Penske Automotive boosts Southeastern US presence with acquisition of BMW and Porsche dealerships

Penske Automotive Group, Inc. (NYSE: PAG), a globally recognized transportation services conglomerate and a leading automotive and commercial truck retailer, has announced the significant acquisition of two top-tier dealerships: BMW of Wilmington and Porsche Wilmington. Notably, both these dealerships have been crowned with their respective brand’s pinnacle accolades – BMW of Wilmington as a BMW Center of Excellence and Porsche Wilmington as a Porsche Premier Dealer.

Roger Penske, Chair and CEO of Penske Automotive Group, expressed his enthusiasm over the strategic move, “As we amplify our ties with these elite automotive brands, we’re eager to augment our high-end retail automotive portfolio in the southeastern US. Wilmington, North Carolina’s burgeoning market presents an exciting landscape for us. We’re committed to elevating these dealerships’ stellar track record, steering it under the expertise of The Baker Motor Company. It’s a pleasure to welcome the associates from these two dealerships into the Penske Automotive Group family.”

In financial terms, these acquisitions promise to be lucrative, with an anticipated annualized revenue contribution of an impressive $140 million.