Penske Automotive buys dealerships in Texas
These dealerships operate in the Rio Grande Valley area and serve the greater metropolitan area of McAllen, Texas, representing a new market area for the company. The acquired dealerships complement the company's existing operations in Austin, Houston, and Round Rock, Texas, and are expected to generate approximately $200 million in annualized revenue.
The dealerships are located on an 18-acre site which includes a 28,000-square-foot, 38-service bay collision repair center and an 8,500-square-foot delivery/detail center allowing the company to operate the dealerships in a campus-style environment. All dealership facilities are compliant with the individual brands' current image program.
Penske Automotive Group President Rob Kurnick said, "We are thrilled to expand our affiliation with the Toyota and Hyundai brands. These new dealerships will allow us the opportunity to further scale operations within the company's existing Texas footprint and provide a growth opportunity in a new and dynamic market area." ■