Penske Automotive is pleased to announce recent acquisitions across coasts with Crevier BMW and MINI in Santa Ana, California, and Mercedes-Benz of Greenwich in Connecticut.
BLOOMFIELD HILL, Mich.– 07/26/11: Penske Automotive is proud to announce its continued growth in the luxury vehicle market with BMW and Mercedes-Benz franchise acquisitions in either side of the country. In a one-week period, Crevier BMW and MINI in Santa Ana, and Mercedes-Benz of Greenwich in Connecticut, both became valuable additions to the 180 domestic and 200 international dealerships operating under the renowned Penske Automotive name.
Crevier BMW and MINI is located in the Santa Ana Auto Mall, also home to Penske’s Audi and Volkswagen brands. Together, the franchises operate on over 12 acres, with nearly 100,000 square feet of facilities, 62 service bays and a five-story, 195,000-square-foot parking structure. With the acquisition of Crevier BMW and MINI, the Penske franchise family boosts its footprint in Orange County, representing about $275 million in annual revenue.
“Crevier BMW/ Mini’s wide selection of vehicles and well-regarded dedication to customer service are valuable addition to our organization,” said West Region Executive Vice President George W. Brochick at Penske Automotive Group. “Penske is very excited about this new addition and looks forward to continuing the tradition of offering top notch quality service to Orange County customers.”
Within the week, Penske Automotive Group acquired Mercedes-Benz of Greenwich, complementing the company’s existing operations in the Connecticut market, which include Audi, Mercedes-Benz and Porsche in Fairfield and Honda in Danbury.
“I’m pleased to expand our presence in Connecticut with the Mercedes-Benz brand,” said East Region Executive Vice President Bernie Wolfe. “For over fifty years, Mercedes-Benz of Greenwich has been serving customers in Greenwich, Stamford and Norwalk with a dedication to customer service and satisfaction. We look forward to implementing the Mercedes-Benz Autohaus facility program in this important market and to growing the overall business to this market’s full potential.”
Mercedes-Benz of Greenwich represents approximately $150 million in estimated annual revenue. The transaction was financed using cash flow from operations and availability under the Company’s U.S. revolving credit facility.
About Crevier BMW and MINI:
Crevier BMW was ranked as the fifth largest new-unit BMW dealership in the United States and the largest Certified BMW pre-owned dealership in the western region. The BMW dealership is a six-time winner of BMW’s Center of Excellence award, most recently in 2010. Crevier MINI was ranked as the 7th largest MINI dealership in the United States based on new vehicle sales in 2010. For more information, please visit www.CreviewBMW.com.
About Mercedes-Benz of Greenwich:
Mercedes-Benz of Greenwich is a Mercedes-Benz dealer serving the Connecticut areas of Greenwich, Stamford, and Norwalk, offering an unparalleled selection of new and used Mercedes cars, world-class service, and attention to detail. Mercedes-Benz of Greenwich has become and maintained its position as the largest and most successful exclusive Mercedes-Benz franchise in New England and has been recognized for both sales excellence and customer satisfaction. For more information, please visit www.MercedesBenzGreenwich.com.
About Penske Automotive:
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 326 retail automotive franchises, representing 40 different brands and 26 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 172 franchises in 17 states and Puerto Rico and 154 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 15,000 employees. For more information, please visit www.PenskeAutomotive.com.