BLOOMFIELD HILLS, Mich. -

Add yet another public dealer group to the growing standalone used-car store movement.

Penske Automotive Group announced Thursday morning that it has signed a deal to buy CarSense, a Northeast-based standalone used-car retailer.

CarSense — whose no-haggle model focuses on late-model units — has five stores throughout the Pittsburgh and Philadelphia metro areas, including southern New Jersey. It was started in 1997.

Penske said the model can be expanded elsewhere in the U.S. and plans to use it to broaden the dealer group's used-car footprint.

Penske believes the purchase of CarSense will bring annual revenues of about $350 million; annual accretion is estimated at $0.07 to $0.09 per share annually.

The deal is subject to customary conditions and will likely close in the first quarter of next year.

“The acquisition of CarSense, a proven high-quality and trusted brand with attractive customer demographics and strong repeat business, continues to diversify our business and provides Penske Automotive Group with an opportunity to grow its customer base while capitalizing on the highly fragmented used automotive retail segment,” Penske Automotive Group chairman Roger Penske said in a news release. 

Added Penske executive vice president Whit Ramonat added: “We believe the CarSense model is scalable to other markets across the United States and complementary to our existing core auto retail business. With the completion of this acquisition, we intend to expand our share of the growing used-vehicle marketplace.”