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Penske expands in Italy, buys eight stores

Posted by Michael Thomas at

Penske Automotive Group Inc. is expanding its European presence with the purchase of eight dealerships in Italy.

Those dealerships will sell Porsche, Audi, Land Rover and Volvo vehicles in the northern Italian market of Bologna. The acquisitions give Penske 16 dealerships in Italy, a Penske spokesman confirmed. The acquired dealerships are expected to generate about $200 million in annual revenue and will put Penske on track to become the largest BMW, Audi and Porsche retailer in Italy, the spokesman said. “We are one of the largest and we expect to be the largest at some point,” wrote Tony Pordon, Penske spokesman, in an email. More ...

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