Penske Auto Group Acquires Four Stores, Adding $175 Million In Revenue

The Penske Automotive Group has acquired four dealerships in Monmouth County New Jersey. Penske has acquired Audi Eatontown, Porsche Monmouth, Jaguar Monmouth and Land Rover Monmouth, which are located in one of the most affluent counties in the U.S. Penske purchased the dealerships from the Schneider Nelson Auto Group.

According to a press release, the four stores are expected to sell 2,400 new and used vehicles annually while generating $175 million in revenue. Roger S. Penske, chairman of the Penske group gave his thoughts on the purchase in a statement saying, “We are pleased to welcome these four new dealerships to the Penske family.  The strong reputation and commitment to serving the customers of the New Jersey/Greater New York area for decades complement the company’s existing footprint in the northeastern United States, while enhancing our premium/luxury brand mix.”

The Penske dealer group came in at number two on the Automotive News list of the largest dealer groups in the United States behind perennial powerhouse AutoNation. According to the list from AN, the Penske group sold 214,462 vehicles from their 244 dealerships. The acquisition by Penske comes on the heels of their purchase of Land Rover of Darien in Connecticut earlier in 2015, which added $50 million in revenue to their bottom line.