Penske Automotive Group (NYSE: PAG)* said today that it has completed the acquisition of the Ferrari dealership in Modena, Italy. Located in Emilia Romagna, the heart of the so-called Italian Motor Valley that is home to Ferrari, Lamborghini, Maserati, Pagani, Ducati and Dallara, this Ferrari dealership expands the PAG’s existing luxury presence in Italy to 29 automotive retail locations. PAG now represents nine Ferrari locations worldwide, including Maranello Classic Parts, the only official Ferrari classic parts distributor in the world. The forecast estimated annualized revenue of the Modena location is $40 million. (read AutoInformed.com on: Penske Automotive Group – Q1 2025 +13% Net Income)
“We are honored to represent the Ferrari brand at such an iconic location in Italy. Our luxury brand presence in northern Italy, strong reputation and experienced leadership team will help us provide exceptional service to Ferrari customers. We welcome the Ferrari brand in Italy, its customers and its existing employees to our team,” said Randall Seymore, PAG Head of International Operations. Continue reading
U.S. May Trade Deficit increases $11.3 Billion
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis said today that the goods and services deficit was $71.5 billion in May, up $11.3 billion from $60.3 billion in April, revised. May exports were $279.0 billion, $11.6 billion less than April exports. May imports were $350.5 billion, $0.3 billion less than April imports.
Noteworthy was that the May deficit with China ($13.9 billion) was the lowest since March 2020 ($11.7 billion). However, May exports to China ($6.6 billion) were the lowest since September 2009 ($5.8 billion). This in the middle of the ongoing Trump Tariff chaos.* Continue reading →