Penske (PAG) Signs Deal to Acquire 3 Dealerships in Australia

BATS:PAG   Penske Automotive Group, Inc.
Penske Automotive Group, Inc. (NYSE: PAG ), a leading international transportation services company, is set to bolster its retail automotive operations in Australia with the acquisition of two Porsche dealerships and a Ducati motorcycle dealership in Melbourne.

The strategic move signals Penske's commitment to expanding its footprint in the premium vehicle market and capitalizing on growth opportunities in the Australian automotive industry. The acquisition includes Porsche Centre Brighton, Porsche Centre Doncaster, and Ducati Melbourne West, strategically located to serve the discerning automotive enthusiasts in Melbourne and its surrounding areas.

Porsche Centre Brighton, operating since March 2009, has established itself as a cornerstone of the Porsche community in Melbourne, providing exceptional service and luxury automotive experiences for nearly 15 years. On the other hand, Porsche Centre Doncaster, situated in the high-growth northeast Melbourne suburbs, represents a significant addition to the official Porsche Centre network, further enhancing Penske's presence in the region.

Randall Seymore, Head of International Operations at Penske Automotive Group, expressed enthusiasm about the acquisition, emphasizing the company's commitment to strengthening its partnership with the Porsche brand. Seymore highlighted Penske's track record of delivering outstanding customer service and its extensive experience in the automotive industry as key drivers for driving growth and enhancing the Porsche brand's presence in Melbourne.

The acquisition is a strategic move that leverages Penske's existing infrastructure and expertise in retail automotive operations, providing a solid foundation for expanding Porsche's market reach and fostering lasting relationships with Porsche enthusiasts. The transaction is expected to close in the second quarter of 2024, subject to customary conditions, positioning Penske Automotive Group for continued success and growth in the Australian automotive market.

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