DETROIT - Penske Automotive Group Inc. said 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. Rallye Motors assets produce about $700 million in annual revenue.
Penske buys N.Y. group
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