POST Online Media Lite Edition


Penske Automotive buys dealerships in Texas

Staff writer |
Penske Automotive Group, Inc has acquired the Frank Smith Toyota-Scion and Hyundai dealerships in Pharr, 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."

What to read next

Penske Automotive Group buys Mercedes-Benz dealership in Phoenix, Az.
General Electric sells 14.4% sake in Penske Truck Leasing
GE sells remaining equity stake in Penske Truck Leasing for $674m