Penske Automotive Acquires Mercedes-Benz Of South Charlotte; Terms Not Disclosed - Quick Facts

(RTTNews) - Penske Automotive Group, Inc. (PAG), an international transportation services company, announced Friday that it has entered the Charlotte, North Carolina market area with the acquisition of Mercedes-Benz of South Charlotte. The financial terms of the deal were not disclosed. The acquisition is expected to add $150 million in annualized revenues.

Mercedes-Benz of South Charlotte represents Penske Automotive Group's 26th world-wide dealership for the Mercedes-Benz brand. The dealership includes over 70,000 square feet of facilities, including 50 service bays, to meet the growing demands of this new market for the Company.

The South Charlotte location was originally founded in 2006 and expands the Company's operations to a new market area which is ranked as one of the largest population growth areas in the United States.

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.