Penske Automotive Group buys Mercedes-Benz dealership in Phoenix, Az.
This new dealership is located contiguous to the company's Scottsdale 101 Auto Collection which currently represents fifteen franchises.
"Schumacher European is a well-respected and top performing Mercedes-Benz dealership," said Penske Automotive Group Chairman Roger S. Penske.
"This new dealership expands and enhances our premium/luxury footprint in the Phoenix metropolitan market and further strengthens the company's overall automotive retail portfolio.
"We welcome the Schumacher European employees to the Penske Automotive Group team and look forward to working with them to grow the Mercedes-Benz business in this important market area."
The acquisition is expected to generate estimated annual revenue of approximately $250 million. The company now operates nine Mercedes-Benz dealerships in the United States. ■