Penske to open 7th U.S. Porsche store
Penske Automotive Group Inc. signed a letter of intent to open its seventh Porsche dealership in the United States. The store is scheduled to open in the second quarter of 2015 and is planned for seven acres in Davie, Fla., about 12 miles west of Fort Lauderdale.
The dealership, Porsche of West Broward, it is expected to generate about $125 million in annual revenue, Penske said today.
Porsche said last year that it had been looking to add one or two stores in high-growth areas.
Whitfield Ramonat, Penske vice president for the central region, said in a statement: "The new dealership will afford us the opportunity to scale operations within our existing Florida footprint, and it provides an outstanding growth opportunity for our company."
Porsche's U.S. new-car sales have more than doubled in the past four years. More than 40 of the automaker's 189 U.S. dealerships will expand, improve or build new facilities in 2014, Joe Lawrence, COO of Porsche Cars North America, told Automotive News.
U.S. Porsche sales in 2013 rose 21 percent to 42,323 and are expected to grow when the new Macan crossover starts arriving in dealerships by May or June.
Porsche has targeted sales of 50,000 vehicles in the United States by 2018.
"We're asking [dealers] to prepare for the growth with their facility plans," Lawrence said. "We've got many that are already in place and others that we're working with. When we've got growth plans like we do, and the dealers have seen evidence of the strategy coming to fruition these past couple of years, we've found them to be very willing partners in building together with us for the future."
Penske ranks No. 2 on the Automotive News list of the top 125 dealership groups in the United States with retail sales of 180,764 new vehicles in 2012.
Amy Wilson contributed to this report.
You can reach Sean Gagnier at email@example.com.