BLOOMFIELD HILLS, Mich., Jan. 7, 2016 /PRNewswire/ — Penske Automotive Group, Inc.(NYSE:PAG), an international transportation services company, announced today that it has acquired a 49 percent equity ownership interest in the Nicole Group, a luxury dealership group with operations in Kanagawa and Tokyo, Japan. The Nicole dealership group operates four BMW and three MINI dealerships, a Rolls-Royce and a Ferrari dealership along with two stand-alone service centers and two pre-owned showrooms. The Nicole Group is also the exclusive importer and distributor of BMW Alpina vehicles for Japan.
“We are thrilled with the opportunity to enter the Japanese market with a strong and established local partner,” said Penske Automotive Group Chairman Roger S. Penske. “The Nicole Group represents world-class brands and has been named the best BMW dealership in Japan a record seven times. As imports continue to grow market share in Japan, combined with the group’s solid reputation in the marketplace, we expect to leverage the strength of the existing business while driving further expansion through organic growth and future acquisitions.”
Penske Automotive Group will treat its ownership interest as an equity investment, with its pro rata share of income reported as equity in earnings of affiliates in its income statement.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties, which could affect Penske Automotive’s future performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2014, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 23,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company’s website at www.penskeautomotive.com.
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Inquiries should contact:
|J.D. Carlson||Anthony R. Pordon|
|Executive Vice President and||Executive Vice President Investor Relations|
|Chief Financial Officer||and Corporate Development|
|Penske Automotive Group, Inc.||Penske Automotive Group, Inc.|
|[email protected]||[email protected]|
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SOURCE Penske Automotive Group, Inc.