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Benzinga
Benzinga
Business
Shivani Kumaresan

Penske Acquires BMW Dealership In Bloomfield Hills For Undisclosed Sum

  • Penske Automotive Group Inc (NYSE:PAG) has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan, for an undisclosed sum.
  • The deal represents the company's 48th Bayerische Motoren Werke AG (OTC:BMWYY) BMW dealership worldwide.
  • "This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years," said Penske President Rob Kurnick.
  • Penske expects the acquired dealership to generate about $100 million in annualized revenue.
  • Penske held $119.2 million in cash and equivalents as of September 30, 2021.
  • Price Action: PAG shares closed lower by 5.43% at $99.94 on Monday.
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