Penske Automotive Group, Inc. (NYSE: PAG)* today announced that it has agreed to acquire Rybrook Group Limited consisting of 15 premium dealerships in the United Kingdom, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the BMW locations also retail BMW Motorrad motorcycles. The dealerships to be acquired represent estimated annualized revenues of $1 billion. The Company has received certain regulatory approvals. The acquisition is anticipated to be funded using the Company’s existing liquidity and is expected to close in January 2024, subject to customary conditions.”**
“The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service. We look forward to continuing this legacy and welcoming these franchises to our team,” said Darren Edwards, CEO of the Company’s Sytner Group subsidiary in the UK.
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*Penske Automotive Group (NYSE: PAG) with a head office in Bloomfield Hills, Michigan, is a diversified international transportation services company and a large automotive and commercial truck retailer. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is among 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 mostly in Australia and New Zealand. PAG employs more than 28,000 people worldwide.
PAG also owns 28.9% of Penske Transportation Solutions (PTS), a business that employs over 44,000 people worldwide, manages what it describes as one of the largest, most comprehensive and modern trucking fleets in North America with more than 442,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts. PTS says it “provides innovative transportation, supply chain, and technology solutions to its customers.” PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.
**Penske Automotive Group’s Form 10-K for the year ended 31 December 2022, its Form 10-Q for the quarterly periods ended March 31 March 2023, 30 June 2023, 30 September 2023, and its other filings with the Securities and Exchange Commission. The 8K of 11 Dec 2023 click here.
About Ken Zino
Ken Zino, publisher (kzhw@aol.com), is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
Zino is at home on test tracks, knows his way around U.S. Congressional hearing rooms, auto company headquarters, plant floors, as well as industry research and development labs where the real mobility work is done. He can quote from court decisions, refer to instrumented road tests, analyze financial results, and profile executive personalities and corporate cultures.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Penske Automotive Group Buys 15 UK Dealerships
Penske Automotive Group, Inc. (NYSE: PAG)* today announced that it has agreed to acquire Rybrook Group Limited consisting of 15 premium dealerships in the United Kingdom, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the BMW locations also retail BMW Motorrad motorcycles. The dealerships to be acquired represent estimated annualized revenues of $1 billion. The Company has received certain regulatory approvals. The acquisition is anticipated to be funded using the Company’s existing liquidity and is expected to close in January 2024, subject to customary conditions.”**
“The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service. We look forward to continuing this legacy and welcoming these franchises to our team,” said Darren Edwards, CEO of the Company’s Sytner Group subsidiary in the UK.
AutoInformed on
*Penske Automotive Group (NYSE: PAG) with a head office in Bloomfield Hills, Michigan, is a diversified international transportation services company and a large automotive and commercial truck retailer. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is among 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 mostly in Australia and New Zealand. PAG employs more than 28,000 people worldwide.
PAG also owns 28.9% of Penske Transportation Solutions (PTS), a business that employs over 44,000 people worldwide, manages what it describes as one of the largest, most comprehensive and modern trucking fleets in North America with more than 442,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts. PTS says it “provides innovative transportation, supply chain, and technology solutions to its customers.” PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.
**Penske Automotive Group’s Form 10-K for the year ended 31 December 2022, its Form 10-Q for the quarterly periods ended March 31 March 2023, 30 June 2023, 30 September 2023, and its other filings with the Securities and Exchange Commission. The 8K of 11 Dec 2023 click here.
About Ken Zino
Ken Zino, publisher (kzhw@aol.com), is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. Zino is at home on test tracks, knows his way around U.S. Congressional hearing rooms, auto company headquarters, plant floors, as well as industry research and development labs where the real mobility work is done. He can quote from court decisions, refer to instrumented road tests, analyze financial results, and profile executive personalities and corporate cultures. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.