POST Online Media Lite Edition


Penske Automotive acquires one of U.K.'s leading UK used vehicles dealer

Staff Writer |
Penske Automotive Group announced that it has signed an agreement to acquire The Car People, one of the leading retailers of used vehicles in the UK.

Article continues below

The Car People retails high-quality used vehicles at fixed retail prices as part of a transparent customer buying experience.

Established in 2000, The Car People has four large-scale retail locations operating in Wakefield, Sheffield, Manchester and Warrington.

The acquisition is subject to customary conditions and is expected to close in the first quarter 2018.

The Car People sells approximately 18,000 vehicles per year and is expected to generate estimated annualized revenue of approximately $300 million.

Estimated accretion is expected to be between $0.05 to $0.07 per share on an annualized basis.

What to read next

General Electric sells 14.4% sake in Penske Truck Leasing
Penske Automotive Group buys Mercedes-Benz dealership in Phoenix, Az.
Penske acquires two Freightliner truck dealerships in Tennessee