SC 13D/A (Amended Statement of Beneficial Ownership)
Penske Automotive Group has filed an Amended Statement of Beneficial Ownership with the SEC that shows Mitsui & Co., Ltd. Now holds 13,322,205 shares of voting common stock representing 17.0% of shares outstanding (78,295,038 as of October 25, 2021).
Mitsui is a large holding company. In the motor vehicle segments, in addition to the export and import of vehicles and parts, the Mobility Business Unit has established upstream through downstream value chains across its entire operating area, which encompasses logistics, production, wholesale, retail sales, financing, leasing, rental and car sharing services. It also concentrates on expanding the “business base to offer a stable supply of transportation services that serve a wide variety of customers and respond to their changing needs, such as town creation and electrification (EV / FCV) with low environmental load, the shift from owning products to using services, and the sharing economy. Leveraging this business platform, through operating independently or together with strategic business partners, we move to secure a stable earnings base and globalize our human resources.” – Autocrat for AutoInformed.com