Penske Automotive Group to acquire UK's CarShop
CarShop retails high-quality used vehicles at fixed retail prices as part of a transparent customer buying experience.
CarShop has been in operation since 1999 and has five large-scale retail locations operating in Cardiff, Swindon, Northampton, Norwich and Doncaster, plus a 15-acre vehicle preparation center in Leighton Buzzard which is capable of reconditioning 45,000 vehicles annually.
CarShop has received numerous awards, including being named U.K. Car Supermarket of the year for two years in a row. CarShop's leadership team will stay on as part of the acquisition.
The acquisition is subject to certain conditions and is expected to close by the end of the first quarter 2017.
CarShop is expected to generate estimated annualized revenue of approximately $340 million with accretion estimated to be $0.07 to $0.09 per share on an annualized basis. ■