Say goodbye to UnitedAuto Group Inc. The public dealership group based in suburban Detroit is changing its name to Penske Automotive Group Inc. -- as in CEO Roger Penske -- as of Monday, July 2.
Shareholders approved the new name at the company's annual meeting in May. The board of directors proposed the change because the Penske name is a widely recognized brand for other Penske Corp. investments such as Penske Truck Leasing, the company said in a statement.
Penske Automotive Group Inc. used to be the name of a separate, privately held dealership chain owned by Penske Corp. and run by Greg Penske, Roger Penske's son. But the California company changed its name to Penske Motor Group Inc. two months ago.
The public and private dealership groups remain separate entities, a Penske Automotive Group spokesman says.
The renamed company's stock will trade under the symbol PAG instead of UAG on the New York Stock Exchange.
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