Reported Earlier, Penske Automotive Group Acquired Bill Brown Ford, Financial Terms Of The Transaction Was Not Disclosed; Expected To Add $550M In Estimated Annualized Revenue

Author: Benzinga Newsdesk | July 16, 2024 10:26am

Expands North America Retail Operations Presence in the Midwest

Expected to Add $550 Million in Estimated Annualized Revenue

BLOOMFIELD HILLS, Mich., July 16, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, announced today the acquisition of Bill Brown Ford in southeastern Michigan.  Located in Livonia, the dealership operations serve Michigan's largest county by population.  The acquisition is expected to add $550 million in estimated annualized revenue.

As part of the acquisition, the Company will acquire over 200,000 square feet of existing facilities across 29 acres, including a main dealership premises, a pre-owned facility, a fleet maintenance center and a collision center.  Bill Brown Ford is proudly an 18-time recipient of the Ford President's Award, representing a commitment to the highest level of performance, customer service and satisfaction. 

Commenting on the acquisition, Penske Automotive Group North American Operations Officer Rich Shearing said, "We are pleased to expand our retail automotive footprint in the Midwestern U.S. and our relationship with Ford.  For decades, Bill Brown Ford has been building partnerships within its community by creating an environment that focuses on exceeding the expectations of its customers and empowering its employees.  We look forward to cultivating those partnerships and welcome the employees of Bill Brown Ford to the Penske Automotive Group team."

Year-to-date 2024, Penske Automotive Group has completed acquisitions representing nearly $2 billion in estimated annualized revenue. 

Posted In: PAG