Penske Automotive Group Inc. has bought the Schneider Nelson Auto Group in a deal expected to generate annual revenue of about $175 million.
Penske, which currently has 244 dealerships, will add four stores: Audi Eatontown, Porsche Monmouth, Jaguar Monmouth and Land Rover Monmouth.
The stores are in Monmouth County, N.J. The county, which has a population of 650,000, is one of the wealthiest in the U.S.
The stores are expected to sell 2,400 new and used vehicles a year.
“The strong reputation and commitment to serving the customers of the New Jersey-Greater New York area for decades complement [Penske’s] existing footprint in the northeastern United States, while enhancing our premium-luxury brand mix,” Penske Automotive Chairman Roger Penske said in a statement.
This is Penske’s second franchised car dealership acquisition this year. In January, it bought a Land Rover dealership in Darien, Conn. The company expects that dealership to generate about $50 million of revenue annually.
Penske ranks No. 2 on the Automotive News list of the top 150 dealership groups in the United States, with retail sales of 216,462 new vehicles in 2014.