CarShop sells over 20,000 used vehicles a year, all at fixed retail prices. That acquisition was expected to generate about $340 million in estimated annual revenue, Tony Pordon, Penske's executive vice president of investor relations and corporate development, told Automotive News at the time.
In December 2016, Penske said it was buying CarSense in the U.S. CarSense has five used-only stores in the Philadelphia, Pittsburgh and New Jersey markets. That deal is expected to generate about $350 million in estimated annual revenue for Penske. The company has said it will expand its used-only footprints in both countries over the next 18 to 24 months.
Similar to CarShop, The Car People sells high-quality used vehicles at fixed retail prices, Penske said. Established in 2000, The Car People has four large-scale retail locations. The purchase is expected to close in the first quarter of 2018.
Penske, in suburban Detroit, ranks No. 2 on Automotive News' list of the top 150 dealership groups based in the U.S., with new-vehicle retail sales of 249,695 units in 2016.