Penske Automotive Group Chairman Roger Penske said the publically-owned dealership groups don’t compete much for stores because they have different markets and focus on stores where they can add value or have infrastructure in place. He said the diversity and supply of stores on the market right now reduces competition since each public can find stores that are a strategic fit.
The Group has added some $200 million in annualized revenue already this year and is on track to reach its goal of $500 to 700 million for the year, said Penske.
Penske Automotive Group is looking to grow its international operations, as well. It just formed a 50/50 venture with Portugal’s Caetano Group to operate five BMW stores in Barcelona, Spain. Penske is also looking for commercial vehicle acquisitions in Australia.
