Oct 9 (Reuters) - Penske Automotive Group Inc :
* Acquires bmw/mini dealerships
* Acquired dealerships are expected to contribute approximately $125 million in
* Says has acquired savage bmw/mini of Ontario, located in Ontario, California
* Says terms of the transaction were not announced
* Further company coverage
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today announced that the Company has acquired Savage BMW/MINI of Ontario, located in Ontario, California. Savage BMW/MINI of Ontario is ranked in the top twenty-five percent of BMW dealerships in the United States according to new unit volume. The acquired dealerships are expected to contribute approximately $125 million in annualized revenue.
Savage BMW has been named a BMW Center of Excellence and has built a solid reputation for customer service and satisfaction within the marketplace. Penske Automotive Group President Robert H. Kurnick, Jr. said, "The acquisition of these premier BMW/MINI dealerships expands and complements our presence in Orange County, California, and provides us with an opportunity to build further scale and leverage best practices as we look to grow our operations in this important market."
The Savage dealerships are located in the Ontario Auto Mall in Ontario, California, and operate on six acres with 48,000 square feet of facilities, 49 service bays and over 500 spaces for customer and inventory parking.
Terms of the transaction were not announced.
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