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Penske Expands Presence in Connecticut
On the heels of announcing the acquisition of three more franchises in California, Penske Automotive Group revealed Monday it has turned its focus to the East Coast with the purchase of Mercedes-Benz of Greenwich, located in Greenwich, Conn.
The company noted the acquisition represents approximately $150 million in estimated annual revenue.
The new franchise joins Penske’s existing stores in the Connecticut market, which include Audi, Mercedes-Benz and Porsche, in Fairfield, and Honda in Danbury.
"I’m pleased to expand our presence in Connecticut with the Mercedes-Benz brand," said Penske East region executive vice president Bernie Wolfe.
"For over 50 years, Mercedes-Benz of Greenwich has been serving customers in Greenwich, Stamford and Norwalk with a dedication to customer service and satisfaction.
"We look forward to implementing the Mercedes-Benz Autohaus facility program in this important market and to growing the overall business to this market’s full potential,” he concluded.
The transaction was financed using cash flow from operations and availability under Penske’s U.S. revolving credit facility, the company noted.
Just last week, the company announced that it had bought the Crevier BMW and Mini franchises located in Santa Ana, Calif, representing approximately $275 million in estimated annual revenue.
Moreover, just last Friday, SoCal Penske added another nameplate to its stable of franchise dealerships, unveiling Penske Chevrolet of Buena Park.
For more news regarding recent Penske expansions, see the following Auto Remarketing stories:
