Penske acquires Northern Ireland dealer group
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DETROIT -- Automotive retailer Penske Automotive Group Inc. has expanded its U.K. presence with the acquisition of the Isaac Agnew Group of dealerships in Northern Ireland.
Financial terms of the deal were not disclosed.
The dealerships are expected to contribute approximately $500 million in annualized revenue, Penske said. In 2010, the Isaac Agnew group sold 7,000 new units, Penske said.
The dealerships -- located in Belfast, Newtownabbey and Portadown -- include Volkswagen, Volvo, Suzuki, Porsche, Audi, Mercedes-Benz, and BMW/Mini franchises.
"This collection of dealerships has a strong legacy," Penske Automotive Group Chairman Roger Penske said in a statement. "The outstanding premium/luxury brand mix and leading market position of these dealerships provide an attractive entry point into this new market and complement our existing operations in the United Kingdom."
Penske, with 336 retail automotive franchises representing 42 different brands, is the second-largest U.S. auto retailer behind AutoNation Inc. It also operates 170 franchises outside the United States, primarily in the U. K.
You can reach Ellen Mitchell at emitchell@crain.com.
