BLOOMFIELD HILLS, Mich. -

Penske Automotive Group announced Tuesday that is has bought the Crevier BMW and Mini franchises located in Santa Ana, Calif.

The company noted that the Crevier franchises represent approximately $275 million in estimated annual revenue.

"These franchises represent an outstanding opportunity to grow our footprint in Orange County, California," said Penske Automotive Group West region executive vice president George Brochick.

"For approximately 40 years, the Crevier family has grown this business by focusing on customer commitment, service, loyalty and dedication to the community. We look forward to continuing these traditions while enhancing the customer experience and increasing the presence of the BMW and Mini brands in the Santa Ana location,” he continued.

The franchises are located within the Santa Ana auto mall — which also includes Penske’s Audi and Volkswagen brands.

They are housed on motr than 12 acres, with nearly 100,000 square feet of facilities, 62 service bays and a five-story, 195,000-square foot parking structure, noted the company.

Moreover, based on 2010 unit sales, Crevier was ranked as the fifth largest new-unit BMW dealership in the U.S., as well as the biggest Certified BMW pre-owned dealership in the Western region. Also, Crevier Mini was ranked as the seventh largest Mini dealership in the country, based on new-vehicle sales in 2010.

Penske also stressed that Crevier BMW is a six-time winner of BMW’s Center of Excellence award, most recently in 2010.

Throughout the recent transaction with Penske — which was financed using cash flow from operations and availability under the company’s U.S. revolving credit facility — Crevier was represented by The Presidio Group LLC, a full-service advisor to sellers of high-value dealerships, which focuses on dealership transactions valued between $20 million and $300 million.

“When we decided to sell the business, it was very important to us to select someone who would respect the quality of the team that built this business and carry on our culture and the legacy of the Crevier name,” said Donnie Crevier, president of Crevier BMW /Mini.

“Presidio understood these objectives and also the importance of confidentiality. They efficiently managed the entire process. Presidio’s leadership and experience made an enormous difference and having them at the table was invaluable," he concluded.

Shane Dever, managing director and co-head of automotive retail investment banking at Presidio also gave his opinion on the recent transactions: “Crevier is one of the premier dealerships in the country. For over 40 years, the Crevier family has built one of the strongest regional brands in the industry and has been the top-selling BMW dealership in the Western U.S. for 19 years. It was a pleasure to represent Donnie Crevier and his impressive organization in this transaction."

Dever also added that the deal between Penske and Crevier represents a current economic trend  Presidio officials have noticed.

“This transaction continues a trend we at Presidio have tracked over the past 12 months, where well-capitalized retailers have reentered the marketplace for leading franchises,” he concluded.