Penske acquires high-volume BMW, Mini franchises in California
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Penske acquires high-volume BMW, Mini franchises in California
Donna Harris
Automotive News -- July 12, 2011 - 1:25 pm ET
UPDATED: 7/12/11 4:02 pm ET
Penske Automotive Group Inc. has acquired Crevier BMW and Mini, two Santa Ana, Calif., franchises expected to add another $275 million to the publicly held retailer's annual revenues.
Terms of the transaction were not disclosed.
In the United States, the BMW store ranks No. 5 in new BMW unit sales and the Mini store ranks No. 7 in new Mini unit sales. Crevier BMW also is the largest BMW certified pre-owned dealership in BMW's western region, Penske says.
Crevier BMW and Mini are in the Santa Ana auto mall, where Penske also operates Audi and Volkswagen franchises.
The BMW and Mini franchises operate on more than 12 acres with nearly 100,000 square feet under roof, 62 service bays and a five-story, 195,000-square-foot parking garage.
The acquisition gives Penske a total of 18 BMW and Mini franchises in the United States and 53 worldwide.
With the purchase of the two California dealerships, Penske has made acquisitions this year that will add $375 million in estimated annual revenues.
Penske, of suburban Detroit, ranks No. 2 on the Automotive News list of the top 125 dealership groups in the United States with retail sales of 155,352 new vehicles in 2010. Penske reported 2010 revenues of $10.7 billion.
Automotive News -- July 12, 2011 - 1:25 pm ET
UPDATED: 7/12/11 4:02 pm ET
Penske Automotive Group Inc. has acquired Crevier BMW and Mini, two Santa Ana, Calif., franchises expected to add another $275 million to the publicly held retailer's annual revenues.
Terms of the transaction were not disclosed.
In the United States, the BMW store ranks No. 5 in new BMW unit sales and the Mini store ranks No. 7 in new Mini unit sales. Crevier BMW also is the largest BMW certified pre-owned dealership in BMW's western region, Penske says.
Crevier BMW and Mini are in the Santa Ana auto mall, where Penske also operates Audi and Volkswagen franchises.
The BMW and Mini franchises operate on more than 12 acres with nearly 100,000 square feet under roof, 62 service bays and a five-story, 195,000-square-foot parking garage.
The acquisition gives Penske a total of 18 BMW and Mini franchises in the United States and 53 worldwide.
With the purchase of the two California dealerships, Penske has made acquisitions this year that will add $375 million in estimated annual revenues.
Penske, of suburban Detroit, ranks No. 2 on the Automotive News list of the top 125 dealership groups in the United States with retail sales of 155,352 new vehicles in 2010. Penske reported 2010 revenues of $10.7 billion.
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