BLOOMFIELD HILLS, Mich. -

Penske Automotive Group recently acquired a pair of franchise dealerships in the Cleveland metropolitan area consisting of Fred Baker Porsche and Audi franchises in Bedford, Ohio.

The company plans to rename the showrooms Porsche of Bedford and Audi Bedford. Other terms of the transaction are not being disclosed.

Penske did explain the acquisition is meant to complement its existing dealership operations in the Cleveland area, which currently includes six dealerships and a regional collision repair center. Executives believe the acquired franchises are expected to generate an estimated $40 million in annualized revenue.

“We are excited to expand our product offering in the Cleveland market to include the Porsche and Audi brands,” stated Whit Ramonat, executive vice president of Penske’s Central Region

“We believe these brands are well positioned for growth and look forward to providing the Porsche and Audi customers an enhanced ownership experience,” Ramonat added.

The company now operates 23 Audi and 13 Porsche dealerships worldwide. On a combined basis, Penske calculated the Porsche and Audi brands represent approximately 15 percent of its consolidated worldwide revenue.