CARY, N.C. -

The Charlotte, N.C., area is the heart of NASCAR and home to two of the nation’s largest dealership groups: Hendrick Automotive Group and Sonic Automotive, both of which have deep lineages in the sport through their respective founders, Rick Hendrick and Bruton Smith.

And now another large dealership group whose founder has strong ties to auto racing is taking a spin in the Queen City.

Penske Automotive Group, headquartered in Bloomfield Hills, Mich., and helmed by motorsports legend Roger Penske, said Friday it has expanded into the Charlotte market, buying Mercedes-Benz of South Charlotte, located in Pineville, N.C. This is its first store in the area.

The dealership is Penske’s 26th Mercedes location worldwide and is projected to bring in annualized revenues of $150 million, the retailer said.

“We are thrilled to enter this new market area and we welcome the Mercedes-Benz of South Charlotte team to Penske Automotive Group,” Penske Automotive Group president Rob Kurnick said in a news release.

“With the completion of this acquisition, Penske Automotive Group has now added over $700 million in expected annualized revenue to its operations this year as the company drives to its target goal of achieving $1 billion in earnings before taxes in 2023,” Kurnick said.

Sonic has multiple locations in the Charlotte area, as does Hendrick. Group 1 Automotive has one store in the area, in nearby Rock Hill, S.C.

Pedder Auto Group buys Calif. CJDR store

In other news on the dealership M&A front, Performance Brokerage Services announced on May 29 that Pedder Auto Group has purchased Poway Chrysler Dodge Jeep Ram and Poway Hyundai from Mark Abelkop.

These were the final two stores owned by Abelkop, who is moving into semi-retirement. He worked with Performance Brokerage Services to sell the stores to Pedder, a Southern California-based group owned by David Pedder.

In a news release, Performance Brokerage Services co-founder Jason Stopnitzky, who was the exclusive agent for the deal, said: “It was a pleasure to work with such fine principals during this transaction. David Pedder is a progressive, forward-thinking dealer, who surrounds himself with some of the best talent in the business. I anticipate we will see tremendous growth from Pedder Auto Group in the future. This was a great fit to take over the legacy Mark Abelkop has built in Poway.”