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