PENSKE AUTOMOTIVE GROUP TO EXPAND PRESENCE IN THE UNITED KINGDOM

Indicators Settlement to Purchase 15 Premium Dealerships Representing Estimated Annualized Income of $1 Billion

BLOOMFIELD HILLS, Mich., Dec. 11, 2023 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE: PAG), a diversified worldwide transportation providers firm and one of many world’s premier automotive and industrial truck retailers, right now introduced that it has agreed to accumulate Rybrook Group Restricted consisting of 15 premium dealerships within the United Kingdom, together with 4 BMW dealerships, 4 MINI dealerships, 4 Volvo dealerships, two Land Rover dealerships and one Porsche dealership.  Moreover, three of the BMW places additionally retail BMW Motorrad bikes.

Commenting on the transaction, Darren Edwards, CEO of the Firm’s Sytner Group subsidiary within the U.Ok., mentioned, “We’re delighted to announce this transaction.  The Rybrook dealerships symbolize distinctive manufacturers with a robust dedication to offering distinctive customer support.  We sit up for persevering with this legacy and welcoming these franchises to our crew.”

The dealerships to be acquired symbolize estimated annualized revenues of $1 billion. The Firm has obtained sure regulatory approvals.  The acquisition is anticipated to be funded utilizing the Firm’s current liquidity and is predicted to shut in January 2024, topic to customary circumstances.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified worldwide transportation providers firm and one of many world’s premier automotive and industrial truck retailers. PAG operates dealerships in the USA, the United Kingdom, Canada, Germany, Italy, and Japan and is likely one of the largest retailers of economic vehicles in North America for Freightliner. PAG additionally distributes and retails industrial automobiles, diesel and fuel engines, energy programs, and associated elements and providers principally in Australia and New Zealand. PAG employs over 28,000 individuals worldwide. Moreover, PAG owns 28.9% of Penske Transportation Options (“PTS”), a enterprise that employs over 44,000 individuals worldwide, manages one of many largest, most complete and fashionable trucking fleets in North America with over 442,000 vehicles, tractors, and trailers underneath lease, rental, and/or upkeep contracts and supplies modern transportation, provide chain, and expertise options to its clients. PAG is a member of the Fortune 500, Russell 1000, Russell 3000 index and S&P 400 Mid Cap Indexes. For added data, together with the Firm’s 2023 Company Duty Report highlighting its ESG methods, actions, and sure metrics, go to the Firm’s web site at www.penskeautomotive.com.

Warning Regarding Ahead Wanting Statements

Statements on this press launch could contain forward-looking statements, together with forward-looking statements concerning Penske Automotive Group, Inc.’s acquisitions and development plans.  Precise outcomes could range materially due to dangers and uncertainties which might be troublesome to foretell. These dangers and uncertainties embody, amongst others, our capacity to efficiently full the acquisition and fulfill the closing circumstances, our capacity to efficiently combine the acquired dealerships into our current operations and acquire sure contemplated synergies, these dangers and uncertainties associated to macro-economic, geo-political and trade circumstances and occasions, together with their affect on new and used car gross sales, the provision of shopper credit score, adjustments in shopper demand, shopper confidence ranges, gasoline costs, private discretionary spending ranges, rates of interest, and unemployment charges; our capacity to acquire automobiles and elements from our producers, particularly in gentle of provide chain disruptions as a result of pure disasters, the scarcity of auto parts, the struggle in Ukraine, challenges in sourcing labor, or labor strikes or work stoppages, or different disruptions; adjustments within the retail mannequin both from direct gross sales by producers, a transition to an company mannequin of gross sales, gross sales by on-line rivals, or from the enlargement of electrical automobiles; the results of a pandemic on the worldwide economic system, together with our capacity to react successfully to altering enterprise circumstances in gentle of any pandemic; the speed of inflation, together with its affect on car affordability; adjustments in rates of interest and international forex trade charges; with respect to PTS, adjustments within the monetary well being of its clients, labor strikes or work stoppages by its workers, a discount in PTS’ asset utilization charges, continued availability from truck producers and suppliers of automobiles and elements for its fleet, potential decreases within the resale worth of used automobiles which can have an effect on PTS’ capacity to promote its used automobiles after the expiration of its clients’ leases or on the finish of its holding interval for rental automobiles, which can have an effect on PTS’ profitability and regulatory dangers and associated compliance prices; our capacity to comprehend returns on our important capital funding in new and upgraded dealership services; our capacity to navigate a quickly altering automotive and truck panorama; our capacity to answer new or enhanced rules in each our home and worldwide markets regarding automotive and industrial truck dealerships and automobiles gross sales, together with these associated to the gross sales course of or emissions requirements, in addition to adjustments in shopper sentiment regarding industrial truck gross sales that will hinder our or PTS’ capacity to take care of, purchase, promote, or function vehicles; the success of our distribution of economic automobiles, engines, and energy programs; pure disasters; recall initiatives or different disruptions that interrupt the provision of automobiles or elements to us; the end result of authorized and administrative issues, and different components over which administration has restricted management. These forward-looking statements must be evaluated along with extra details about Penske Automotive Group’s enterprise, markets, circumstances, dangers, and different uncertainties, which might have an effect on Penske Automotive Group’s future efficiency. The dangers and uncertainties mentioned above are usually not exhaustive and extra danger and uncertainties are addressed in Penske Automotive Group’s Type 10-Ok for the 12 months ended December 31, 2022, its Type 10-Q for the quarterly durations ended March 31, 2023, June 30, 2023, September 30, 2023, and its different filings with the Securities and Change Fee. This press launch speaks solely as of its date, and Penske Automotive Group disclaims any responsibility to replace the knowledge herein.

SOURCE Penske Automotive Group, Inc.