DETROIT -- Penske Automotive Group Inc. said today it plans to acquire Long Island, N.Y., dealership group Rallye Motors. The deal is expected to close in the first quarter of 2008. Terms were not disclosed.
Penske will acquire Rallye dealerships in Glen Cove, Roslyn and Westbury, N.Y., representing Acura, BMW, Lexus and Mercedes-Benz brands and a 52,000-square-foot collision center. All told, the Rallye Motors assets represent about $700 million in annual revenue, according to a press release.
Rallye Motors represents an opportunity to own and operate outstanding brands, in the tremendous Long Island retail automotive market, Penske Automotive Group President Roger S. Penske Jr. said in a statement.
Once the acquisition is completed, these strong brands will further strengthen Penske Automotives outstanding brand mix and will complement our existing operations in the New York metropolitan area.
Based in Bloomfield Hills, Mich., Penske Automotive ranks No. 2 on the Automotive News list of the top 125 dealership groups in the U.S. with new retail vehicle sales totaling 183,370 units in 2006.