Penske Automotive Declares Settlement to Purchase Kansas Metropolis Freightliner


BLOOMFIELD HILLS, Michigan., March 4, 2021 / PRNewswire / – Penske Automotive Group, Inc. (NYSE: PAG), a diversified worldwide transportation companies firm, at present introduced that it has entered into an settlement to amass Kansas Metropolis Freightliner (“KCFL”), a medium-sized retailer and heavy-duty industrial vans. The acquisition of KCFL ought to generate $ 450 million in annualized income, additional strengthening the expansion of the Firm’s wholly owned Premier Truck Group subsidiary.

Premier Truck Group (“PTG”) presently operates twenty-five North American industrial truck dealerships positioned in Texas, Oklahoma, Tennessee, Georgia, Utah, Idaho and Ontario, Canada which generate extra $ 2 billion in annual turnover. KCFL will add 5 full-service sellers, 4 components and repair facilities and two collision facilities positioned in Kansas and Missouri to its current operations. Commenting on the acquisition, the president of PTG Richard shearing mentioned, “We’re delighted to welcome Kansas Metropolis Freightliner to Premier Truck Group. With its space of ​​operation contiguous with current Premier Truck Group markets, KCFL is a pure extension of our current enterprise as we will provide an space prolonged service to our prospects. and current prospects of KCFL. Upon completion of this transaction, our PTG enterprise is predicted to generate practically 20,000 new and used unit gross sales per 12 months and is predicted to generate income annual about $ 2.5 billion. “

The transaction is predicted to shut within the second quarter of 2021 and is topic to customary closing circumstances.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered at Bloomfield Hills, Michigan, is a global transportation companies firm that operates automotive and industrial truck dealerships primarily United States, the United Kingdom, Canada, and Western Europe and distributes utility automobiles, diesel engines, gasoline engines, gasoline techniques and associated components and companies primarily in Australia and New Zealand. PAG is a member of the Fortune 500 and Russell 1000 and 3000 indices and is ranked among the many world’s most admired firms by Fortune journal. For extra data, go to the corporate’s web site at www.penskeautomotive.com.

About Premier Truck Group

Premier Truck Group, positioned at Dallas, Texas, affords prospects a premium collection of new Freightliner and Western Star utility automobiles. As well as, Premier Truck Group additionally has a big selection of used vans and affords full service components and conveniently open service operations for lengthy hours, a few of that are open 24 hours a day.

Warning Concerning Ahead-Trying Statements

Statements on this press launch could contain forward-looking statements, together with forward-looking statements concerning the expansion plans of Penske Automotive Group, Inc. and the completion of the Acquisition. Precise outcomes could range considerably attributable to dangers and uncertainties which can be troublesome to foretell. These dangers and uncertainties embody, amongst others: satisfaction of ordinary closing circumstances, length, severity and determination of the COVID-19 pandemic, restrictions imposed by the federal government on our actions in gentle of COVID-19 or different , normal financial circumstances, circumstances in credit score markets, modifications in rates of interest and international forex trade charges, modifications in tariff charges, new guidelines in place after the current Brexit settlement between the European Union and UK would possibly decelerate components from UK or Europe for distribution to our sellers, hostile circumstances affecting a selected producer, together with the detrimental affect on the automobile and components provide chain because of the restricted availability of automobiles because of the COVID-19 pandemic, automotive semiconductor chip scarcity, pure disasters, recall or different disruptions that interrupt the provision of automobiles or components equipped to us, modifications within the availability of client credit score, the end result of questions authorized and administrative and different elements over which administration has restricted management. These forward-looking statements must be evaluated along with further details about the enterprise, markets, circumstances and different uncertainties of Penske Automotive Group, which might have an effect on the long run efficiency of Penske Automotive Group. These dangers and uncertainties are addressed in Penske Automotive Group Kind 10-Okay for the 12 months ended. December 31, 2020, and its different paperwork filed with the Securities and Change Fee (“SEC”). This press launch is barely legitimate as of its date and Penske Automotive Group disclaims any obligation to replace the data contained on this doc.

Inquiries ought to contact:

JD Carlson

Anthony R. Pordon

Govt Vice President and

Govt Vice President of Investor Relations

Monetary director

and enterprise growth

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2810

248-648-2540

[email protected]

[email protected]

SOURCE Penske Automotive Group, Inc .; Premier Truck Group

Associated hyperlinks

http://www.premiertruck.com



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