Penske buys two Wisconsin dealerships
DETROIT -- Penske Automotive Group Inc. has acquired two Madison, Wis., dealerships for an undisclosed amount.
Jon Lancaster Toyota Scion and Lexus of Madison are expected to contribute about $130 million in annual revenue, Penske Automotive said in a release.
The 70,000-square-foot Toyota dealership operates on 10 acres and includes an express service center specializing in oil changes and brake repairs.
Lexus of Madison operates on 9 acres with nearly 45,000 square feet of sales and service space.
Penske Automotive has 174 franchises in 18 states and Puerto Rico, and 170 franchises outside the U.S., primarily in the United Kingdom. The company ranks No. 2 on the Automotive News list of the top 125 U.S. dealership groups with new retail sales of 154,829 vehicles in 2011.