Penske Automotive Group acquires Porsche and Ducati dealerships in Melbourne
In a significant move to expand its global retail automotive operations, Penske Automotive Group, Inc. (NYSE: PAG), a leading diversified international transportation services company, has entered into an agreement to acquire two Porsche dealerships and a Ducati motorcycle dealership in Melbourne, Australia. This strategic acquisition marks Penske Automotive Group’s foray into the Australian market, highlighting its commitment to extending its footprint in the retail automotive sector on a global scale.
Penske Automotive Group, Inc., renowned for its operations across four continents and nine countries, is set to acquire Porsche Centre Brighton, Porsche Centre Doncaster, and Ducati Melbourne West. The deal, expected to close in the second quarter of 2024, subject to customary conditions, signifies a milestone in the company’s history. Porsche Centre Brighton, located near central Melbourne and operational since March 2009, has been a cornerstone in serving the Porsche community for nearly 15 years. On the other hand, Porsche Centre Doncaster represents the brand’s newest facility in the rapidly growing northeast suburbs of Melbourne.
Randall Seymore, Head of International Operations at Penske Automotive Group, expressed enthusiasm about the acquisition, stating, “We are delighted to announce this transaction and expand our partnership with the Porsche brand. For over ten years, we have strategically built a diverse commercial vehicle and power systems business that operates across Australia and New Zealand based on our commitment to strong customer service. With this acquisition, we will leverage that existing infrastructure and our significant experience in the retail automotive industry to drive growth of the Porsche brand in Melbourne by building a relationship with Porsche enthusiasts through a focus on the customer experience.”
This acquisition is poised to significantly bolster Penske Automotive Group’s presence in the Australian market, enabling the company to tap into the robust demand for luxury vehicles and motorcycles. By integrating the Porsche and Ducati dealerships into its portfolio, Penske Automotive Group aims to enhance its customer service and foster relationships with automotive enthusiasts in the region, thereby driving growth and solidifying its position in the global automotive retail industry.